PFB Corporation
TSX : PFB

PFB Corporation

November 09, 2010 11:58 ET

PFB Corporation Announces Intent to Acquire Precision Craft Homes Group

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2010) - PFB Corporation (TSX:PFB) reports it has signed a Letter of Intent with Mr. Jim Young of Boise, Idaho, USA whereby the privately-owned Precision Craft Homes Group will be combined with the Riverbend Timber Framing and Insulspan SIPS operations of PFB Corporation.

Mr. Jim Young, President of Precision Craft, will be named Chief Operating Officer of the newly formed combined unit which will be wholly-owned by PFB Corporation when the transaction closes on December 31, 2010. The combined operation will consist of two timber manufacturing facilities and two structural insulated panel manufacturing facilities that are located in Michigan, Idaho and Vancouver, BC.

Mr. Bruce Carruthers, will continue as Chief Operating Officer of Plasti-Fab Ltd., another wholly-owned subsidiary of PFB Corporation, which manufactures expanded polystyrene insulation products, EPS resin, and Advantage ICF insulating concrete forming systems in eight facilities across Canada.

Initially no capital stock will be issued by PFB Corporation to finance the acquisition of Precision Craft. The purchase will be made in cash from working capital of PFB and will include provisions for future common share issuance by PFB Corporation under earn-out provisions over a five year period. Precision Craft has a five year history of positive net income.

Precision Craft is based in Boise, ID where it manufactures timber frame and log structures that are designed by Mountain Architects Inc. and installed by PC Design Build Inc., related companies that are also being acquired by PFB in the transaction.

Riverbend Timber Framing and Insulspan SIPS are manufactured in two facilities in Blissfield, MI. Insulspan SIPS are also manufactured in a facility near Vancouver, Canada.

C. Alan Smith, Chief Executive Officer, PFB Corporation, stated "We are very excited that Jim Young has agreed to combine with us and add "Precision Craft" to the PFB "Better Building Ideas" family of green-structures brand names that include "Riverbend" and "Insulspan SIPS". He is a well-known leader in the industry who has a lot of expertise to offer to our customers and to our company".

Forward Looking Statements

Certain statements in this Press Release contain forward-looking statements about the objectives of PFB Corporation ("PFB" or the "Corporation") and management's expectations, beliefs, intentions or strategies for the future. Future events are subject to certain risks, uncertainties and assumptions that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such risks, uncertainties and assumptions include, but are not limited to: general economic conditions; actions by government authorities; actions by regulatory authorities; availability of raw materials; changes in raw materials prices; foreign exchange rates; interest rates; competitor activity; industry pricing pressures; seasonality of the construction industry; and weather.

About PFB

PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under four brands. Plasti-Fab, EPS Product Solution® are products, manufactured using expanded polystyrene (EPS) as base raw materials, that are delivered to customers in five segmented markets. Advantage ICF Systems® are insulating concrete forming systems that are employed to build insulated foundations and walls from concrete in both residential and commercial markets. Insulspan® Structural Insulating Panels Systems (SIPS) are used to create a building's structural wall frame and to replace trusses on roof systems to form an energy-efficient structural envelope. Riverbend Timber Framing® manufactures and sells precision-cut, custom-crafted solid timbers to exacting standards which are delivered to customer's jobsites as ready-to-assemble building packages in conjunction with Insulspan SIPS for the walls and roof, and Advantage ICFS for the building's foundations.

PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.

Contact Information

  • PFB Corporation
    C. Alan Smith
    Chief Executive Officer
    (403) 569 4332
    (403) 569 4075 (FAX)
    or
    PFB Corporation
    100, 2886 Sunridge Way NE
    Calgary, Alberta T1Y 7H9
    or
    Precision Craft Homes
    Jim Young
    Chief Executive Officer
    Boise, Idaho
    208 493 2640
    208 887 1253