Canfor Corporation completes acquisition of Canfor Pulp

VANCOUVER, British Columbia, March 17, 2026 (GLOBE NEWSWIRE) -- Canfor Corporation (TSX: CFP) ("Canfor Corp") and Canfor Pulp Products Inc. (TSX: CFX) ("Canfor Pulp") are pleased to announce the successful closing of the previously announced transaction pursuant to which Canfor Corp acquired all of Canfor Pulp's issued and outstanding common shares (each, a "Canfor Pulp Share") not already owned by Canfor Corp and its affiliates pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

Under the terms of the Arrangement, each former holder of Canfor Pulp Shares (each, a "Former Shareholder") had the option to receive for all Canfor Pulp Shares held by such Former Shareholder immediately prior to the effective time of the Arrangement (i) 0.0425 of a common share in the capital of the Canfor Corp ("Canfor Corp Shares") per Canfor Pulp Share (the "Share Consideration") or, (ii) $0.50 in cash per Canfor Pulp Share (the "Cash Consideration" and together with the Share Consideration, the "Consideration").

In connection with the closing of the Arrangement, the Canfor Pulp Shares are expected to be delisted from the Toronto Stock Exchange as of the close of market on March 18, 2026, and Canfor Corp intends to cause Canfor Pulp to apply for an order to cease to be a reporting issuer under applicable Canadian securities laws.

Early Warning Disclosure Relating to Canfor Corp

The purpose of the Arrangement was for Canfor Corp and its affiliates to beneficially own all of the issued and outstanding Canfor Pulp Shares that Canfor Corp and its affiliates did not already own. Immediately prior to the closing of the Arrangement, Canfor Corp and its affiliates had beneficial ownership of, or control or direction over, 35,776,483 Canfor Pulp Shares representing approximately 54.8% of the outstanding Canfor Pulp Shares. Pursuant to the Arrangement, Canfor Corp acquired 29,457,076 Canfor Pulp Shares, representing approximately 45.2% of the issued and outstanding Canfor Pulp Shares, and, as a result, Canfor Corp and its affiliates now beneficially own, or exercise control or direction over, 65,233,559 Canfor Pulp Shares in the aggregate, representing 100% of the issued and outstanding Canfor Pulp Shares.

In connection with the closing of the Arrangement, Canfor Corp paid aggregate Consideration to Former Shareholders consisting of $3,996,572 in cash and 912,217 Canfor Corp Shares.

Both Canfor Corp and Canfor Pulp's head office is located at 101 - 161 East 4th Avenue, Vancouver, British Columbia.

An early warning report will be filed by Canfor Corp with applicable Canadian securities regulatory authorities. To obtain a copy of the early warning report, please contact Pat Elliott, CFO and Corporate Secretary of Canfor Corp.

Letters of Transmittal and Election Forms for Consideration

Former Shareholders who were registered holders of Canfor Pulp Shares are reminded that, in order to receive the Consideration in the form of Consideration elected (or deemed to have been elected), they must sign and return the letter of transmittal and election form with accompanying certificate(s) or direct registration statement(s) representing their formerly held Canfor Pulp Shares, together with any other required documents, to TSX Trust Company, the depositary for the Arrangement. Former Shareholders who held their Canfor Pulp Shares through an intermediary such as a broker or investment dealer should contact their intermediary for instructions and assistance and carefully follow any instructions provided to them by such intermediary. Please see Canfor Pulp's management information circular dated January 28, 2026 for more information, a copy of which is available on Canfor Pulp's SEDAR+ profile at sedarplus.ca

Forward-looking statements.

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward-looking statements include, among others, statements relating to the delivery of the Consideration to Former Shareholders, the delisting of the Canfor Pulp Shares from the Toronto Stock Exchange and the expected application to have Canfor Pulp cease to be a reporting issuer. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.

Although Canfor Corp and Canfor Pulp believe that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from the expectations of the management of Canfor Corp and Canfor Pulp, respectively, and plans as set forth in such forward-looking statements, including risks inherent to Canfor Corp's and Canfor Pulp's businesses and/or factors beyond their control which could have a material adverse effect on Canfor Corp or Canfor Pulp, as applicable. With respect to the forward-looking statements contained in this news release, Canfor Corp and Canfor Pulp have made numerous assumptions that Canfor Corp and Canfor Pulp, respectively, considered appropriate and reasonable as of the date such statements are made in light of their experience, current conditions and expected future developments.

Canfor Corp and Canfor Pulp caution that the foregoing list of important factors and assumptions are not exhaustive and other factors could also adversely affect their results. For more information on the risks, uncertainties and assumptions that could cause Canfor Corp's actual results to differ from current expectations, please refer to the "Risks and Uncertainties" section of Canfor Corp's Management's Discussion & Analysis for the year ended December 31, 2025 as well as Canfor Corp's other public filings, available at sedarplus.ca and at canfor.com. For more information on the risks, uncertainties and assumptions that could cause Canfor Pulp's actual results to differ from current expectations, please refer to the "Risks and Uncertainties" section of Canfor Pulp's Management's Discussion & Analysis for the year ended December 31, 2025 as well as Canfor Pulp's other public filings, available at sedarplus.ca and at canfor.com. Please also refer to the risk factors set forth in Canfor Pulp's management information circular dated January 28, 2026, a copy of which is also available on Canfor Pulp's SEDAR+ profile at sedarplus.ca

The forward-looking statements contained in this news release describe Canfor Corp's and Canfor Pulp's expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor Corp and Canfor Pulp do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

About Canfor.

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company and, following completion of the Arrangement, also owns a 100% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com

Media Contact:	Investor Contacts:
Mina Laudan VP, Corporate Affairs [phone] [e-mail]	Pat Elliott CFO and Corporate Secretary [phone] [e-mail]	Dan Barwin Head of Corporate Development [phone] [e-mail]