Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.
TSX VENTURE : FME

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

July 05, 2005 18:21 ET

Forest & Marine Investments Ltd.: Changes in Officers & Directors

NANAIMO, BRITISH COLUMBIA--(CCNMatthews - July 5, 2005) - Forest & Marine Investments Ltd. (TSX VENTURE:FME) -

The Company advises that due to personal reasons Peter J. Kelly resigned as a director of the Company effective June 23, 2005 and that on the same day Mr. Irvin Olsen was appointed by the Board as a director to fill the vacancy created by Mr. Kelly's resignation.

Mr. Olsen has been associated with the coastal forest industry as a stump-to-dump logging contractor since 1968, most recently as President of I & J Logging Ltd. in Campbell River, before retiring in 1993. He is currently a director of Noble Metal Group, a publicly traded mining company.

The Company also advises that effective June 22, 2005 Mr. Alec Peck was appointed as the Company's Chief Financial Officer and by Forest & Marine Financial Corporation ("FMFC") as its acting Chief Financial Officer. FMFC is the general partner to the Partnership.

From 1986 until 1993, Mr. Peck was a partner in Toronto and then Vancouver with member offices of the international public accounting firm Horwath International. From 1993 until May 2004, he was a vice-president in the corporate finance group of full service investment dealers, first with CM Oliver and then Canaccord Capital Corporation which acquired CM Oliver in 1998. Mr. Peck is currently a director, officer and advisor to Canadian private and public corporations.

The Forest & Marine Group of companies includes the Partnership, Forest & Marine Financial Corporation as general partner, the Company, the Trust, Forest & Marine Capital Ltd., Forest & Marine Insurance Services Ltd., Treesea Holdings Inc., and Staffordshire Trust Company (collectively, the "Forest & Marine Group").

Through the Partnership, the Forest & Marine 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 Forest and Marine 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 Forest and Marine 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 Forest and Marine 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 "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.
    John L. Hitchcock
    Director
    (250) 753-0141
    (250) 753-0173 (FAX)