NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DESTINATION IN THE
UNITED STATES
MONTREAL AND VANCOUVER, Aug. 28, 2013 /CNW Telbec/ - Kelso and EACOM are
pleased to jointly announce that ET Acquisition Corporation ("ETA"), a
corporation indirectly owned by funds managed by Kelso, has
successfully acquired the 11,970,098 remaining Common Shares of EACOM
not already acquired by ETA and its affiliates pursuant to the offer to
acquire all of the shares of EACOM made on April 5, 2013 (the "Offer").
The acquisition of the 11,970,098 Common Shares was made pursuant to a
compulsory acquisition carried out under the provisions of the Business Corporations Act (British Columbia) following its previously announced successful
take-over bid. As a result of the acquisition of such shares, ETA and
its affiliates now own 100% of the issued and outstanding Common Shares
of EACOM.
It is anticipated that the Common Shares will be delisted from the TSX
Venture Exchange on or about August 30, 2013. EACOM also announces that
it will apply to the relevant securities commissions to cease to be a
reporting issuer in all applicable jurisdictions.
Details of the compulsory acquisition and the Offer, as amended and
supplemented by the notice of extension dated May 10, 2013 and June 14,
2013, to purchase all of the issued and outstanding Common Shares in
the capital of EACOM at a price of $0.38 per Common Share were
previously press released and complete information about the compulsory
acquisition and the Offer and other related documents are available at www.sedar.com.
About EACOM
EACOM Timber Corporation is a TSX-V listed company. The business
activities of EACOM consist of the manufacturing, marketing and
distribution of lumber, wood chips and woodbased value-added products,
and the management of forest resources. EACOM owns eight sawmills, all
located in Eastern Canada, and related tenures. The mills are Timmins,
Nairn Centre, Gogama, Elk Lake and Ear Falls in Ontario, and Val-d'Or,
Ste-Marie and Matagami in Quebec. The mills in Ear Falls, Ontario and
Ste-Marie, Quebec are currently idled. The mill in Timmins, which was
seriously damaged by fire in January 2012, is under reconstruction.
EACOM also owns a lumber remanufacturing facility in Val-d'Or, Quebec,
and a 50% interest in an "I" joist plant in Sault Ste-Marie, Ontario.
About Kelso
Kelso & Company is one of the oldest and most established firms
specializing in private equity. Since 1980, Kelso has invested in over
115 companies in a broad range of industry sectors with aggregate
initial capitalization at closing of over $40 billion. The firm is
currently investing its eighth investment partnership, Kelso Investment
Associates VIII, L.P., with $5.1 billion of committed capital. For
more information, please visit www.kelso.com.
The TSX Venture Exchange has neither approved nor disapproved the
content of this press release.
Forward-Looking Statements
All statements in this news release that are not based on historical
facts are "forward-looking statements". In this news release, such
forward-looking statements include statements regarding the ability of
Kelso to complete the take-over bid, the anticipated benefits of the
take-over bid, the anticipated benefits to EACOM shareholders of the
take-over bid, the timing of the take-over bid and the anticipated
receipt of regulatory approvals for the take-over bid. While management
has based any forward-looking statements contained herein on its
current expectations, the information on which such expectations were
based may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties and other factors, many of which are beyond our
control and could cause actual results to materially differ from such
statements. Such risks, uncertainties and other factors include, but
are not necessarily limited to, those set forth under "RISKS AND
UNCERTAINTIES" in the EACOM's current MD&A, and under "RISK FACTORS" in
EACOM's Filing Statement dated January 8, 2010.
Additional information relating to EACOM is available at www.eacom.ca and on SEDAR at www.sedar.com.
SOURCE: EACOM
