TRADING SYMBOL: Toronto Stock Exchange - HWD
LANGLEY, BC, Jan. 21, 2014 /CNW/ - Hardwoods Distribution Inc.
("Hardwoods" or the "Company") today announced that a coalition of U.S.
plywood manufacturers ("Petitioners") filed a summons with the U.S.
Court of International Trade to appeal the ruling that had dismissed
their trade case against Chinese hardwood plywood.
The trade case was initiated on September 27, 2012 when Petitioners
alleged that Chinese imports are sold in the United States at prices
below cost and are subsidized by the Government of China. After over a
year of investigation, on November 5, 2013 the U.S. International Trade
Commission ruled unanimously against the Petitioner's case.
Hardwoods strategy includes selling both imported and domestically
produced hardwood plywood to satisfy the demand and diverse product
preferences of its customers. The Company estimates approximately 14%
of its total sales are of product imported from China that fall within
the scope of this trade dispute.
Hardwoods will closely follow the appeal process that has been initiated
by Petitioners. It is expected a ruling from the U.S. court system
will take 18 to 24 months, and that no duty liabilities related to
importing Chinese hardwood plywood would arise during that period of
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This news release includes forward-looking statements. These involve
known and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements or industry results to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
These forward-looking statements are identified by the use of terms and
phrases such as "anticipate", "believe", "estimate", "expect", "may",
"plan", "will", and similar terms and phrases, including references to
assumptions. Such statements may involve, but are not limited to: the
Company estimates approximately 14% of its total sales are of product
imported from China that fall within the scope of this trade dispute;
that Hardwoods will closely follow the appeal process that has been
initiated by Petitioners; and that it is expected a ruling from the
U.S. court system will take 18 to 24 months, and that no duty
liabilities related to importing Chinese hardwood plywood would arise
during that period of time.
These forward-looking statements reflect current expectations of
management regarding future events and operating performance as of the
date of this news release. Forward-looking statements involve
significant risks and uncertainties, should not be read as guarantees
of future performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number
of factors could cause actual results to differ materially from the
results discussed in the forward-looking statements, including, but not
limited to: national and local business conditions; political or
economic instability in local markets; competition; consumer
preferences; spending patterns and demographic trends; legislation or
governmental regulation (including trade outcomes that impact upon our
business); acquisition and integration risks.
Although the forward-looking statements contained in this news release
are based upon what management believes to be reasonable assumptions,
management cannot assure investors that actual results will be
consistent with these forward-looking statements. The forward-looking
statements reflect management's current beliefs and are based on
information currently available.
All forward-looking information in this news release is qualified in its
entirety by this cautionary statement and, except as may be required by
law, the Company undertakes no obligation to revise or update any
forward looking information as a result of new information, future
events or otherwise after the date hereof.
Hardwoods is one of North America's largest wholesale distributors of
hardwood lumber and related sheet good products, operating a network of
32 distribution centres in the US and Canada.
SOURCE: Hardwoods Distribution Inc.
For further information:
Chief Financial Officer
Phone: (604) 881-1990
Fax: (604) 881-1995