IRONWOOD, Mich., Feb. 14, 2019 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC US: KEWL) today
announced an update relating to its previously announced, July 24, 2018 Option Agreement (“the Option”) with the State of Wisconsin
regarding the potential purchase by the State of Wisconsin, Department of Natural Resources (“Wisconsin DNR”), of a 14,342-acre
conservation easement.
Prior to a scheduled review of the proposal by the Wisconsin Natural Resource Board (the “DNR Board”) at their
meeting in mid-December, the DNR Board removed the item from the agenda and directed the Wisconsin DNR to conduct a further
appraisal with respect to the proposed easement. In late January, the Company was informed that Wisconsin DNR proposed to
renegotiate the price under the Option, based on the results of the further appraisal, which focused on recent, comparable
conservation-easement transactions that the State had entered into. The Keweenaw’s Board has approved a new price for the
conservation easement under the Option of $4.8 million or approximately $337 per acre (instead of the earlier $5.7 million /
approximately $397 per acre) – with no change in the $0.4 million of the proceeds to be set aside in an endowment to be used for
repairs and maintenance on specific access roads on the property. The revised Option has been signed by the
parties. The next step in the regulatory review process is for the proposal to be included on the agenda of the DNR
Board. If the DNR Board approves the sale, the proposal would then be expected to go to Wisconsin Legislature’s Joint
Committee on Finance for review and if approved, be submitted to the Governor for his signature. Regulatory processes are
inherently unpredictable. There can be no assurance that a closing of the conservation easement sale will actually occur.
Contact: Paula Aijala, Secretary, Keweenaw Land Association, Limited, investors@keweenaw.com
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in
Ironwood, Michigan. Keweenaw has land holdings exceeding 180,000 surface acres and 400,000 acres of mineral rights,
located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin. Additional information is available
on the Company's website at www.keweenaw.com.
Forward-Looking Statements: This release contains forward-looking statements. These
forward-looking statements are subject to a number of risks and uncertainties and should not be relied
upon as predictions of future events or promises of a given course of action. A number of factors such as changing
economic conditions, price fluctuations, land use, environmental and other governmental regulations, and risk of loss from
natural disasters, could cause actual results to differ materially from those described in the forward-looking
statements. As with any investment, past performance is not a guarantee of future results. The Company is currently not
subject to the filing requirements of the Securities Exchange Act of 1934, as amended. The Company is categorized as "not
current" under the OTC Pink Sheets.
