NEW YORK, Oct. 4 /PRNewswire-FirstCall/ --
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ) announced today that it
received a Nasdaq Staff Determination on September 27, 2002 indicating that
the company fails to comply with the net tangible assets requirement for
continued listing set forth in Nasdaq Marketplace Rule 4450(a)(3), and that
its securities are, therefore, subject to delisting from the Nasdaq National
Market. The company has requested a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff Determination, although there can be
no assurance that the Panel will grant the company's request for continued
listing. The delisting has been stayed, pending the Panel's decision.
The company had previously announced that it had received an offer from a
management group to take the company private at a per unit price of $2.75 in
cash. The company is continuing to make progress in its negotiations with the
management group regarding the proposal to take the company private, although
there can be no assurance that a final agreement will be reached or that such
a transaction will be consummated.
U.S. Timberlands Company, L.P. and its affiliate, own 670,000 fee acres of
timberland and cutting rights on 3,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.9 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 five million conifer seedlings annually from its nursery,
approximately half 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. Timberland 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 of
U.S. Timberlands Company, L.P., +1-212-755-1100
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