MONTREAL, Jan. 23, 2012 /CNW Telbec/ - Tembec supports the extension of the Softwood Lumber Agreement and salutes the commendable cooperation between the Governments of Canada and the United States, which led to the signing of the extension of this Agreement for two years.
The 2006 Softwood Lumber Agreement was set to expire in October 2013. The two-year extension was contemplated in the original seven-year agreement and thus Canada and United States are jointly exercising this Article of the Agreement. The extended Agreement will expire in October 2015.
Tembec participated in consultations regarding the potential extension of the original Softwood Lumber Agreement. President and Chief Executive Officer James Lopez stated "Our message to the Government of Canada was that the Softwood Lumber Agreement provided our industry with much-needed predictability and certainty. We are therefore very pleased that the Minister of International Trade, Ed Fast, has negotiated the extension of this agreement." "The US market continues to be an important market to Tembec, even as we look to new markets and new products," he added.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. The Company's principal operations are located in Canada and France. Tembec's common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available on its website at www.tembec.com.
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate, without limitation, to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "may", "will", "could", "anticipate", "estimate", "expect" and "project", the negative or variation thereof, and expressions of similar nature. Forward looking statements are based on certain assumptions and analyses made by the Company in light of its experience, information available to it and its perception of future developments. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in our periodic filings with securities regulatory authorities. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The forward-looking statements contained herein reflect the Company's expectations as of the date hereof and are subject to change after such date. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities legislation.
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