EACOM Timber Corporation Announces the Formation of a Special Committee to Conduct a Strategic Review Process2013-01-09
January 9, 2013 – Montréal, Québec and Vancouver, British Columbia – EACOM Timber Corporation (ETR: TSX-V) (“EACOM”, or the “Company”) today announced that the Board of Directors of the Company has established a special committee of independent directors (the "Special Committee") to consider strategic alternatives that may be available to the Company with the objective of seeking to maximize shareholder value. The Company has been presented with a number of opportunities. The mandate of the Special Committee is to review these and other opportunities and recommend a strategic course of action to the Board. There are no assurances that the strategic review process will lead to any action. Further information will be provided if the Company intends to propose a strategic course of action.
The Special Committee is composed of Terry Lyons (Chair), Frank Guistra, Jay Gurandiano and Chris Hodgson who are members of the Board of Directors of the Company and are considered independent.
The Special Committee may retain, at the expense of EACOM, independent advisors to assist in its review and evaluation of alternatives and to otherwise assist the Special Committee in the discharge of its mandate.
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 eight 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, Ste-Marie and Matagami in Quebec. The mills in Ear Falls, Ontario and Ste-Marie, Quebec are currently idled. The mill in Timmins was seriously damaged by fire in January 2012 and remains shut down. EACOM also owns a lumber remanufacturing facility in Val-d’Or, Quebec, and a 50% interest in an “I” joist plant in Sault Ste-Marie, Ontario.
The TSX Venture Exchange has neither approved nor disapproved the content of this press release. All director and officer appointments are subject to TSX Venture Exchange approval.
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 “RISKS AND UNCERTAINTIES” in the Company’s current MD&A, and under “RISK FACTORS” in the Company’s Filing Statement dated January 8, 2010.
Additional information relating to EACOM is available at www.eacom.ca and on SEDAR at www.sedar.com.
Kelso & Company Announces Expiry and Completion of Compulsory Acquisition of Remaining Common Shares
Kelso and EACOM are pleased to jointly announce that ET Acquisition Corporation, a corporation indirectly owned by funds managed by Kelso, has successfully acquired the remaining Common Shares of EACOM.Read more
EACOM Timber Corporation is pleased to announce its second quarter results for the three-month period ended June 30, 2013.Read more
Kelso & Company Announces Expiry of Extension Offer, Take‐Up Deposited Common Shares and Notice of Compulsory Acquisition of Remaining Common Shares
Reference is made to the offer dated April 5, 2013 by ET Acquisition Corporation, a new corporation indirectly owned by funds managed by Kelso & Company, as amended and supplemented by the notice of extension dated May 10, 2013, to purchase all of the issued and outstanding common shares in the capital of EACOM Timber Corporation at a price of $0.38 per Common Share.Read more
We favour FSC certification primarily because of the inclusive nature of its mandate.