Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

May 01, 2007 12:24 ET

Forest & Marine Investments Ltd.: Further Credit Facility Update

NANAIMO, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Forest & Marine Investments Ltd. (TSX VENTURE:FME) -

The Partnership advises that its credit facility lenders, CIT Business Credit Canada Inc. ("CIT"), have further extended the forbearance period to April 30, 2008. The letter agreement confirming the extension of the forbearance period is available for review on the SEDAR website at

In consideration of CIT's agreement to forbear until April 30, 2008, the Partnership paid a fee of $150,000 to CIT. This extension of the forbearance agreement also provides that CIT may sell to other persons participation rights to its rights and obligations under its credit facility agreement with the Partnership.

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.


by its General Partner, Forest & Marine Financial Corporation

David R. Hitchcock, Director


David R. Hitchcock, Director


by its Manager, Forest & Marine Financial Corporation

David R. 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
    Chairman Emeritus
    (250) 753-0141
    (250) 753-0173 (FAX)