Mr. Dustin Haw reports

TERRAVEST PROVIDES UPDATE

TerraVest Industries Inc. has learned today of certain allegations pertaining to its executive chairman, Charles Pellerin, following the publication of a news article.

The company takes these allegations seriously. After consultation with its legal advisers, the board of directors (excluding Mr. Pellerin) is undertaking a process to review these allegations.

If approached, the company will co-operate with regulators.