Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.
TSX VENTURE : FME

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

April 03, 2006 13:15 ET

Forest & Marine Investments Ltd.: Business Combination with Ubiquity Bank of Canada-Update

NANAIMO, BRITISH COLUMBIA--(CCNMatthews - April 3, 2006) - Forest & Marine Investments Ltd. (TSX VENTURE:FME) -

The Forest & Marine Group (the "F&M Group") announces that its Merger Agreement with Ubiquity Bank of Canada ("Ubiquity Bank") has terminated. Despite the parties' efforts, the conditions precedent to the Merger Agreement, including the receipt of the requisite regulatory approvals, could not be satisfied prior to the "Termination Date". As a result, the proposed business combination of the F&M Group with Ubiquity Bank will not proceed.

The termination of the Merger Agreement will permit the Forest & Marine Group to pursue other opportunities as may be available to it.

John Hitchcock stated, "While we are disappointed that the merger will not complete, we appreciate all the support our stakeholders have provided throughout this process. Despite the termination of the transaction, we will continue to pursue opportunities as they become available."

About the Forest & Marine Group

The F&M Group of companies includes the Partnership, Forest & Marine Financial Corporation as general partner of the Partnership, the Company, the Unit Trust, Forest & Marine Capital Ltd., Forest & Marine Insurance Services Ltd., Treesea, and Staffordshire Trust Company.

Through the Partnership, the F&M Group is engaged primarily in the financing of heavy mobile equipment, helicopters, tugs and barges utilized in the forest products and marine industries, as well as other non-forestry related businesses such as supermarkets and food distribution, feeder airlines, commercial fishing and processing and wholesale glass distributors. All business is conducted by the Partnership.

The F&M Group have extensive knowledge of the forestry and marine industries; its primary focus is to provide funding to independent logging contractors and marine operators. The F&M Group's geographic target markets are communities on Vancouver Island, the Queen Charlottes and throughout coastal British Columbia. Its customers employ in excess of 3,000 people. The F&M Group has provided specialized credit facilities for this niche market since 1983.

ON BEHALF OF:

FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP (The "Partnership")

by its General Partner, Forest & Marine Financial Corporation

John Hitchcock, Director

FOREST & MARINE INVESTMENTS LTD. (The "Company")

John Hitchcock, Director

FOREST & MARINE INVESTMENT TRUST (The "Unit Trust")

by its Manager, Forest & Marine Financial Corporation

John Hitchcock, Director


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Forest & Marine Investments Ltd.
    David Hitchcock
    (250) 753-0141
    (250) 753-0173 (FAX)