WCT Wood Composite Technologies Inc.

NISKU, AB, Oct. 31, 2011 /CNW/ - Wood Composite Technologies Inc. (the "Company") is pleased to announce the release of its financial and operating results for the three months ended September 30, 2011 (the "Interim Financial Statements"). The Interim Financial Statements have been filed today via SEDAR and are accessible at www.sedar.com. The Company is also pleased to announce that it has disposed of the remainder of its decking product inventory.  The Company had extended its lease back of a portion of the property sold to DiCorp Properties Inc. pending the disposal of the inventory and has now exited the property and ended the leasing arrangements. The Company is continuing to pursue a process of identifying and evaluating a range of strategic alternatives aimed at maximizing shareholder value as previously disclosed.  This continues to involve significant reductions in expenses and the preservation of cash.  In furtherance of this process the Company has terminated the employment agreements with its President and CEO, John Greenwood and its Interim Chief Financial Officer, Julie MacPherson and paid severance obligations related to such agreements.  Both Mr. Greenwood and Ms. MacPherson have agreed to continue in their current positions on the basis of new contracts for services. Under the terms of the new agreement with Mr. Greenwood, he is entitled to regular monthly fees which are significantly reduced from his previous employment arrangements.  The new agreement provides it will automatically terminate upon (a) the Company completing a transaction with a third party whereby Mr. Greenwood's services are no longer required by the Company or (b) the Company has been legally wound up.  In addition, the agreement may be terminated for any reason by the Company or Mr. Greenwood upon two weeks written notice.  In the event of such termination, Mr. Greenwood would only be entitled to any outstanding regular fees for services under the agreement. The terms of the new agreement with Ms. MacPherson are substantially the same as the new agreement with Mr. Greenwood, however in the event of the termination of the new agreement with Ms. MacPherson, by the Company, the Company has agreed to pay an additional completion bonus of $20,000. 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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Wood Composite Technologies Inc. CONTACT: John GreenwoodPresident and Chief Executive OfficerTelephone: (780) 908-3130Facsimile: (780) 427-3725Websites: www.woodcomp.com.

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