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Management Side
Technical Side
Western Forest Products Files Notice of Default
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Duncan, British Columbia, Canada, 25 May 2007 -- /PRNewswire/ -- Further to its news release of 15 May 2007, Western Forest Products Inc. announced today that the release of its interim financial statements and related management discussion and analysis for its first quarter ended 31 March 2007, has been delayed further.

As previously announced, the delay is the result of the implementation of new accounting information technology systems and the adoption of a new accounting policy. Western anticipates being in a position to file its first quarter report within approximately two weeks.

In advance of the 15 May filing deadline, Western notified the securities regulators of the anticipated filing default and applied for the issuance of a management cease trade order. The order, issued 22 May 2007 by the British Columbia Securities Commission, as Western's principal regulator, prohibits trading in Western's shares by its directors, officers, and other insiders until the first quarter report is filed. Western has since filed with the regulators an update to its original notice, advising that it now expects to file its first quarter report within approximately two weeks.

Western Forest Products

Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an Allowable annual cut of approximately 7.7 million cubic meters of timber (before temporary AAC reductions and reductions with respect to the removal of certain private timberlands from tree farm licences) and lumber capacity in excess of 1.5 billion board feet from eight sawmills and four remanufacturing plants. Principal activities conducted by the company and its subsidiaries include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value-added remanufacturing. Western's logging is conducted primarily on government owned timberlands in British Columbia. Substantially all of Western's operations, employees, and corporate facilities are located in the coastal region of British Columbia, while its products are sold in over 20 countries worldwide.

Source: Western Forest Products Inc.


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