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Russian Market
The Company's subsidiary, Millennium Decking Inc. has recently entered into an exclusive distribution agreement with Petrostroytrest, a construction business based in St. Petersburg, Russia. The Company is pleased to report that the first order based on this new relationship has now been finalized, representing the first sale of the Millennium Decking System(TM) into the Russian market.
Possible Operational Consolidation
The Company's board of directors has recently approved consolidating its present manufacturing operations to one of the two locations in Nisku, Alberta that it owns. The most likely scenario in this regard would entail the Company relocating its extrusion plant and equipment and executive offices to what is presently the Company's pellet mill location and selling the extrusion plant location. This possible operational consolidation could allow the Company to achieve added efficiency by reducing fixed overhead costs and duplication and realizing other operational efficiencies, as well as reducing certain amounts of the Company's long term debt.
About Wood Composite
Wood Composite is listed on the TSX Venture Exchange under the symbol "WCT" and maintains certain patents and processes that are proprietary to the Company which utilize recycled post industrial materials. The Company presently manufactures and markets a composite decking system through its wholly-owned subsidiary, Millennium Decking Inc.
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The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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FORWARD-LOOKING STATEMENTS
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 the Company 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 the Company. 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 the Company 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 the Company 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 the Company 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 the Company and its securities can be found in the disclosure documents filed by the Company with the securities regulatory authorities (including the Company's annual financial statements for the fiscal year ended September 30, 2008, which was filed on SEDAR on December 16, 2008), available at www.sedar.com.
SOURCE: Wood Composite Technologies Inc.
John Greenwood, President and Chief Executive Officer, Telephone: (780) 955-3525, Facsimile: (780) 955-7075, Websites: www.mdecking.com and www.woodcomp.com
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