Eacom Timber Corporation (TSXV:ETR)
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MONTREAL and VANCOUVER, May 13 /CNW/ --
MONTREAL and VANCOUVER, May 13 /CNW Telbec/ - EACOM Timber Corporation
(TSXV: ETR) ("EACOM", or the "Company") announced today that it has
entered into an asset purchase agreement with Liskeard Lumber Limited
to acquire the remaining one-third of the Elk Lake sawmill for a cash
consideration of approximately $15 million. EACOM currently owns
two-thirds of the mill. The transaction is subject to a number of
customary closing conditions, and closing is expected on July 31, 2011.
Part of the proceeds from the recent financing will be used to pay the
purchase price. The Elk Lake sawmill is located near Elk Lake, Ontario.
''We are pleased to add the full Elk Lake sawmill facility to our
operations. It allows us to combine our assets to reduce costs and
achieve better productivity. The addition also provides an opportunity
to expand our random length lumber business in Ontario," said Mr. Rick
Doman, President and CEO of EACOM. "We have had a good partner in John
Wilson at Liskeard Lumber and wish him the best".
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, which 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 of 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/May2011/13/c4535.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