Acadian Timber Corp. Announces the Completion of the Conversion of Acadian Timber Income Fund to a Corporation
January 01 2010 - 1:30PM
Marketwired
Acadian Timber Corp. ("Acadian" or the "Corporation") (TSX: ADN) is
pleased to announce the completion of the conversion of Acadian
Timber Income Fund (the "Fund") to a corporation named Acadian
Timber Corp., pursuant to a plan of arrangement (the "Arrangement")
under the Canada Business Corporation Act.
Effective on the closing of the Arrangement and related
transactions, the Corporation now directly owns subsidiaries which
own and operate the businesses which were held and operated by the
Fund and its subsidiaries prior to the closing of the Arrangement.
The management and trustees of the Fund are now the management and
directors of the Corporation.
Pursuant to the Arrangement with CellFor Inc. ("CellFor"),
unitholders of the Fund received one common share of the
Corporation for each unit held on the effective date. In addition,
CellFor security holders, indirectly through a newly created
entity, received 159,763 shares representing a $1.0 million
retained equity interest in the Corporation. The Corporation now
has 16,731,216 shares issued and outstanding.
Trading of the shares of Acadian is expected to commence on or
about January 4th, 2010 on the Toronto Stock Exchange under the
symbol "ADN".
Acadian Timber Corp. is a leading supplier of primary forest
products in Eastern Canada and the Northeastern U.S. With a total
of 2.4 million acres of land under management, Acadian is the
second largest timberland operator in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of
freehold timberlands in New Brunswick and Maine, and provides
management services relating to approximately 1.3 million acres of
Crown licensed timberlands. Acadian also owns and operates a forest
nursery in Second Falls, New Brunswick. Acadian's products include
softwood and hardwood sawlogs, pulpwood and biomass by-products,
sold to over 110 regional customers.
Acadian's shares are listed for trading on the Toronto Stock
Exchange under the symbol ADN.
For further information, please visit our website at
www.acadiantimber.com.
Forward-Looking Statements
This News Release contains forward-looking information and other
forward-looking statements within the meaning of applicable
Canadian securities laws that involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Corporation, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. When used in this News Release, such
statements may contain such words as "may," "will," "intend,"
"should," "expect," "believe," "outlook," "predict," "remain,"
"anticipate," "estimate," "potential," "continue," "plan," "could,"
"might," "project," "targeting" or the negative of these terms or
other similar terminology. Forward-looking information in this News
Release includes, without limitation, statements regarding
intentions, results, performance, goals, achievements, future
events, plans and objectives, business strategy, access to capital,
liquidity and trading volumes, dividends, taxes, capital
expenditures, projected costs, and anticipated benefits of the
conversion from an income trust to a corporation. These statements
reflect management's current expectations regarding future events
and operating performance, are based on information currently
available to management and speak only as of the date of this News
Release. All forward-looking statements in this News Release are
qualified by these cautionary statements. Forward-looking
statements involve significant risks and uncertainties, should not
be read as guarantees of future performance or results, should not
be unduly relied upon, and will not necessarily be accurate
indications of whether or not such results will be achieved.
Factors that could cause actual results to differ materially
from the results discussed in the forward-looking statements
include, but are not limited to: general economic and market
conditions; product demand; concentration of customers; commodity
pricing; interest rate and foreign currency fluctuations;
seasonality; weather and natural conditions; regulatory, trade or
environmental policy changes; changes in Canadian income tax law;
economic situation of key customers; failure to realize the
anticipated benefits of the conversion from an income trust to a
corporation,; and other risks and factors, to the extent they
remain applicable to the Corporation, discussed under the heading
"Risk Factors" in the Annual Information Form and other filings
with securities regulatory authorities of Acadian Timber Income
Fund, predecessor reporting issuer to the Corporation, and
available on SEDAR at www.sedar.com. Forward-looking information is
based on various material factors or assumptions, which are based
on information currently available to the Corporation. Material
factors or assumptions that were applied in drawing a conclusion or
making an estimate set out in the forward-looking information may
include, but are not limited to: market conditions for timber and
wood products, economic situation of key customers, and the
utilization of the tax basis resulting from the conversion from an
income trust to a corporation. Readers are cautioned that the
preceding list of material factors or assumptions is not
exhaustive. Although the forward-looking statements contained in
this News Release are based upon what management believes are
reasonable assumptions, the Corporation cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this News Release, and should not be relied upon as
representing the Corporation's views as of any date subsequent to
the date of this news release. The Corporation assumes no
obligation to update or revise these forward-looking statements to
reflect new information, events, circumstances or otherwise, except
as required by applicable law.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications 604-661-9607 rlee@acadiantimber.com
www.acadiantimber.com
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