September 20, 2011 – Montréal, Québec and Vancouver, British Columbia – EACOM Timber Corporation (ETR: TSX-V) (“EACOM”, or the “Company”) announced today the completion of the sale of the Big River Sawmill in Saskatchewan (the “Mill”) to Carrier Forest Products Ltd. (“Carrier”).
On January 5, 2010 EACOM acquired the Mill. The Mill was idled when purchased. EACOM has been diligently working to obtain the timber rights necessary to re-open the Mill for operation since then but has been unable to obtain any timber rights from the Government of Saskatchewan. EACOM made the difficult decision to sell the idled Mill and today has completed the sale of the Mill on an “as is, where is” basis to Carrier for a purchase price of $7.5 million.
EACOM Timber Corporation is a TSX-V listed company. The business activities of EACOM consist of the manufacturing, marketing and distribution of lumber, wood chips and wood-based value-added products, and the management of forest resources. EACOM owns seven sawmills, all located in Eastern Canada, and related tenures. The mills are Timmins, Nairn Centre, Gogama, Elk Lake and Ear Falls in Ontario, and Val-d’Or and Matagami in Quebec. The sawmills in Ear Falls, Ontario, and Ste-Marie, Quebec, are currently idled. EACOM also owns a remanufacturing facility in Val-d’Or, Quebec, and a 50% interest in an “I” joist plant in Sault Ste-Marie, Ontario.
All statements in this news release that are not based on historical facts are “forward-looking statements”. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are beyond our control and could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not necessarily limited to, those set forth under “Risk Factors” in the Company’s Filing Statement dated January 8, 2010 and “Risks and Uncertainties” in the Company’s current MD&A filed with the Canadian Securities Commissions.
Additional information relating to EACOM is available on SEDAR at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved the content of this press release.
Executive Vice‐President and Chief Financial Officer
Tel: 514-395‐0375 ext. 259