NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- US Timberlands Company, LP
(OTC Bulletin Board: TIMBZ) reported today that it had received a letter from
the Nasdaq Listing Qualifications Panel informing the Company that the Panel
had determined to delist the Company's Common Units from The Nasdaq Stock
Market effective with the opening of business on Wednesday, December 18,
2002. As the Company previously announced, the Panel had previously
determined to transfer the listing of the Common Units from the Nasdaq
National Market to the Nasdaq Small Cap Market contingent upon the Company's
successful completion of a listing application and the payment of the
applicable listing fees. However, the Company determined that the Common
Units were no longer eligible to be listed on the Nasdaq Small Cap Market as
it did not meet certain of the continued listing criteria. The Company was
further advised that its Common Units would automatically be eligible for
trading on the OTC Bulletin Board.
U.S. Timberlands Company, L.P. and its affiliate own 670,000 fee acres of
timberland and cutting rights on 18,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.8 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 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 US Timberlands Company, LP
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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,
U.S. Timberlands Company, L.P., +1-212-755-1100
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