Coventree Shareholders Approve Winding Up

NEX Symbol: COF.H

TORONTO, June 30 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") today announced that it held an annual and special meeting of shareholders earlier today at which its shareholders voted to approve the winding up of the Company and the distribution of its remaining assets, if any, to shareholders. The formal winding up of the Company will commence and become effective at a time to be determined by the Company's Board of Directors (the "Board") in accordance with the liquidation plan approved at today's meeting. The Board intends to set the effective date as promptly as practicable following the final determination of the proceeding commenced by staff of the Ontario Securities Commission by notice of hearing dated December 7, 2009.

Forward-Looking Statements

This press release includes certain forward-looking statements relating to the Company's expectations to wind down its operations and to implement a formal winding up of the Company. These statements can be identified by the expressions "will" and "intends". These forward-looking statements are not historical facts but reflect Coventree's current expectations regarding future events based on information currently available to Coventree.

These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions which may be substantial. Many factors could cause actual results or events to differ materially from current expectations that may be expressed or implied by such forward-looking statements, including, without limitation, the various matters discussed under "Risks and Uncertainties" contained on pages 13 and 14 of the Company's Management Discussion and Analysis for the second quarter ended March 31, 2010 which is available under the Company's profile on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, the Company may not be able to wind down its operations or implement a formal winding up of the Company in the near future or at all; the amount of funds available to be distributed to shareholders pursuant to such a winding up could be significantly reduced and/or the timing of the distribution of such funds could be significantly delayed; and the Company's expectation relating to the timing of future dividends or other distributions to shareholders may change. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and Coventree does not intend, and does not assume any obligation, to update or revise these forward-looking statements, except as required by law.

This press release is intended for distribution in Canada only.

Neither TSX Venture Exchange nor it Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00024386E

For further information: Craig Armitage, The Equicom Group Inc., Tel: [phone] x278, Email: [email protected] -or- Ani Hotoyan-Joly, Coventree Inc., Tel: [phone], Email: [email protected]