Business
Western Forest Products Corrects Press Reports on Level of Softwood Lumber Duty Deposits Paid
Western Forest Products Corrects Press Reports on Level of Softwood Lumber Duty Deposits Paid.
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n\n\n\n\nTSX: WEF\n\nDUNCAN, BC, April 27 /CNW/ - Western Forest Products Inc. (TSX: WEF)\nadvises that several Canadian newspapers have incorrectly reported the amount\nof softwood lumber countervailing and anti-dumping duty deposits that have\nbeen paid by the Company. As disclosed in the Company's Consolidated Financial\nStatements for the year ended December 31, 2005 and in its Annual Information\nForm, both of which have been filed on SEDAR, the Company and its Predecessor\nhave paid US$104.2 million in cash deposits since May 22, 2002.\nUnder the terms of its proposed acquisition of Cascadia Forest Products\nLtd., Western is not entitled to any refunds of softwood lumber countervailing\nand anti-dumping duty deposits attributable to the period prior to the closing\ndate.\n\nWestern Forest Products\n\nWestern is an integrated Canadian forest products company and currently\nthe second largest coastal woodland operator in British Columbia. Principal\nactivities conducted by Western and its subsidiaries include timber\nharvesting, reforestation, sawmilling logs into lumber and wood chips, and\nvalue-added remanufacturing. Over 95% of Western's logging is conducted on\ngovernment owned timberlands in British Columbia. All of Western's operations,\nemployees and corporate facilities are located in the coastal region of\nBritish Columbia and its products are sold in over 20 countries worldwide.\nFollowing the acquisition of Cascadia Forest Products Ltd., which is expected\nto close before May 10, 2006, Western expects to be the largest Coastal\nwoodland operator and lumber producer with an AAC of approximately 7.7 million\ncubic meters and lumber capacity in excess of 1.5 billion board feet. The\nCompany exited the softwood pulp business with the closure of the Squamish\npulp mill on March 9, 2006.\n\nForward Looking Statements and Information\n\nThis press release contains forward-looking statements and forward-\nlooking information within the meaning of applicable securities law. Those\nstatements and information would include statements or information regarding\nthe intent, belief or current expectations of Western, primarily with respect\nto market and general economic conditions, future costs, expenditures,\navailable harvest levels and future operating performance of Western. Such\nstatements or information may be indicate...