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EACOM Timber Corporation Announces Business Development Update
VANCOUVER, BRITISH COLUMBIA - (Marketwire - Nov. 4, 2009) - EACOM Timber Corporation (NEX:ETR.H) announced today that it has entered into an exclusivity agreement to conduct due diligence on solid wood assets that the Company is interested in acquiring. The Company has paid $100,000 upon signing the exclusivity agreement and the Company has until December 31, 2009 to complete due diligence and negotiate definitive agreements, with a closing targeted for March 31, 2010.
Mr Rick Doman, President and CEO of Eacom Timber Corporation, said, "This is an exciting opportunity for the Company to gain access to solid wood assets and to build our business. It is too early to say whether the acquisition will be completed but we will be working hard with our advisors to come to a conclusion as quickly as we can."
As a result of due diligence costs, the Company anticipates its expenses for the last six months of the fiscal year (year ending March 31, 2010) may increase compared to the first six months of the fiscal year. In addition to this opportunity, the Company is making significant progress with its due diligence on the acquisition of the Big River sawmill located in Saskatchewan, which is under option as previously announced on June 1, 2009.
Statements in this news release other than historical information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as the availability of resources, the timing and effects of regulatory actions, the strength of competition, the outcome of litigation and the potential for acquisition transactions. Additional information regarding risks and uncertainties is set forth in the current MD&A for EACOM Timber Corporation on file with the Canadian Securities Commissions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
604.279.8711 (FAX)
Copyright © 2009, MarketWire Canada Copyright © 2009, NewsBlaze, Daily NewsTags: ,Manufacturing and Production,Forest and Paper Products,BUSINESS CONTRACTS
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