/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES/
NISKU, AB, March 31 /CNW/ - Wood Composite Technologies Inc. ("Wood
Composite") is pleased to announce the completion of the second tranche of its
private placement first announced on February 11, 2008. The initial tranche of
the private placement closed and was announced on February 26, 2008. The
current tranche of offering has resulted in the issue and sale of 18,605,117
common shares of Wood Composite (the "Shares") at a price of $0.15 per Share
resulting in gross proceeds to Wood Composite of $2,790,767.55. This closing
represents an issuance of 18,455,117 Shares for $2,768,267.55 pursuant to the
Brokered Private Placement and an issuance of 150,000 Shares for $22,500
pursuant to the Non-Brokered Private Placement described in the February 11,
2008 press release.
Canaccord Adams acted as Agent with respect to the Brokered Private
Placement and was paid a cash commission equal to 7% of the gross proceeds and
issued 1,291,858 warrants, convertible into common shares, exercisable for
18 months at an exercise price of $0.20 per share.
All securities of Wood Composite being issued pursuant to the Private
Placement are subject to a four month hold period.
Mr. Michael Greenwood, a director of Wood Composite and the holder of the
subordinated loan of $750,000 announced December 20, 2007, has further
deferred the conversion of his loan into Common Shares and his participation
in the Non-Brokered Private Placement in the interests of having such matters
coincide with the final closing of the Private Placement.
The net proceeds from the offering will be used for general corporate
purposes, increased marketing and inventory build up.
About Wood Composite
Wood Composite is an Edmonton, Alberta based junior industrial company
focused on the development, manufacture and sale of alternative composite
building materials. Wood Composite has been marketing its business via
Millennium Decking Inc., which is a wholly owned subsidiary of Wood Composite.
Wood Composite maintains certain patents and processes that are proprietary to
the Company which combine recycled polyvinyl chloride (PVC) and wood flour to
produce a unique, attractive, durable and low maintenance exterior decking
product. Wood Composite is listed on the TSX Venture Exchange under the symbol
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities of WCT in any jurisdiction,
including the United States, or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption therefrom, nor
shall there be any sale of such securities in any state in which such offer,
solicitation 2 or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Such securities
have not been and will not be registered under the U.S. Securities Act, 1933,
as amended, and subject to certain exemptions may not be offered or sold in
the United States or to U.S. persons.
Statements set out in this news release that are not historical facts are
forward-looking statements. Forward-looking statements (often, but not always,
identified by the use of words such as "expect", "may", "could", "anticipate"
or "will" and similar expressions) may include expectations, opinions or
guidance that are not statements of fact. Forward-looking statements are based
upon the opinions, expectations and estimates of management of WCT as at the
date the statements are made and are subject to a variety of known and unknown
risks and uncertainties and other factors that could cause actual events or
outcomes to differ materially from those anticipated or implied by such
forward-looking statements. Those factors include, but are not limited to,
risks, uncertainties and other factors that are beyond the control of WCT. In
light of the risks and uncertainties associated with forward-looking
statements, readers are cautioned not to place undue reliance upon
forward-looking information contained in this news release. Assumptions
relating to certain forward-looking information contained in this news release
are set out above in this news release. Although WCT believes that the
expectations reflected in the forward-looking statements set out in this news
release are reasonable, it can give no assurance that such expectations will
prove to have been correct. The forward-looking statements of WCT contained in
this news release are expressly qualified, in their entirety, by this
cautionary statement. The forward-looking statements are made as of the date
of this news release and WCT assumes no obligation to update or revise them to
reflect new events or circumstances, except as expressly required by
applicable securities law. Further information regarding risks and
uncertainties relating to WCT and its securities can be found in the
disclosure documents filed by WCT with the securities regulatory authorities
(including WCT's annual financial statements for the fiscal year ended
September 30, 2007, which was filed on SEDAR on January 28, 2008), available
For further information:
For further information: John Greenwood, President and Chief Executive
Officer, Telephone: (780) 955-3525, Facsimile: (780) 955-7075, Websites:
www.mdecking.com, and www.woodcomp.com