NORTH PLAINS, Ore.,
Feb. 8, 2017 /PRNewswire/
-- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today
announced changes to corporate management and its Board of
Directors.
Donald Boone retired from the positions of President, CEO
and Treasurer of Jewett-Cameron effective February 7, 2017. Mr. Boone has served in those
positions since leading the acquisition of the business in 1987. He
will remain with the Company as a Director, and has also been named
as Chairman of the Board of Directors. The Board has unanimously
approved a motion which names Charles
Hopewell, the current Chief Operating Officer, as the new
President and CEO, and has also named him as the designated
management representative on the Board of Directors. Mr. Hopewell
will also serve as the interim Chief Financial Officer until the
Company fills this position on a permanent basis.
Ralph Lodewick has resigned from
the Company's Board of Directors effective January 30, 2017. Mr. Lodewick has served as a
Director since 2008, and the Company thanks Mr. Lodewick for his
long service. The Board has initiated a search for a new
Independent Director to join the Board and serve on the Company's
Audit Committee.
Donald Boone has informed the
Board that he wishes to voluntarily return 10,000 shares of his own
personal stock to the Company's treasury for cancellation. Mr.
Boone has taken this action for several years as a gesture which
permits the company to provide additional annual contributions to
its employees individual 401K accounts. The shares are anticipated
to be returned to treasury within the next several weeks.
The Company's Board of Directors has also discussed researching
potential alternatives to the Company's current NASDAQ listing due
to the Company's relative size and low trading volume.
About Jewett-Cameron Trading Company
Ltd.
Jewett-Cameron Trading Company is a holding company
that, through its subsidiaries, operates out of facilities located
in North Plains, Oregon.
Jewett-Cameron Company's business consists of the manufacturing and
distribution of specialty metal products and wholesale distribution
of wood products to home centers and other retailers located
primarily in the United States.
Greenwood Products is a processor and distributor of industrial
wood and other specialty building products principally to customers
in the marine and transportation industries in the United States. MSI-PRO is an importer and
distributor of pneumatic air tools, industrial clamps, and the
Avenger Products line of sawblades and other products.
Jewett-Cameron Seed Company is a processor and distributor of
agricultural seeds. JC USA
provides professional and administrative services, including
accounting and credit services, to its subsidiary companies.
Safe Harbor Statement
The information in this release
contains certain forward-looking statements that anticipate future
trends and events. These statements are based on certain
assumptions that may prove to be erroneous and are subject to
certain risks, including but not limited to, the uncertainties of
the Company's new product introductions, the risks of increased
competition and technological change in the Company's industry, and
other factors detailed in the Company's SEC filings. Accordingly,
actual results may differ, possibly materially, from predictions
contained herein.
For further information, please contact:
Donald Boone, Chairman or
Charlie Hopewell, President &
CEO
(503) 647-0110
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SOURCE Jewett-Cameron Trading Company Ltd.