VANCOUVER, BC / ACCESSWIRE / September 4, 2014 / Jemi Fibre Corp. (TSX-V: JFI) ("Jemi Fibre" or the "Company") is pleased to provide an update on its operations following its successful June 2014 acquisitions of WoodEx Industries Ltd. ("WoodEx"), Kootenay Wood Preservers Ltd. ("KWP"), Prairie Holdings Inc. ("Prairie") and approximately 17,700 hectares, and timber rights for an additional approximately 1,900 hectares, of private timberlands.
"We are very pleased with both the progress of integrating the new divisions into the Company and the operations of these new divisions," said Michael Ainsworth, CEO. "During the fiscal year ended April 2014, the Company harvested approximately 230,000 m3 of timber. For the month of July 2014, approximately 72,000 m3 of timber was harvested from the Company's existing and newly acquired contract logging operations and from its newly acquired private timberland operations. This represents a significantly higher run rate for the current fiscal year, accounting for annual down time or decreased activity due to weather. We also look forward to providing updates on our WoodEx sawmill and KWP post preserving plant."
The Company further announces that it has issued 8,333,333 share purchase warrants to Mike Jenks, Chairman of the Company, as previously announced on June 27, 2014. Each warrant entitles Mr. Jenks to purchase one Jemi Fibre common share at a price of $0.32 per share for a period of one year. In addition, the Company has agreed to borrow an additional $1,000,000 from BG Capital Group Ltd. ("BG Capital") which is being advanced as in increase under the loan from BG Capital previously announced on June 27, 2014.
ON BEHALF OF THE BOARD OF DIRECTORS
JEMI FIBRE CORP.
"Michael Ainsworth"
Michael Ainsworth
CEO and President
For further information, please contact:
Brent Lokash, EVP
Tel: 1 604 428-1075
Email: [email protected]
About Jemi Fibre
Jemi Fibre is a British Columbia based forest products company which trades on the TSX Venture Exchange under the symbol JFI. Jemi Fibre's operations consist of a full service contract logging division, with operations in Mackenzi and Cranbrook, a sawmill located in Edgewater producing high value lumber products, a manufacturing facility in Cranbrook producing pressure treated posts, rails and lumber for agricultural and industrial use, and private timberlands located in the Kootenay region.
Forward Looking Statements
Certain statements included herein constitute forward-looking statements. The words "expect", "intend", "anticipate", "propose" and "may" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding future financings, and the development and operation of Jemi Fibre's business. Forward-looking statements are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management teams of Jemi, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks and accordingly may not occur as described herein or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
Neither the 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 news release.
SOURCE: Jemi Fibre