Jemi Fibre Corp. is pleased to announce that it has agreed to acquire all of the issued and outstanding shares of Palmer Bar Holdings Inc. (“Palmer Bar”) in consideration for the issuance to the vendor of 150,000 common shares of Jemi Fibre.
Palmer Bar operates a pole processing plant on 14 acres of its own land in Cranbrook, B.C. Its equipment includes log peelers, pointers and domers. Palmer Bar is currently an integral part of the Company’s Kootenay Wood preserving operations providing fence posts and rails for wood treatment and sale to the agricultural industry.
The Palmer Bar acquisition is subject to acceptance of the TSX Venture Exchange and other customary conditions of closing. The vendor is dealing at arm’s length with Jemi Fibre and intends to continue his involvement with the Company and the Palmer Bar operations.
The Company is also pleased to report EBITDA for December 2014 of approximately $1.5 million which continues to be consistent with the Company’s expectations.
The Company further announces that Rodney Quiring has resigned as a director of the Company in connection with his recent new accounting partnership. The board of Jemi Fibre would like to extend its gratitude and appreciation of Rodney’s contribution to the Company.
In Rodney’s place, Cornelius (Corny) O’Connell has been appointed Director of the Company and will be a member of the Audit Committee. Corny has been involved in the financial industry for nearly 50 years. Following a stint working for UK and Canadian banks, he worked for a crown corporation providing low cost loans to BC manufacturers. In 1984 he became an investment advisor and since then has built a team handling $200 million of clients investments. Over the years he has become a Portfolio Manager allowing for discretionary trading. He is a Certified Professional Accountant, CGA since 1984, a Fellow of the Canadian Securities Industry, a Certified Financial Planner, a Chartered Life Underwriter and a Certified Professional Consultant on Aging. The appointment of Mr. O’Connell is subject to the approval of the Exchange.