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WestBond Enterprises Corporation adopts Shareholder Rights Plan
April 30th 2003
WestBond Enterprises Corporation (the "Company") today announced the adoption by its Board of Directors of a Shareholder Rights Plan(the "Rights Plan") to protect the Company's shareholders from unfair, abusive or coercive take-over strategies, including the acquisition of control of the Company through a take-over bid that does note treat all shareholders equally or fairly.
In making the announcement, the Company said it is not aware of any pending or threatened take-over bid for the Company.
To implement the Rights Plan, the Board of Directors of the Company authorized the issue of one Right in respect of each common share of the Company outstanding to holders of record on April 29, 2003. Initially, the Rights will attach to and trade with the common shares and be represented by certificates representing common shares.
On the occurrence of certain triggering events, including the acquisition by a person or group of persons of 20% or more of the votes attached to all outstanding voting shares of the Company in a transaction not approved by the Board of Directors, the Rights separate from the common shares and will entitle holders (other than the acquiring person or group of persons) to acquire shares of the Company at a 50% discount to the prevailing market price of the shares.
The Rights are not triggered by purchases of voting shares made pursuant to a "Permitted Bid" made to all holders of common shares on identical terms. A Permitted Bid must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and must comply with certain other conditions set out in the agreement signed to implement the Plan.
Although the Rights Plan is effective upon its adoption, the Rights Plan will be submitted to the shareholders of the Company for confirmation at the Company's upcoming annual meeting, scheduled to be held in September 2003. At the meeting, shareholders will also be asked to take the necessary actions to ensure that the Company has sufficient authorized capital fully accommodate the Rights Plan.

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