Conifex Timber Inc.

Conifex Timber Inc.

May 05, 2014 09:00 ET

Conifex Receives Conditional Approval for TSX Graduation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange ("TSX") for the listing of its common shares on the TSX, subject to the completion of customary requirements of the TSX, including receipt of all required documentation. Once final approval is received, the common shares of Conifex will commence trading on the TSX and be delisted from the TSX Venture Exchange. Upon listing on the TSX, it is expected that Conifex's common shares will continue to trade under the symbol "CFF".

Ken Shields, Chief Executive Officer of Conifex commented: "Conifex's graduation to the TSX reflects the progress we have made transitioning from purchasing idled sawmills in 2008 and 2010 to producing 500 million board feet of lumber on an annual basis. In 2013, our Company generated over $250 million in revenues and $9 million in net income after tax. Later this year, we plan to complete construction and commence operation of a power generation facility selling renewable 'green' electricity to over 20,000 British Columbia residences."

About Conifex Timber Inc.

Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, and the manufacture, sale and distribution of dimension lumber. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets. Upon completion of its power generation facility at Mackenzie, British Columbia, Conifex's business sectors will be expanded to include bioenergy.

Forward-Looking Statements

Certain statements in this news release may constitute "forward-looking statements", including statements with respect to the Company's graduation to the TSX and the timing of completion and the scope of the power generation project. Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of the Company's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of the Company or industry may be materially different from those implied by such forward-looking statements. Assumptions underlying the Company's expectations regarding forward-looking information contained in this news release include, among others: that the Company will be able to complete all of the requirements for TSX graduation; and that there will no delays and disruptions affecting the completion of the power generation project and that the Company will be able to commence timely delivery of power therefrom. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks related to the Company's ability to meet all exchange requirements for graduation to the TSX and risks related to the timing and completion, if at all, of the power generation project, as well as those matters described in the Company's most recent Annual Information Form, available on SEDAR at Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Yuri Lewis
    Chief Financial Officer