NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DESTINATION
IN THE UNITED STATES
MONTREAL AND
VANCOUVER, Aug. 28, 2013 /CNW Telbec/ - Kelso and EACOM are
pleased to jointly announce that ET Acquisition Corporation
("ETA"), a corporation indirectly owned by funds managed by Kelso,
has successfully acquired the 11,970,098 remaining Common Shares of
EACOM not already acquired by ETA and its affiliates pursuant to
the offer to acquire all of the shares of EACOM made on
April 5, 2013 (the "Offer"). The
acquisition of the 11,970,098 Common Shares was made pursuant to a
compulsory acquisition carried out under the provisions of the
Business Corporations Act (British
Columbia) following its previously announced successful
take-over bid. As a result of the acquisition of such shares, ETA
and its affiliates now own 100% of the issued and outstanding
Common Shares of EACOM.
It is anticipated that the Common Shares will be
delisted from the TSX Venture Exchange on or about August 30, 2013. EACOM also announces that it
will apply to the relevant securities commissions to cease to be a
reporting issuer in all applicable jurisdictions.
Details of the compulsory acquisition and the
Offer, as amended and supplemented by the notice of extension dated
May 10, 2013 and June 14, 2013, to purchase all of the issued and
outstanding Common Shares in the capital of EACOM at a price of
$0.38 per Common Share were
previously press released and complete information about the
compulsory acquisition and the Offer and other related documents
are available at www.sedar.com.
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
woodbased 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, which was
seriously damaged by fire in January
2012, is under reconstruction. 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.
About Kelso
Kelso & Company is one of the oldest and
most established firms specializing in private equity. Since
1980, Kelso has invested in over 115 companies in a broad range of
industry sectors with aggregate initial capitalization at closing
of over $40 billion. The firm
is currently investing its eighth investment partnership, Kelso
Investment Associates VIII, L.P., with $5.1
billion of committed capital. For more information,
please visit www.kelso.com.
The TSX Venture Exchange has neither approved
nor disapproved the content of this press release.
Forward-Looking Statements
All statements in this news release that are
not based on historical facts are "forward-looking statements". In
this news release, such forward-looking statements include
statements regarding the ability of Kelso to complete the take-over
bid, the anticipated benefits of the take-over bid, the anticipated
benefits to EACOM shareholders of the take-over bid, the timing of
the take-over bid and the anticipated receipt of regulatory
approvals for the take-over bid. 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 EACOM's current MD&A, and
under "RISK FACTORS" in EACOM'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