Wheels Group Inc GRFJF

WGI to begin corporate restructuring

[origami]

Western Goldfields to begin corporate restructuring 2007-03-27 09:14 ET - News Release Mr. Brian Penny reports WESTERN GOLDFIELDS BOARD OF DIRECTORS APPROVES PLAN TO CHANGE CORPORATE STRUCTURE Western Goldfields Inc.'s board of directors has approved a plan to reorganize the company's corporate structure so that its place of incorporation will be changed from Idaho to Ontario, Canada. Under the plan, Western Goldfields, a newly formed Ontario corporation, will become the parent company of the company. The proposal is subject to approval by the company's shareholders at its annual meeting. The company's board of directors believes that the reorganization will allow Western Goldfields to take advantage of financial and other business opportunities that are not available under the current corporate structure, including easier and quicker access to capital markets in Canada and the United States, and the ability to complete transactions requiring shareholder approval more quickly. Upon completion of the reorganization, each share of the company's common stock will automatically become one WGI Ontario common share. The company's common stock is currently listed on the Toronto Stock Exchange under the symbol WGI and quoted on the OTC Bulletin Board under the symbol "WGDF," and the company expects that, following the reorganization, WGI Ontario shares will be listed on the Toronto Stock Exchange and quoted on the OTC Bulletin Board. The company's shareholders' relative economic ownership will remain unchanged upon completion of the reorganization, and WGI Ontario and its subsidiaries will continue to conduct the business now conducted by the company and its subsidiaries. We seek Safe Harbor.