NEW YORK, June 26 /PRNewswire-FirstCall/ -- U.S. Timberlands Company, L.P.
(OTC Bulletin Board: TIMBZ.OB) announced that, at a special meeting of its
limited partners held earlier today, the limited partners approved the
Agreement and Plan of Merger, dated as of October 16, 2002, which provides for
the merger of U.S. Timberlands Acquisition Co., LLC, an acquisition entity
formed by the company's management, with and into the company. A Certificate
of Merger was filed with the Secretary of State of the State of Delaware
shortly after the meeting, and the merger is now effective.
As a result of the merger, U.S. Timberlands Holdings Group, LLC now owns
all of the outstanding limited partnership interests of the company, and all
common units held by unaffiliated limited partners have been converted into
the right to receive $3.00 per common unit in cash, without interest.
The company will mail written instructions informing former limited
partners whose common units were cancelled in the merger how to exchange their
common unit certificates for the merger consideration. Any questions
concerning the merger should be addressed to the Information Agent, Innisfree
M&A Incorporated, at (212) 750-5833 or (888) 750-5834.
U.S. Timberlands Company, L.P. and its affiliate, own 667,000 fee acres of
timberland and cutting rights on 18,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.6 billion board
feet in Oregon and Washington, east of the Cascade Range. U.S. Timberlands
specializes in the growing of trees and the sale of logs and standing timber.
Logs harvested from the timberlands are sold to unaffiliated domestic
conversion facilities. These logs are processed for sale as lumber, molding
products, doors, millwork, commodity, specialty and overlaid plywood products,
laminated veneer lumber, engineered wood I-beams, particleboard, hardboard,
paper and other wood products. These products are used in residential,
commercial and industrial construction, home remodeling and repair and general
industrial applications as well as a variety of paper products. U.S.
Timberlands also owns and operates its own seed orchard and produces
approximately four million conifer seedlings annually from its nursery,
approximately 75% of which are used for its own internal reforestation
programs, with the balance sold to other forest products companies.
Certain information discussed in this press release may constitute
forward-looking statements within the meaning of the Federal securities laws.
Although U.S. Timberlands believes that expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give
no assurance that its expectations will be achieved. Forward-looking
information is subject to certain risks, trends, and uncertainties that could
cause actual results to differ materially from those projected. Such risks,
trends and uncertainties include the highly cyclical nature of the forest
products industry, economic conditions in export markets, the possibility that
timber supply could increase if governmental, environmental or endangered
species policies change, and limitations on U.S. Timberlands' ability to
harvest its timber due to adverse natural conditions or increased governmental
restrictions. For a more complete description of factors, which could impact
U.S. Timberlands and the statements contained herein, reference should be made
to U.S. Timberlands' filings with the United States Securities and Exchange
Commission.
SOURCE U.S. Timberlands Company, L.P.
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Related links:
http://www.ustimberlands.com
Company News On-Call:
http://www.prnewswire.com/comp/128507.html
CONTACT:
Thomas C. Ludlow, Chief Financial Officer,
+1-212-755-1100, or Paulette Jordan, +1-212-755-1100, both of
U.S. Timberlands Company, L.P.
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