NORTH PLAINS, Ore., March 18 /PRNewswire-FirstCall/ -- Jewett-Cameron Trading Company Ltd. (Nasdaq: JCTCF; TSX: JCT) today announced a targeted 5% reduction in personnel. The staff reduction also includes Chief Financial Officer Terry Schumacher. The CFO position will be filled by Thomas Rice, who is currently President of Jewett-Cameron's subsidiary Greenwood Products. Mr. Rice will continue to manage Greenwood while also assuming the CFO responsibilities.
Jewett-Cameron's financial position continues to be strong and it has used some of its excess cash to prepay a $1,996,458 note prior to the 06/15/10 due date. The company has no borrowing against its $5.0 million line of credit.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that operates through subsidiary companies as follows. Jewett-Cameron Lumber Corporation's business consists of warehouse distribution and direct sales of wood products and specialty metal products to home centers and other retailers. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries. 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. The area of most significant growth within Jewett-Cameron is the manufacture and distribution of specialty metal products like dog kennels, gate support systems, and perimeter fencing.
Contact: Don Boone, President & CEO, (503) 647-0110
