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Terrace Sawmill Re-Opens under New Ownership

    08/29/2005

Terrace Lumber Company  

IFP Canada Corporation

                                                                                                                                               

PRESS RELEASE

For Immediate Release

August 29, 2005

 

Terrace Sawmill Re-Opens under New Ownership

 

Terrace, BC – Terrace Lumber Company (TLC) today announced the start-up of operations for its recently acquired mill in Terrace, BC which had been closed since 2001.  Formerly owned by Skeena Cellulose (New Skeena), the mill will employ 70 people utilizing world-class fibre from suppliers throughout the North Coast Region, especially First Nations partners. 

 

“TLC shareholders and the entire community of Terrace are excited about re-opening the mill”, stated TLC Board Chairman John Ryan. “Today heralds a new beginning for the 70 direct employees and will result in tremendous indirect benefits to the community, current and prospective First Nations partners, and the entire North Coast regional economy”, Ryan continued.

 

Concurrent with reopening the mill, TLC announced that it has contracted with IFP-Canada Corporation to be the exclusive marketing representative for the firm’s products in global markets and to identify and capitalize on new opportunities.

 

“We are delighted to be working with TLC in this exciting new venture”, remarked Peter Keyes, Vice President of IFP-Canada Corporation. “The dedication of TLC and its shareholders to the greater interest of their community is a great story and an inspiration to the forest products industry”, Keyes continued.

 

First shipments from the Terrace Lumber Company mill will begin in September.

 

The Terrace Lumber Company (TLC) is a community-based firm which came together to re-open the modern sawmill left dormant following the collapse of Skeena Cellulose (New Skeena).  Shareholders represent a broad spectrum of business interests in the Terrace area.

 

IFP-Canada is a wholly owned subsidiary of International Forest Products of Foxboro, MA., the largest privately held forest products company in New England. IFP has been in business for 33 years, and currently has eight forest products marketing offices around the world. The company also owns the New England Patriots football franchise, Gillette Stadium and the New England Revolution.