ComWest's Subsidiary Awarded Government Contract Valued at Up to $34 Million
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/23/12 -- ComWest Enterprise Corp. (TSX VENTURE: CWP)(TSX VENTURE: CWP.A) (the "Company") is pleased to advise that the Honourable Bernard Valcourt, Associate Minister of National Defence, and the Honourable Rona Ambrose, Minister Public Works and Government Services, announced that the Government of Canada has awarded a firm contract valued at $8.5 million to ComWest's 90% owned subsidiary, Peerless Garments LP of Winnipeg, Manitoba ("Peerless"). The contract is for the delivery of enhanced lightweight combat trousers and coats for the Canadian Forces. This award also includes three options exercisable during the 48 month period following the award date, each for the delivery of similar quantities of the same lightweight combat garments, bringing the total potential contract value up to $34 million. These highly sophisticated Canadian Disruptive Pattern uniforms are scientifically designed and specifically adapted to serve the men and women of the Canadian Forces in the field environment. The complete news release by the Government of Canada can be found at .
About Peerless Garments
Peerless has been a supplier to the Canadian Forces since the early 1950s during which time it has developed strong expertise in working with highly technical fabrics and manufacturing garments to rigid specifications. Government business represented about 87% of Peerless' revenue in fiscal 2011. The remaining revenue was from sales to other Canadian government agencies, retailers, and other smaller customers including customers in the oil & gas industry.
Founded in 1940 as a supplier of basic parkas, Peerless has evolved over the years to specialize in the production of highly technical protective garments designed to provide water-resistance, wind proofing and warmth. Peerless' line of military operational clothing aims to reduce detection through camouflage and concealment while ensuring that soldiers are kept warm, dry and comfortable when exposed to extreme weather conditions.
Peerless has an able management team headed by minority interest partner and CEO, Albert El Tassi, who joined Peerless in 1969. Mr. El Tassi is a recipient of the Queen's Golden Jubilee Medal and a Member of both the Order of Manitoba and the Order of Canada.
About ComWest
ComWest's principal business is its 90% partnership interest in Peerless which was acquired in August 2010. The business strategy of ComWest is to utilize the core business of Peerless as a platform for expansion into other segments of the garment industry and/or to add established revenue producing businesses as profitable acquisition opportunities in other industries present themselves at accretive values. The Company continues to assess acquisition and expansion opportunities on an ongoing basis.
On behalf of the Board
Douglas F. Good, President
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ComWest Enterprise Corp. - Investor relations contact
Douglas F. Good
President
778 370 1725
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Datum: 23.10.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 1162879
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