Vancouver, British Columbia / ACCESSWIRE / November 5, 2014 / Jemi Fibre Corp. (JFI.V) ("Jemi Fibre" or the "Company") is pleased to provide an update on its operations following its June and September 2014 acquisitions of WoodEx Industries Ltd., Kootenay Wood Preservers Ltd., Prairie Holdings Inc. and approximately 49,500 hectares of private timberlands.
"With the completion of the second phase of our private timberland acquisition in September 2014, we have commenced operations at all of our divisions," said Mike Jenks, CEO. "As of this week, our WoodEx sawmill is now operating on a full one-shift basis. Since this past August, our Kootenay Wood preserving operations has been operating near a 1.5 shift basis. In addition, harvesting operations from our private timberlands has been progressing since late July. As of this month, we are operating at a steady-state on these lands and have commenced silviculture operations with an order of 1.2 million new seedlings."
The Company has harvested approximately 390,500 m3 of timber for this fiscal year to date (May to September). This compares with 230,000 m3 of timber harvested for fiscal year ended April 2014. The company is also pleased to report EBITDA for September 2014 of approximately $1.25 million. Mike Jenks noted, "These results, which exclude the WoodEx sawmill operations and are based on timber harvesting from our private timberlands at approximately only 60% of steady-state operations, are a healthy start for our new operations as we continue to ramp up to our capacity."
The Company is also pleased to announce that its website is now available for viewing at www.jemifibre.com and includes an updated investor presentation.
The Company further announces that Michael Ainsworth has stepped down from the Board of Directors. The current members of the Board are Mike Jenks (Chairman), Georgina Martin (Audit Committee member), Brent Lokash, Rodney Quiring (Chair, Audit Committee) and Randy Hayward (Audit Committee member).
ON BEHALF OF THE BOARD OF DIRECTORS
JEMI FIBRE CORP.
For further information, please contact:
Brent Lokash, President
Tel: 1 604 428-1075
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 Mackenzie and Cranbrook, a sawmill located in Edgewater producing high value lumber products, a wood preserving facility in Cranbrook 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, financial forecasts 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 Corp.