Conifex Receives Conditional Approval for TSX Graduation
05 5월 2014 - 10:00PM
Marketwired
Conifex Receives Conditional Approval for TSX Graduation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) -
Conifex Timber Inc. ("Conifex" or the "Company") (TSX-VENTURE:CFF)
is pleased to announce that it has received conditional approval
from the Toronto Stock Exchange ("TSX") for the listing of its
common shares on the TSX, subject to the completion of customary
requirements of the TSX, including receipt of all required
documentation. Once final approval is received, the common shares
of Conifex will commence trading on the TSX and be delisted from
the TSX Venture Exchange. Upon listing on the TSX, it is expected
that Conifex's common shares will continue to trade under the
symbol "CFF".
Ken Shields, Chief Executive Officer of Conifex commented:
"Conifex's graduation to the TSX reflects the progress we have made
transitioning from purchasing idled sawmills in 2008 and 2010 to
producing 500 million board feet of lumber on an annual basis. In
2013, our Company generated over $250 million in revenues and $9
million in net income after tax. Later this year, we plan to
complete construction and commence operation of a power generation
facility selling renewable 'green' electricity to over 20,000
British Columbia residences."
About Conifex Timber Inc.
Conifex and its subsidiaries' primary business currently
includes timber harvesting, reforestation, forest management, and
the manufacture, sale and distribution of dimension lumber.
Conifex's lumber products are sold in the United States, Chinese,
Canadian and Japanese markets. Upon completion of its power
generation facility at Mackenzie, British Columbia, Conifex's
business sectors will be expanded to include bioenergy.
Forward-Looking Statements
Certain statements in this news release may constitute
"forward-looking statements", including statements with respect to
the Company's graduation to the TSX and the timing of completion
and the scope of the power generation project. Forward-looking
statements are statements that address or discuss activities,
events or developments that the Company expects or anticipates may
occur in the future. When used in this news release, words such as
"estimates", "expects", "plans", "anticipates", "projects", "will",
"believes", "intends", "should", "could", "may" and other similar
terminology are intended to identify such forward-looking
statements. Forward-looking statements reflect the current
expectations and beliefs of the Company's management. Because
forward-looking statements involve known and unknown risks,
uncertainties and other factors, actual results, performance or
achievements of the Company or industry may be materially different
from those implied by such forward-looking statements. Assumptions
underlying the Company's expectations regarding forward-looking
information contained in this news release include, among others:
that the Company will be able to complete all of the requirements
for TSX graduation; and that there will no delays and disruptions
affecting the completion of the power generation project and that
the Company will be able to commence timely delivery of power
therefrom. Forward-looking statements involve significant
uncertainties, should not be read as a guarantee of future
performance or results, and will not necessarily be an accurate
indication of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements,
including risks related to the Company's ability to meet all
exchange requirements for graduation to the TSX and risks related
to the timing and completion, if at all, of the power generation
project, as well as those matters described in the Company's most
recent Annual Information Form, available on SEDAR at
www.sedar.com. Accordingly, readers should exercise caution in
relying upon forward-looking statements and the Company undertakes
no obligation to publicly revise them to reflect subsequent events
or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Yuri LewisChief Financial Officer778-331-8687
Conifex Timber (TSXV:CFF)
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