NEW YORK, Nov. 2 /PRNewswire/ -- U.S. Timberlands Company, L.P.
(Nasdaq: TIMBZ) announced today that a group lead by senior management has
begun the process to explore taking the Company private. "The Company feels
that it is appropriate to explore this alternative as a means to enhance
shareholder value," a Company spokesman said. A committee of independent
directors will be formed to evaluate and negotiate any proposal that may be
made by the management group.
U.S. Timberlands Company, L.P. and its affiliates own 671,000 fee acres of
timberland and cutting rights on 3,700 acres of timberland containing total
merchantable timber volume estimated to be approximately 2.5 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 law.
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 or fax,
800-758-5804, ext. 128507
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., 212-755-1100
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