|By Marketwired .||
|April 1, 2014 07:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/01/14 -- INTERNATIONAL FOREST PRODUCTS LIMITED ("Interfor" or the "Company") (TSX: IFP.A) will ask shareholders at its May 6 Annual General Meeting (AGM) to vote on a proposal to change the Company name to Interfor Corporation from International Forest Products Limited.
"The change will provide a direct link to our traditional trade name and build on the successful rebranding efforts undertaken in recent years using the Interfor name and logo," President & CEO Duncan Davies said today. "The new name will also be consistent with the formal names of our US subsidiaries which now account for more than 50 per cent of our production."
The name "Interfor" has been trademarked for exclusive use of the Company in the world's major lumber markets.
Another proposal to be tabled at the AGM will simplify Interfor's share structure by eliminating the Company's Class B Common Shares, known as the Multiple Voting Shares, and redesignating the Class A Subordinate Voting Shares as Common Shares. The process to simplify the Company's share structure began last August when its then-controlling shareholder, Sauder Industries Limited, exchanged its Class B Common Shares on a one-for-one basis for Class A Subordinate Voting Shares.
"These changes are another step in the repositioning of Interfor that will make the Company more attractive to investors and help build value in the years ahead," Davies said.
These proposed changes are subject to TSX approval. The Company has also made a request to the TSX that, upon the effective date of the name change, the Company's stock symbol be changed to IFP from IFP.A.
The Company also released its 2013 Annual Report today.
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates, and other factors referenced herein and in Interfor's Annual Report and Management Information Circular available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of 2.6 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
International Forest Products Limited
Director, Public Affairs & Corporate Communications