Canfor Corporation

Canfor Corporation

March 30, 2007 18:16 ET

Canfor Announces Director Nominees

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - Canfor Corporation (TSX:CFP) announced today that it had commenced mailing its notice of meeting and information circular for its upcoming Annual General Meeting to be held May 4, 2007 (the "Meeting").

The Company also announced that eight directors will stand for election at the Meeting composed of five current directors and three new nominees. The current directors standing for re-election are Peter J. G. Bentley, Ronald L. Cliff, Michael J. Korenberg, James A. Pattison and Donald C. Selman. The new nominee directors are Benjamin C. Duster IV, John D. (Ian) Lapey and James F. Shepard.

Mr. Duster is a senior advisor with Watermark Advisors a financial advisory firm specializing in mergers and acquisitions. Mr. Duster is the Chairman of the Board of Algoma Steel, a Director of Catalyst Paper Corporation and a member of several corporate boards including RCN Corporation and an advisory board member of River Cities Capital Fund.

Mr. Lapey is a senior member of the investment team at Third Avenue Management LLC. He is a portfolio manager for Third Avenue's sub-advised portfolios in the small/mid-cap, multi-cap and global value strategies. Prior to joining Third Avenue, Mr. Lapey was an equity research analyst with Credit Suisse First Boston.

Mr. Shepard is the former Chief Executive Officer and Chairman of the Board of Finning International Inc. Mr. Shepard also served as Chairman of the Board of MacDonald Dettwiler and Associates, Vice-Chairman of the Conference Board of Canada, Vice-Chairman of the Business Council on National Issues, Honorary Chairman of Leadership Vancouver and is the past Chairman of the Executive Committee for the Business Council of B.C. Mr. Shepard is a member of the board of directors of Imperial Oil Limited and Chairman of the Board of OncoGenex Technologies Inc.

Further information with respect to all of the director nominees is included in the information circular of the Company being mailed to shareholders in advance of the Meeting. Those shareholders of the Company which had previously announced that they had entered into a voting agreement in respect of the Company's Common Shares, as described in the Company's news release of March 12, 2007, have indicated that they will vote for the foregoing slate of eight directors.

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. Words such as "expects", "anticipates", "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 management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.

Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with interests in 33 facilities in BC, Alberta, Quebec, Washington state, and North and South Carolina. The company is the largest producer of softwood lumber in Canada while also producing oriented strand board (OSB), plywood, remanufactured lumber products and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Limited Partnership, which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange (TSX:CFP).

Contact Information

  • Canfor Corporation - Media Contact
    Lee Coonfer
    Manager, Public Affairs and Corporate Communications
    (604) 661-5225
    Canfor Corporation - Investor Contact
    David Jan
    Manager, Investor Relations
    (604) 661-5424