MONTREAL and VANCOUVER, Jan. 9, 2013 /CNW Telbec/ - EACOM Timber Corporation (TSXV: ETR) ("EACOM", or the "Company") today announced that the Board of Directors of the Company has established a special committee of independent directors (the "Special Committee") to consider strategic alternatives that may be available to the Company with the objective of seeking to maximize shareholder value. The Company has been presented with a number of opportunities. The mandate of the Special Committee is to review these and other opportunities and recommend a strategic course of action to the Board. There are no assurances that the strategic review process will lead to any action. Further information will be provided if the Company intends to propose a strategic course of action.
The Special Committee is composed of Terry Lyons (Chair), Frank Guistra, Jay Gurandiano and Chris Hodgson who are members of the Board of Directors of the Company and are considered independent.
The Special Committee may retain, at the expense of EACOM, independent advisors to assist in its review and evaluation of alternatives and to otherwise assist the Special Committee in the discharge of its mandate.
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 mills in Ear Falls, Ontario and Ste-Marie, Quebec are currently idled. The mill in Timmins was seriously damaged by fire in January 2012 and remains shut down. EACOM also owns a lumber remanufacturing facility in Val-d'Or, Quebec, and a 50% interest in an "I" joist plant in Sault Ste-Marie, Ontario.
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.
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 "RISKS AND UNCERTAINTIES" in the Company's current MD&A, and under "RISK FACTORS" in the Company's Filing Statement dated January 8, 2010.
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