Maple Leaf Finalizes Debenture Conversions & Changes Auditor

(TSX-V: MPE)

                                                                                                          Last Close: October 26, 2010 - $0.125

                                                                                                          Shares Issued: 72,458,502

  

CALGARY, Oct. 27 /CNW/ -

Debenture Conversions

Maple Leaf Reforestation Inc. (TSX-V: MPE) (the "Company" or "Maple Leaf") is pleased to announce that it has finalized the conversion of all of the $540,000 in convertible debentures issued on September 30, 2009, which have been converted into common shares of the Company at a price of $0.10 per common share. Following these conversions Maple Leaf has 72,458,502 shares issued and outstanding.

Change of Auditor

Maple Leaf would also like to announce that it has changed its auditor. Lo Porter Hetu (the "Former Auditor") has resigned, at the request of the Company, effective as of October 21, 2010 and Chang Lee LLP (the "Successor Auditor") has been appointed. The change in auditor has been approved by Maple Leaf's Audit Committee and Board of Directors.

There were no reservations in the former auditor's reports in connection with the two most recently completed fiscal years or for any period subsequent to the most recently completed period for which an audit report was issued. There were also no reportable events between Maple Leaf and the Former Auditor or the Successor Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, Continuous Disclosure ("NI 51-102").

All procedures have been properly followed under NI 51-102 regarding the change of auditor and, as required, a Notice of Change of Auditor together with the required letters from the Former Auditor and the Successor Auditor will be filed via SEDAR with each securities commission in each province or territory in Canada in which Maple Leaf is a reporting issuer.

About Maple Leaf Reforestation Inc. 

Maple Leaf is a Canadian company operating five environmental related projects in China:

1. a large-scale forest nursery in Inner Mongolia which is focused on growing value-added tree seedlings and nursery products;
2. an alfalfa feedstock operation that produced 10,000 tons in 2009 with great expansion potential and opportunity to build an alfalfa crop cake processing plant;
3. a multi-faceted Xinjiang Yellowhorn tree project which will provide for the manufacture of bio-diesel fuel and cooking oil and complement the fabrication of the ever demanding nutritious alfalfa feedstock;
4. an organic fertilizer plant in the Hunan Province which will produce environmentally friendly bio-organic fertilizer; and
5. a Flexi-Pipe distribution network to serve the oil and gas industry and other renewable energy industries.

Maple Leaf is a wholly-owned foreign enterprise which allows the Company to control 100% of the direction and operations of the company in China while permitting the cash generated from operations in China to flow back to Canada. 

For further information regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of  them do transpire or occur, what benefits Maple Leaf will derive there from.

Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts.  The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.

For further information:

Maple Leaf Reforestation Inc.
Raymond Lai, Chairman, President & CEO
Tel: [phone]
Fax: [phone]
E-mail: [email protected]