Pioneer Announces a Delay in the Sale of Certain Real Property
04 Outubro 2005 - 3:38PM
PR Newswire (US)
HOUSTON, Oct. 4 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc.
(NASDAQ:PONR) announced that it has encountered unanticipated
delays in the sale of certain real property adjacent to Pioneer's
chlor-alkali manufacturing facility in Henderson, Nevada. In June
2005 Pioneer's U.S. operating subsidiary, Pioneer Americas LLC,
entered into an agreement to sell the approximately sixty acres of
land to Marnell Properties, LLC. The closing of the transaction is
subject to the completion by Marnell Properties of due diligence
and the satisfaction of other customary conditions to closing.
Marnell Properties' due diligence has been completed, but among the
customary conditions that must be satisfied is the recording of a
parcel map, after review by the Clark County Planning Commission.
The dynamic pace of land development in the Las Vegas Valley has
led to delays in the review process, and Pioneer understands that
necessary reviews will not be completed in order for the closing of
the land sale to occur during 2005. Pioneer now expects the sale to
be completed during the first six months of 2006. The $22.8 million
in net proceeds from the land sale will be applied to an offer for
the partial redemption of the 10% Senior Secured Guaranteed Notes
due in 2008 and issued by Pioneer's Canadian operating subsidiary,
PCI Chemicals Canada Company. To the extent the redemption offer is
not accepted, Pioneer will use the remaining net proceeds for
general corporate purposes. Pioneer, based in Houston, manufactures
chlorine, caustic soda, bleach, hydrochloric acid and related
products used in a variety of applications, including water
treatment, plastics, pulp and paper, detergents, agricultural
chemicals, pharmaceuticals and medical disinfectants. Pioneer owns
and operates four chlor-alkali plants and several downstream
manufacturing facilities in the United States and Canada. Certain
statements in this news release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act.
Forward- looking statements relate to matters that are not
historical facts. Such statements involve risks and uncertainties,
including, but not limited to, the non-satisfaction of the
conditions to closing the sale and the risks and uncertainties
described in Pioneer's filings with the Securities and Exchange
Commission. Actual outcomes may vary materially from those
indicated by the forward-looking statements. DATASOURCE: Pioneer
Companies, Inc. CONTACT: Gary Pittman of Pioneer Companies, Inc.,
+1-713-570-3200 Web site: http://www.piona.com/
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