MONTREAL and
VANCOUVER, Feb. 26, 2013 /CNW Telbec/ - EACOM Timber
Corporation (TSXV: ETR) ("EACOM", or the "Company") announced that
it has concluded with its insurer the negotiation of a global
settlement in the amount of $48,250,000 in respect of the fire that occurred
at its Timmins mill in
January 2012. As at September 30, 2012, the Company had received
$23,700,000 of insurance proceeds, of
which $13,700,000 related to business
interruption and $10,000,000 for
damage or destruction of assets. During the fourth quarter, the
Company collected a further $6,900,000 in respect of business interruption.
The Company received today the remaining proceeds of $17,400,000.
The Timmins
mill is currently under reconstruction which is expected to be
completed in the summer of 2013.
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
wood-based 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 was seriously
damaged by fire in January 2012 and
remains shut down. 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.
The TSX Venture Exchange has neither approved
nor disapproved the content of this press release. All director and
officer appointments are subject to TSX Venture Exchange
approval.
Forward-Looking Statements
All statements in this news release that are
not based on historical facts are "forward-looking statements".
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 Company's current MD&A, and under "RISK
FACTORS" in the Company'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