LANGLEY, BC, Feb. 15, 2021 /CNW/ - Hardwoods Distribution
Inc. ("HDI" or the "Company") (TSX: HDI) today announced that
Lawrence Sauder, Chair of HDI's
Board of Directors, has advised the Company of his intention to
sell, subject to market conditions, a portion of his common shares
of HDI within the next 9 months. This transaction is a result of
financial and estate planning. Mr. Sauder currently holds 225,458
common shares and he will continue to exceed his minimum share
ownership requirement of three times the annual non-executive
director retainer after any sale.
Mr. Sauder emphasized he will remain a long-term investor in HDI
and continues to have great confidence in the Company's future.
For the same planning reasons, Mr. Sauder has advised Interfor
Corporation, a publicly listed forest products company, of which he
is Board Chair, that he is also selling a portion of his common
shares in that Company.
Forward-looking statements
This release contains forward-looking information about the
Chair's intention to trade in the Company's common shares. Readers
are cautioned that actual results may vary from the forward-looking
information 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 in this release are described in HDI's annual
Management's Discussion & Analysis under the heading "Risks and
Uncertainties", which is available on www.hdidist.com and under
HDI's profile on www.sedar.com. Material factors and assumptions
used to develop the forward-looking information in this report
include volatility in the Company's share price. Unless otherwise
indicated, the forward-looking statements in this release are based
on the Company's expectations at the date of this release. HDI
undertakes no obligation to update such forward-looking information
or statements, except as required by law.
About HDI
HDI is North America's largest
distributor of architectural grade building products to the
residential and commercial construction markets. The Company
operates a North American network of 73 distribution centres
utilizing three industry leading distribution brands: Hardwoods
Specialty Products; the Frank Paxton Lumber Company; and Rugby
Architectural Building Products. HDI also operates one
sawmill and kiln drying operation, Hardwoods of Michigan.
SOURCE Hardwoods Distribution Inc.