Canfor Corporation
TSX : CFP

Canfor Corporation

March 30, 2007 18:10 ET

Canfor Announces Resignation of CEO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - Canfor Corporation (TSX:CFP) announced today that Jim Shepherd has tendered his resignation as the President and Chief Executive Officer of the Company. Mr. Shepherd has agreed to remain with the Company to the end of the annual general meeting of shareholders to be held on May 4, 2007.

Mr. Peter Bentley, Chairman of the Board, stated, "Jim accomplished many things during his tenure at Canfor. He was instrumental in the settlement of the softwood lumber dispute, which returned billions of dollars to the Canadian lumber industry. He has guided the Company through difficult markets and operational challenges and has positioned Canfor to take advantage of growth opportunities by having one of the strongest balance sheets in the industry. On behalf of the Board of Directors and the employees of the Company, I would like to thank Jim for his service and dedication to the Company."

Mr. Shepherd became the President and CEO of the Company in April 2004 following the combination of the Company and Slocan Forest Products Ltd. ("Slocan"). Prior to that time, Mr. Shepherd was the President and CEO of Slocan.

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
    Email: Lee.Coonfer@canfor.com
    or
    Canfor Corporation - Investor Contact
    David Jan
    Manager, Investor Relations
    (604) 661-5424
    Email: David.Jan@canfor.com
    Website: www.canfor.com