Olin and Pioneer Announce Expiration of HSR Waiting Period

  
    
  
  
    
      Olin Corporation (NYSE: OLN) and Pioneer Companies, Inc. (Nasdaq: 
      PONR) announced today that the waiting period under the 
      Hart-Scott-Rodino Antitrust Improvements Act of 1976 for Olin's 
      acquisition of Pioneer has expired. The result of this expiration is 
      that a condition required to complete the merger contemplated by the 
      Agreement and Plan of Merger executed by Olin, Princeton Merger Corp., a 
      wholly owned subsidiary of Olin, and Pioneer on May 20, 2007 has been 
      satisfied.
    
    
      Completion of the merger still remains subject to certain conditions, 
      including, among others, approval of the merger by the shareholders of 
      Pioneer.
    
    
      COMPANY DESCRIPTIONS
    
    
      Olin Corporation is a manufacturer concentrated in three business 
      segments: Chlor Alkali Products, Metals, and Winchester. Chlor Alkali 
      Products manufactures chlorine and caustic soda, sodium hydrosulfite, 
      hydrochloric acid, hydrogen, potassium hydroxide and bleach products. 
      Metals products include copper and copper alloy sheet, strip, foil, rod, 
      welded tube, fabricated parts, and stainless steel strip and aluminum 
      strip. Winchester products include sporting ammunition, reloading 
      components, small caliber military ammunition and components, and 
      industrial cartridges.
    
    
      Pioneer Companies, Inc., based in Houston, manufactures chlorine, 
      caustic soda, bleach, hydrochloric acid and related products used in a 
      variety of applications, including water treatment, plastics, pulp and 
      paper, detergents, agricultural chemicals, pharmaceuticals and medical 
      disinfectants. Pioneer owns and operates four chlor-alkali plants and 
      several downstream manufacturing facilities in North America.
    
    
      FORWARD-LOOKING STATEMENTS
    
    
      This communication includes forward-looking statements. These statements 
      relate to analyses and other information that are based on management's 
      beliefs, certain assumptions made by management, forecasts of future 
      results, and current expectations, estimates and projections about the 
      markets and economy in which we and our various segments operate. The 
      statements contained in this communication that are not statements of 
      historical fact may include forward-looking statements that involve a 
      number of risks and uncertainties.
    
    
      We have used the words "anticipate," "intend," "may," "expect," 
      "believe," "should," "plan," "project," "estimate," and variations of 
      such words and similar expressions in this communication to identify 
      such forward-looking statements. These statements are not guarantees of 
      future performance and involve certain risks, uncertainties and 
      assumptions, which are difficult to predict and many of which are beyond 
      our control. Therefore, actual outcomes and results may differ 
      materially from those matters expressed or implied in such 
      forward-looking statements. We undertake no obligation to update 
      publicly any forward-looking statements, whether as a result of future 
      events, new information or otherwise.
    
    
      The risks, uncertainties and assumptions involved in our forward-looking 
      statements, many of which are discussed in more detail in our filings 
      with the SEC, including our Annual Report on Form 10-K for the year 
      ended December 31, 2006, include, but are not limited to, the following:
    
    
      
        the ability to obtain Pioneer shareholder approval;
      
      
        the risk that the businesses will not be integrated successfully, or 
        will take longer than anticipated;
      
      
        the risk that the expected cost savings will not be achieved or 
        unexpected costs will be incurred;
      
      
        the risk that customer retention goals will not be met and that 
        disruptions from the transaction will harm relationships with 
        customers, employees and suppliers;
      
      
        sensitivity to economic, business and market conditions in the United 
        States and overseas, including economic instability or a downturn in 
        the sectors served by us, such as automotive, electronics, coinage, 
        telecommunications, ammunition, housing, vinyls and pulp and paper and 
        the migration by United States customers to low-cost foreign locations;
      
      
        the cyclical nature of our operating results, particularly declines in 
        average selling prices in the chlor alkali industry and the 
        supply/demand balance for our products, including the impact of excess 
        industry capacity or an imbalance in demand for our chlor alkali 
        products;
      
      
        economic and industry downturns that result in diminished product 
        demand and excess manufacturing capacity in any of our segments and 
        that, in many cases, result in lower selling prices and profits;
      
      
        the effects of any declines in global equity markets on asset values 
        and any declines in interest rates used to value the liabilities in 
        our pension plan;
      
      
        costs and other expenditures in excess of those projected for 
        environmental investigation and remediation or other legal proceedings;
      
      
        higher-than-expected raw material and energy or transportation and/or 
        logistics costs;
      
      
        unexpected litigation outcomes;
      
      
        the occurrence of unexpected manufacturing interruptions and outages, 
        including those occurring as a result of labor disruptions and 
        production hazards;
      
      
        new regulations or public policy changes regarding the transportation 
        of hazardous chemicals and the security of chemical manufacturing 
        facilities; and
      
      
        an increase in our indebtedness or higher-than-expected interest 
        rates, affecting our ability to generate sufficient cash flow for debt 
        service.
      
    
    
      All of our forward-looking statements should be considered in light of 
      these factors. In addition, other risks and uncertainties not presently 
      known to us or that we consider immaterial could affect the accuracy of 
      our forward-looking statements.
    
    
      IMPORTANT LEGAL INFORMATION
    
    
      Pioneer has filed with the SEC a preliminary proxy statement and other 
      related documents regarding the proposed transaction described in this 
      communication. WE URGE INVESTORS TO READ THE PROXY STATEMENT AND THE 
      OTHER RELATED DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT 
      PIONEER, THE PROPOSED TRANSACTION AND RELATED MATTERS. A definitive 
      proxy statement will be sent to security holders of Pioneer seeking 
      their approval of the proposed transaction. This communication is not a 
      solicitation of a proxy from any security holder of Pioneer. Investors 
      may obtain the proxy statement and the other related documents and other 
      documents filed with the SEC free of charge at the SEC’s 
      website, www.sec.gov. In addition, a 
      copy of the proxy statement may be obtained free of charge by directing 
      a request to Pioneer Corporate Office, 700 Louisiana Street, Suite 4300, 
      Houston Texas, 77002, [phone] (phone), [phone] (fax), 
      Attention: Gary Pittman.
    
    
      Pioneer, its directors and executive officers and certain other persons 
      may be deemed to be participants in the solicitation of proxies in 
      respect of the proposed transaction. Such persons may have interests in 
      the proposed transaction, including as a result of holding options or 
      shares of Pioneer stock. Olin Corporation may also be deemed a 
      participant in such solicitation by virtue of its execution of the 
      merger agreement. Information regarding Pioneer's directors and 
      executive officers is available in the proxy statement filed with the 
      SEC by Pioneer on April 19, 2007. Information regarding Olin’s 
      directors and executive officers is available in the proxy statement 
      filed with the SEC by Olin on March 2, 2007. Other information regarding 
      the participants in the proxy solicitation and a description of their 
      direct and indirect interests, by security holdings or otherwise, are 
      contained in the preliminary proxy statement and other relevant 
      materials filed with the SEC by Pioneer.