|By Marketwired .||
|February 20, 2014 08:32 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/21/14 -- Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") today announced that Dominic Gammiero, has retired as Chairman and Director effective February 21, 2014. Mr. Gammiero joined the board of directors in 2006 and served as Chief Executive Officer between October 2010 and February 2013, and as Chairman thereafter. Lee Doney, who has played a significant role in the turnaround of the Company since its restructuring in 2004 has been nominated by the Board of Directors to be Chairman, effective February 21, 2014.
"On behalf of the Board of Directors, I would like to extend my sincere appreciation to Dominic for his significant contribution to the Company over the last seven years. He provided critical leadership to our Company during a very challenging period of time for the lumber industry. The clear strategy and efficient execution he provided us has brought the success that we enjoy today," said Lee Doney, incoming Chairman of the Board.
The Company's Management Information Circular, which will include a director nominee to fill the vacant board position, will be mailed to shareholders on April 11, 2014. The Company's Annual General Meeting is scheduled for May 8, 2014.
About Western Forest Products Inc.
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic metres of timber of which approximately 6.2 million cubic metres is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and two remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 25 countries worldwide.
Forward-Looking Statements and Information
This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "estimate", "expect", "anticipate", "plan", "intend", "believe", "should", "may" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, regulations or public policy, misjudgments in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2013 Annual Report dated February 20, 2013. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.
Western Forest Products Inc.
CFO and Corporate Secretary