Ainsworth Lumber Co. Ltd.

Ainsworth Lumber Co. Ltd.

December 14, 2009 21:11 ET

Ainsworth Completes Sales of Non-Core Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - Ainsworth Lumber Co. Ltd. (TSX:ANS)(TSX:ANS.WT) announced today that it has completed the divestiture of the company's portfolio of non-core assets. Collectively, the asset sales support the company's strategic focus on optimizing its portfolio and allocating resources to its best performing OSB assets.

On December 11, 2009, the company completed the sale of its specialty plywood business unit. This includes the Savona specialty plywood mill and the Lillooet veneer mill, both of which are located in southwestern British Columbia. On November 3, 2009, the company finalized an agreement to sell its facilities in Grand Rapids, Minnesota. This transaction is expected to close on December 15, 2009. On June 29, 2009, Ainsworth closed the sale of its property in Bemidji, Minnesota, and on December 3, 2009, the company closed the sale of its property in Cook, Minnesota.

Ainsworth President and CEO Rick Huff said, "In early 2009, we established a clear strategy of divesting non-core assets and dedicating our resources to our most profitable operations. With this announcement, I am pleased to report that this process is substantially complete. At the same time, it is important that I also acknowledge the many years of service and collective hard work and dedication of the employees that served this company at each of these facilities."

"As we reported at the end of the third quarter, our three active oriented strand board mills in Canada ran at capacity and did not take any demand related downtime. Going forward, we remain focused on keeping our costs in line with the realities of the current environment while operating safely and efficiently. With the progress we have made to improve our business, we believe we are well positioned to take advantage of an eventual recovery in North American demand for engineered wood products," added Mr. Huff.

Operations at the three Minnesota properties were permanently discontinued in January 2009. Financial terms of all of the company's non-core asset sales were not disclosed. The proceeds of the sales are not expected to have a material impact on the financial results of the company.

Forward-looking information provided in this news release relating to the Company's future prospects are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators. The Company believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Company's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information include, without limitation, factors detailed from time to time in the Company's periodic reports filed with the Canadian Securities Administrators and other regulatory authorities. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.

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