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 time.
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
Email: [email protected]