KLAMATH FALLS, Ore., Jan. 5 /PRNewswire/ -- U.S. Timberlands Company, L.P.
(Nasdaq: TIMBZ) announced today that Thomas C. Theobald has been elected to
the Board of Directors of the Company's General Partner and named Chairman of
the Finance Committee.
Theobald, 60, is currently Managing Director, William Blair Capital
Partners, L.L.C. Prior to joining William Blair, Mr. Theobald was Chairman
and Chief Executive Officer of Continental Bank Corporation, which was
acquired by BankAmerica in 1994. Before joining Continental Bank in 1987, Mr.
Theobald was Vice Chairman of Citicorp and Citibank N.A. Throughout his 27
year tenure with Citicorp, he successively headed consumer banking in
Australia, investment and management worldwide, corporate banking globally,
and investment banking worldwide.
Mr. Theobald is a 1958 magna cum laude graduate of Holy Cross College and
earned his MBA from Harvard Graduate School of Business where he was a Baker
Scholar.
John M. Rudey, chairman of U.S. Timberlands, stated, "We are pleased to
have attracted to U.S. Timberlands an executive whose extensive experience
will be integral to the growth and development of our business. As we enter
our first full year as a public company, Tom's counsel as a member of our
Board will be invaluable."
Thomas C. Theobald, commented, "I look forward to working with the other
members of the Board and participating in the future of this exciting
company."
U.S. Timberlands Company, L.P. owns approximately 630,000 fee acres of
timberland and cutting rights on approximately 3,000 acres of timberland
containing total merchantable timber volume estimated to be approximately
2.2 billion board feet in Oregon 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, plywood
and other wood products, primarily for the use in new residential home
construction, home remodeling and repair and general industrial applications.
The Company 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.
SOURCE U.S. Timberlands Company, L.P.
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CONTACT:
John M. Rudey of U.S. Timberlands Company,
L.P., 212-755-1100; or Stefanie King of Edelman Financial,
212-704-8291, for U.S. Timberlands Company, L.P.
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