VANCOUVER, April 20 /CNW/ - TimberWest Forest Corp. is pleased to
announce the appointment of John Hendry to the position of Vice-President,
Real Estate effective May 14, 2007. This new position was created following a
strategic review of TimberWest's entire land base in 2006.
Mr. Hendry has an extensive real estate background. Most recently, he was
Vice President and General Manager, Gulf County Region for the St. Joe
Company, a very successful private timberland and real estate company located
in central Florida. Prior to that, he was Vice President, Strategic Planning
at St. Joe's and a Senior Planning Associate at EDAW, a large international
real estate consulting company. During the first twenty years of his career,
Mr. Hendry worked at a variety of real estate positions in England, where he
was born and raised. He holds a Bachelor of Arts degree from the University of
Sussex and an MBA from the Cranfield School of Management at the Cranfield
Institute of Technology.
"I am delighted to have a person of John's calibre and expertise joining
the executive team at TimberWest," said Paul McElligott, President and Chief
Executive Officer. "John will help us unlock the value of our portfolio of
real estate assets on Vancouver Island. His appointment is a very positive
step for TimberWest."
Mr. Hendry will be located at TimberWest's downtown Vancouver office.
TimberWest Forest Corp. is uniquely positioned as the largest owner of
private forest lands in western Canada. The Company owns in fee simple
approximately 334,000 hectares or 825,000 acres of private timberland that,
over the previous five years, have provided an annual average harvest of
2.594 million m3 of logs and have an approximate annual growth rate of 8.0 m3
per hectare per year on the productive land base. These timberlands are
located on Vancouver Island and the majority of the land base supports the
growth of Douglas fir, a premium tree species sought after for structural
purposes. TimberWest runs fully-contracted harvesting operations. With almost
80% of the Company's annual private land logging now being done in
second-growth stands, TimberWest leads the Coastal industry in the growing and
harvesting of second-growth timber.
The Company's independent auditor, KPMG Performance Registrar Inc.,
periodically certifies that the forest management practices on the Company's
private timberland continue to meet all Sustainable Forestry Initiative
(SFI(R)) requirements. SFI requirements specify that forest harvesting is
integrated with environmental and conservation goals for soil, wildlife, water
quality protection, conservation of biodiversity, protection of special sites
and aesthetics in a manner that ensures a sustainable harvest over the
TimberWest also owns renewable Crown harvest rights to 0.7 million m3 of
logs per year and operates a sawmill located near Campbell River, BC.
In addition, approximately 38,000 hectares or 94,000 acres of the
Company's private forest lands have been identified as having greater value as
real estate properties and will progressively be made available for higher
uses over the next ten to fifteen years. The Company reviews its land base on
a periodic basis to update the size of its portfolio of higher use properties.
TimberWest Stapled Units are listed on the Toronto Stock Exchange under
the symbol "TWF.UN".
For further information:
For further information: Bev Park, Executive Vice President and Chief
Financial Officer, Telephone: (604) 654-4600, Facsimile: (604) 654-4662,
Email: email@example.com; Steve Lorimer, TimberWest Forest Corp., Manager,
Public Affairs & Government Relations, Telephone: (250) 729-3727, Email: