Jemi Fibre Corp. Announces Canwel Transaction Update

Vancouver, British Columbia--(Newsfile Corp. - April 12, 2016) - Jemi Fibre Corp. (TSXV: JFI) ("Jemi Fibre" or the "Company") is pleased to advise that the transaction announced on March 9, 2016, whereby CanWel Building Materials Group Ltd. ("CanWel") will acquire all of the issued and outstanding shares of Jemi Fibre by way of a plan of arrangement (the "Transaction"), has received an interim order from the British Columbia Supreme Court in respect of the transaction. A special meeting of the Jemi Fibre shareholders has been set for 9:00 a.m. (Vancouver time) on Wednesday, May 11, 2016 at which the Company will seek shareholder approval for the Transaction. In connection with the special meeting of shareholders, Jemi Fibre expects to mail an information circular, form of proxy and letter of transmittal to its shareholders on or about April 14, 2016. For additional information in respect of the Transaction, please see the joint press release of Jemi Fibre and CanWel dated March 9, 2016 which is available on SEDAR at www.sedar.com.

The Company also advises that it is changing its financial year end from April 30th to June 30^th, in accordance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").

The change in the financial year end is being completed based on the expected close of the Transaction, in order to align the Company's financial statements reporting requirements to match CanWel's reporting period cut offs to start, with a view to ultimately moving to a December 31^st year end to match CanWel's year end, post-closing of the transaction.

As a result of this change, the Company will have a transitional 14-month financial year ending June 30, 2016. Further details regarding the change in financial year, including the Company's interim reporting periods, will be available in the Company's Notice of Change of Financial Year-End prepared in accordance with section 4.8 of NI 51-102, which will be filed on SEDAR at www.sedar.com.

For further information, please contact:

Brent Lokash, President
Tel: 1-604-428-1075 ext: 200
Email: brent.lokash@jemifibre.com

About Jemi Fibre

Jemi Fibre is a Western Canadian based forest products company which trades on the TSX Venture Exchange under the symbol JFI. Jemi Fibre's operations consist of timber ownership and management of private timberlands and Crown forest licenses, full service logging and trucking operations, post-peeling and wood treatment operations for the agricultural market and specialty lumber manufacturing. The Company's head office and principal place of business is located at 1110-1111 West Georgia Street, Vancouver, British Columbia, Canada.

Forward Looking Statements

Certain statements included herein constitute forward-looking statements and forward-looking information including statements regarding the Transaction and other statements regarding matters that are not historical facts. The words "expect", "intend", "anticipate", "propose" and "may" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, such risks, uncertainties and other factors set forth under "Risk Factors" in the Company's current MD&A filed with the British Columbia Securities Commission. Forward-looking statements are necessarily based upon a number of estimates and assumptions. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the potential inability to obtain final court, shareholder or governmental approvals required in connection with the Transaction, or to satisfy other conditions to the Transaction on the expected terms and schedule; the risk that the existing and acquired businesses will not be integrated successfully; the risk that cost savings and synergies expected to result from the Transaction may not be fully realized or may take longer to realize than expected; disruption from the Transaction making it more difficult to maintain relationships with customers, employees or suppliers; the effect of general economic conditions, including market demand for CanWel's or Jemi Fibre's products, and prices for such products; the availability, cost and other terms of capital; the efficiency and consequences of operations improvement initiatives; the effect of forestry, land use, environmental and other governmental regulations; and the risk of losses from fires, floods and other natural disasters. These and other factors could cause or contribute to actual results differing materially from those contemplated by forward-looking statements.

While such estimates and assumptions are considered reasonable by the management team of Jemi Fibre, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks and accordingly may not occur as described herein or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Forward-looking statements contained in this press release speak only as of the date of this press release.

Neither the TSX Venture Exchange nor its 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 news release.