DUNCAN, BC, May 25 /PRNewswire-FirstCall/ -- Further to its news release of May 15, 2007, Western Forest Products Inc. ("Western") announced today that the release of its interim financial statements and related management discussion and analysis for its first quarter ended March 31, 2007 has been delayed further. As previously announced, the delay is the result of the implementation of new accounting information technology systems and the adoption of a new accounting policy. Western anticipates being in a position to file its first quarter report within approximately two weeks.
In advance of the May 15th filing deadline, Western notified the securities regulators of the anticipated filing default and applied for the issuance of a management cease trade order. The order, which was issued on May 22, 2007 by the British Columbia Securities Commission, as Western's principal regulator, prohibits trading in Western's shares by its directors, officers and other insiders until the first quarter report is filed. Western has since filed with the regulators an update to its original notice, advising that it now expects to file its first quarter report within approximately two weeks.
Western Forest Products
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an Allowable Annual Cut of approximately 7.7 million cubic meters of timber (before temporary AAC reductions and reductions with respect to the removal of certain private timberlands from Tree Farm Licences) and lumber capacity in excess of 1.5 billion board feet from eight sawmills and four remanufacturing plants. Principal activities conducted by the Company and its subsidiaries include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value-added remanufacturing. Western's logging is conducted primarily on government owned timberlands in British Columbia. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 20 countries worldwide.
Forward Looking Statements and Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities law. Those statements and information include statements or information regarding the intent, belief or current expectations of Western. Such statements or information may be indicated by words such as "approximately", "achieving", "estimated", "expect", "anticipate", "plan", "intend", "believe", "will", "should", "may" and similar words and phrases. Readers are cautioned that any such forward-looking statements or information are not guarantees and may involve known and unknown risks and uncertainties, and that the actual results may differ from those expressed or implied in the forward-looking statements or information as a result of various factors including, changes in government regulation, and misjudgments in the course of preparing forward-looking statements or information. The information contained under the "Risk Factors" section of Western's Annual Information Form and under the "Risks and Uncertainties" section of Western's Management's Discussion and Analysis identifies important factors that could cause such differences. All written and oral forward-looking statements or information attributable to Western or persons acting on behalf of Western are expressly qualified in their entirety by the foregoing cautionary statements. Western does not expect to update forward-looking statements or information as conditions change.
CONTACT: Reynold Hert, President & CEO, (250) 715-2207; Paul Ireland, CFO, (250) 715-2209
