VANCOUVER, BRITISH COLUMBIA - Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) today announced that it has completed its previously announced acquisition of Lignum Forest Products LLP ("Lignum"), a private partnership which operates a lumber marketing and distribution business.
Lignum is an established and well respected name in the forestry and lumber distribution business in British Columbia. Lignum serves customers and distributes products that are complementary to those of Conifex. Lignum provides extensive market reach in the North American market through a network of established inventory locations.
Ken Shields, Chief Executive Officer of Conifex, commented: "We are pleased to have Lignum become part of Conifex, and are committed to providing the support and resources the Lignum team requires to continue to deliver timely and professional services to its customer base."
Conifex will pay an aggregate purchase price of approximately US$4 million for Lignum, subject to certain post-closing adjustments, which it is funding from its existing available cash.
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 bioenergy facility at Mackenzie, British Columbia, Conifex's business sectors will be expanded to include bioenergy.
Source: Conifex Timber Inc.
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