Eacom Timber Corporation (TSXV:ETR)
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MONTREAL and VANCOUVER, May 2 /CNW/ --
MONTREAL and VANCOUVER, May 2 /CNW Telbec/ - EACOM Timber Corporation
(TSXV: ETR) ("EACOM", or the "Company") announced today that it has
entered into asset purchase agreements with PricewaterhouseCoopers Inc., in its capacity as court-appointed receiver
of each of Northern Sawmills Inc. and Atikokan Forest Products Ltd. The potential transactions are subject to
a number of conditions in favour of EACOM, including due diligence,
necessary approvals from third parties and court approval. The Atikokan
asset purchase agreement is also subject to confirmation of the wood
allocation. Part of the proceeds from the recent financing will be used
to pay the purchase price for the Northern and Atikokan assets. These
assets are located respectively in Thunder Bay and Atikokan, Ontario.
"We continue to look for opportunities to expand our operations in
Ontario. If acquired, the Atikokan assets provide the Company with an
opportunity to expand its random length lumber business in Ontario. The
Northern assets may be used to increase productivity and lower costs in
our Ontario and Quebec sawmills. They also provide an opportunity to
further expand into value added products'', said Mr. Rick Doman,
President and CEO of EACOM.
About EACOM
EACOM Timber Corporation is a TSX-V listed company. EACOM owns seven
sawmills and an equity interest in an eighth sawmill, all located in
Eastern Canada, and related tenures. The mills are Timmins, Nairn
Centre, Gogama and Ear Falls in Ontario, and Val-d'Or, Ste-Marie and
Matagami in Quebec. The equity interest is in the Elk Lake sawmill
located in Ontario. The sawmills in Ear Falls, Ontario, and Ste-Marie,
Quebec, are currently idled. EACOM also owns one idled mill in Big
River, Saskatchewan, a remanufacturing facility and a 50% interest in
an "I" joist plant.
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.
Forward-Looking Statements
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 outside of
our control that 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 the captions
"Risk Factors" of the Filing Statement dated January 8, 2010 and the
current MD&A for EACOM Timber Corporation on file with the Canadian
Securities Commissions.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/May2011/02/c8449.html
p bInvestors:/bbr/ Marc Girardbr/ Executive Vice-President and Chief Financial Officerbr/ (514) 848-5133 /p p align="justify" bMedia Relations:/bbr/ Frédéric Bérardbr/ HKDPbr/ (514) 917-1040 /p