Vicwest Inc. Announces Shareholder Approval of Plan of Arrangement and Related Matters

OAKVILLE, ON, Jan. 23, 2015 /CNW/ - Vicwest Inc. (the "Company" or "Vicwest") (TSX: VIC, VIC.DB and VIC.DB.A) is pleased to announce that at today's special meeting (the "Meeting") of the holders (the "Shareholders") of common shares of Vicwest (the "Shares"), the Shareholders overwhelmingly approved the previously-announced plan of arrangement (the "Arrangement") between the Company, Kingspan Group Limited, 1924245 Ontario Inc., Ag Growth International Inc. and 8732833 Canada Inc.  The Arrangement was approved by 99.81% of the votes cast at the Meeting.  A total of 68.88% of the outstanding Shares were voted at the Meeting.

Now that the requisite Shareholder approval has been obtained, a final order of the Ontario Superior Court of Justice approving the Arrangement will be sought on January 30, 2015.  If the final order and all necessary regulatory approvals are obtained, and the other conditions to the completion of the Arrangement are satisfied or waived, it is expected that closing of the Arrangement will be completed in the first quarter of 2015.

Vicwest is also pleased to announce that the shareholder rights plan agreement (the "Shareholder Rights Plan") adopted by the Board of Directors of the Company effective November 19, 2014 has been approved by Shareholders, with 71.13% of the votes cast at the Meeting in favour of the Shareholder Rights Plan.  The Shareholder Rights Plan is intended to facilitate certain tax planning in connection with the Arrangement.

About Vicwest Inc.
Vicwest Inc. is a leading manufacturer and distributor of engineered storage and handling systems for grain, fertilizer and liquid storage as well as building construction products for agriculture, commercial, industrial and residential markets.  The Company operates through two divisions: Vicwest Building Products and Westeel.  With approximately 7,000 customers, 1,200 dedicated employees and 34 business partners, it is positioned for growth in domestic and international markets.  Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.

Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to the Company's current expectations and plans relating to the Arrangement. The Company has based these forward-looking statements on factors and assumptions about future events, including that the Arrangement Agreement will not be amended and all conditions precedent to completing the Arrangement will be met. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. These risks and uncertainties include, among other things, the possibility that any of the conditions to closing of the Arrangement, including regulatory and/or court approvals, may not be satisfied or (where applicable) waived and such other risks as identified in the Company's materials filed under the Company's profile at www.sedar.com from time to time. Readers are encouraged to review the most recently filed Management's Discussion and Analysis and other disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. Readers are cautioned not to place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Vicwest Inc.

Colin Osborne, President & Chief Executive Officer, Vicwest Inc., Tel: [phone], [email protected]; Rod Crawford, Chief Financial Officer, Vicwest Inc., Tel: [phone], [email protected]