VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) - ComWest Enterprise Corp. (TSX VENTURE:CWP)(TSX VENTURE:CWP.A) (the "Company") is pleased to announce the appointment of Dru Narwani to its board of directors where he will also serve as a member of the audit committee. Mr. Narwani replaces Joel McLean who did not stand for re- election at the annual general meeting held on June 28, 2012. The board wishes to extend its gratitude to Mr. McLean for his dedicated service as a board and audit committee member since November 2010.
Mr. Narwani brings an extensive financial background to the ComWest board having begun his banking career with CIBC on Bay Street, Toronto, and later moved on to successive senior executive roles with the British banking groups, Barclays and Standard Chartered. He has worked on Wall Street, in Glasgow and London, England, India and Thailand. As Deputy Chairman, President and CEO of Standard Chartered Bank in Bangkok, he had the rare opportunity during the Asian crisis of 1997 to acquire a large Thai bank for US$314 million and merge it with the parent British bank.
Over the past decade Mr. Narwani has held a variety of board and senior advisory positions in public and private companies in the aerospace, banking and insurance, women's apparel, wireless, steel fabrication and knowledge management businesses. Today he is a senior advisor and executive coach for a west coast private company, and a director on four private company boards, two of which he chairs. He is also an executive mentor for MBA students at University of Victoria. Dru is a Certified Management Accountant and holds a Bachelor of Commerce degree.
The board has granted Mr. Narwani 50,000 Class A restricted equity stock options at $1.11 in accordance with the Company'sstock option plan approved at the annual meeting of shareholders held on June 28, 2012. The options are for a term of five years and vest over three years at the rate of one-third (1/3) annually in arrears. With the cancellation of 33,333 unvested stock options, there are currently 991,667 stock options outstanding.
ON BEHALF OF THE BOARD
Douglas F. Good, President
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