EACOM Timber Corporation Announces the Formation of a Special
Committee to Conduct a Strategic Review Process
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.
About EACOM
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.
Forward-Looking Statements
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.
Additional information relating to EACOM is
available at www.eacom.ca and on SEDAR at www.sedar.com.
SOURCE EACOM