2022-04-12 | TSX:IFP | Press release

BURNABY, British Columbia, April 12, 2022 (GLOBE NEWSWIRE) — INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) announced today that it has entered into an agreement to sell its Acorn specialty sawmill located near Vancouver, British Columbia (“BC”) (the “ Mill”) to a subsidiary of San Industries Ltd. (the “San&CloseCurlyDoubleQuote Group;).

The plant is located on a leased site of approximately 30 acres on the Fraser River in Delta, British Columbia. The plant was built in 1963 and was acquired by Interfor in 2001 from Primex Forest Products. The factory specializes in the production of wooden squares for the traditional Japanese domestic market and most of the production is exported to Asia. The mill has a two-shift design capacity of approximately 140 million board feet per year, but has operated on a one-shift basis for many years. The mill produced 56 million board feet of lumber in 2021, representing approximately 2% of Interfor’s total company-wide production in 2021.

San Group is a privately owned forest products company based in British Columbia, with primary and value-added wood manufacturing operations in Port Alberni and Langley, British Columbia. The San Group intends to continue operating the plant.

Completion of the transaction is subject to customary conditions and is expected to close in the second quarter of 2022.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking information about the company’s business prospects, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today to make a statement about the future. Statements containing forward-looking information in this release include, but are not limited to, statements regarding production capacity, future plans, regulatory approvals and expected closing date, and other relevant factors. Readers are cautioned that actual results may differ from the forward-looking information contained in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information contained in this release are described in Interfor’s annual management discussion and analysis under the heading “Risks and Uncertainties”, which is available at www.interfor.com and under Interfor’s profile at www.sedar.com Important factors and assumptions used in preparing the forward-looking information contained in this report include the fulfillment of the conditions to the completion of the transaction described in this release. Unless otherwise stated, the forward-looking statements contained in this release are based on the Company’s expectations as of the date of this release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law. required.

ABOUT INTERFOR

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The company has an annual lumber production capacity of 4.9 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.

Investor contacts:

Rick Pozzebon, Senior Vice President and Chief Financial Officer

(604) 689-6804

Mike Mackay, Vice President of Corporate Development and Strategy

(604) 689-6846

Media Contact:

Svetlana Kayumova, Manager, Corporate Affairs

(604) 422-7329

svetlana.kayumova@interfor.com