SANTIAGO, Chile, Feb. 20 /PRNewswire-FirstCall/ -- Masisa (the "Company") has decided to delist its American Depositary Shares ("ADSs") representing common stock without nominal (par) value of the Company ("Common Stock"), and evidenced by American Depositary Receipts ("ADRs"), from the New York Stock Exchange (the "NYSE"). Masisa has also decided to terminate the deposit agreement relating to the ADSs (the "Deposit Agreement) entered into on March 24, 2005 with The Bank of New York as the depositary bank (the "Depositary Bank"). Masisa intends, as soon as it is permitted to do so after the delisting and termination of its ADR program, to seek deregistration and termination of its reporting obligations under Sections 12(g) and 15(d) of the U.S. Securities and Exchange Act of 1934, as amended (the "Exchange Act"). The board's decision on February 20, 2008 to delist the ADSs from the NYSE, terminate its ADR program and seek deregistration is based on several factors, including the following: - At present less than 5% of the outstanding Common Stock is held in the form of ADSs; and - Taking this action would allow Masisa reduce its operating expenses. At present, the Company expects to file a Form 25 with the SEC on or about March 3, 2008 and anticipates that delisting of the ADSs will occur 10 days after the filing of that form. After delisting and up until the time of termination of the ADR program, the ADRs will be traded in the over-the- counter market. The Company will notify the Depositary Bank on February 20, 2008 that it wishes to terminate the ADR program. Upon such notification, the Depositary Bank will establish a termination date for the Deposit Agreement ("Termination Date") and send notice of such date to ADR holders. The Termination Date will be no sooner than 60 days from the date of the notice to ADR holders and is estimated to occur on or about April 28, 2008. Upon termination of the Deposit Agreement, ADR holders will have 60 days to exchange their ADRs for certificates of Common Stock. If an ADR holder does not exchange its ADRs within the aforementioned 60 day period, the Depositary Bank will be authorized to sell the Common Stock underlying such ADRs and provide to such holders the net proceeds from such sales. In order to allow for such sales of Common Stock within such timeframe, the Company and the Depositary Bank have agreed to amend the Deposit Agreement to decrease the period after termination during which the Depositary Bank must hold underlying Common Stock from one year to 60 days. It is important to mention that Masisa will maintain its high corporate governance standards. Such behavior has allowed the Company to be recognized as one of the top five companies in Latin America in terms of corporate governance standards by MZ Consult's IR Global Ranking. Similarly, the Company will maintain its transparent and fluid communication with the investor community through its fully dedicated Investor Relations team. This includes maintenance Quarterly Results Conference Calls, Quarterly Earnings Press Releases and general Press Releases in English. About Masisa Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It has forest assets throughout most of the region, thereby guaranteeing the raw material for the board business. Masisa's value proposal is to be a reliable brand, close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment. The Company has 13 productive plants in Chile, Argentina, Brazil, Venezuela and Mexico, all of which have the ISO 14.001 and OHSAS 18.001 certification. Masisa also has three other divisions that operate in synergy with the core board division: forestry, solid wood, and retail, which generate value and make the Company more competitive. Masisa is a publicly-traded corporation and its shares are traded on the Santiago Stock Exchange, and on the New York Stock Exchange (NYSE) by means of ADRs. The Company had total sales of US$886.5 million in 2006. For further information please contact: Investor Relations (56 2) 350 6038 Internet: http://www.masisa.com/ DATASOURCE: Masisa S.A. CONTACT: Investor Relations, Masisa, +011-562-350-6038, Web site: http://www.masisa.com/

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