MONTRÉAL and VANCOUVER, Sept. 20, 2011 /CNW Telbec/ - 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 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 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
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.
SOURCE EACOM TIMBER CORPORATION
For further information:
Executive Vice-President and Chief Financial Officer