Business
Western Forest Products Files Notice of Default
Western Forest Products Files Notice of Default.
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n\n\n\nTSX: WEF\n\n\nDUNCAN, BC, May 25 /CNW/ - Further to its news release of May 15, 2007,\nWestern Forest Products Inc. ("Western") announced today that the release of\nits interim financial statements and related management discussion and\nanalysis for its first quarter ended March 31, 2007 has been delayed further.\nAs previously announced, the delay is the result of the implementation of new\naccounting information technology systems and the adoption of a new accounting\npolicy. Western anticipates being in a position to file its first quarter\nreport within approximately two weeks.\n\n\nIn advance of the May 15th filing deadline, Western notified the\nsecurities regulators of the anticipated filing default and applied for the\nissuance of a management cease trade order. The order, which was issued on\nMay 22, 2007 by the British Columbia Securities Commission, as Western's\nprincipal regulator, prohibits trading in Western's shares by its directors,\nofficers and other insiders until the first quarter report is filed. Western\nhas since filed with the regulators an update to its original notice, advising\nthat it now expects to file its first quarter report within approximately two\nweeks.\n\n\nWestern Forest Products\n\n\nWestern is an integrated Canadian forest products company and the largest\ncoastal British Columbia woodland operator and lumber producer with an\nAllowable Annual Cut of approximately 7.7 million cubic meters of timber\n(before temporary AAC reductions and reductions with respect to the removal of\ncertain private timberlands from Tree Farm Licences) and lumber capacity in\nexcess of 1.5 billion board feet from eight sawmills and four remanufacturing\nplants. Principal activities conducted by the Company and its subsidiaries\ninclude timber harvesting, reforestation, sawmilling logs into lumber and wood\nchips, and value-added remanufacturing. Western's logging is conducted\nprimarily on government owned timberlands in British Columbia. Substantially\nall of Western's operations, employees and corporate facilities are located in\nthe coastal region of British Columbia while its products are sold in over 20\ncountries worldwide.\n\n\nForward Looking Statements and Information\n\n\nThis press release contains forward-looking statements and\nforward-looking information within the meaning of app...