Commonwealth American Financial Group, Inc. Updates Current Ventures.

MIAMI -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) announces that a decision has been made by the board of directors of Commonwealth American Financial Group, Inc. and Essex Capital Partners, LLC to terminate their Joint Venture Agreement.

The company further announces that Hawkesbury River Funding of Texas, a subsidiary has ceased to tender offers for hurricane related construction projects as they were unsuccessful in bidding on reconstruction contracts in New Orleans and surrounding areas.

The company further announces that the Joint Venture with NW Partners, LLC has been cancelled by Commonwealth as the purchase and sales contract deadlines were not met.

CWFG website is http://cwfgroup.net and trades under the symbol (Pink Sheets:CWFG).

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.