Prima Colombia Hardwood Inc. announces executive change & updates asset sales
27 Juli 2012 - 3:00PM
PR Newswire (Canada)
TSXV: PCT VANCOUVER, July 27, 2012 /CNW/ - Prima Colombia Hardwood
Inc. ("Prima" or the "Company") announces that Harold Hayes, Chief
Operating Officer, will assume the additional duties of Acting
Chief Financial Officer. Mr. Harold Hayes replaces Mr. Canon Fung
who left his position on July 10, 2012 pursuant to the ongoing
effort to reduce monthly cash requirements in accordance with the
press release issued on December 21, 2011. Mr. Harold Hayes will
continue to carry out the duties of Chief Operating Officer.
The Board of Directors would like to thank Mr. Fung for his
contribution to the Company. Cash Requirements & Funding As
updated on June 26, 2012, the Company continues to fund this
ongoing delay in the issuance of permits through the sale of
assets. Since June 26, 2012, the Company has successfully completed
the sale of a barge for net proceeds of $208,000 USD. The
Company will continue to actively market its remaining fixed assets
until such time as the permits are issued. At the current time, the
Company has sufficient funds to maintain the permitting process
through September. About Prima Colombia Prima Colombia Hardwood
Inc. is a TSX Venture Exchange-listed Canadian based forest
products company focused on international tropical hardwood timber
development, production and marketing. Prima's initial
operations are located near Bahia Solano, Department of Choco on
the west coast of the Republic of Colombia. All Prima
forestry concessions are intended to be operated following the
highest standards of sustainable forestry and environmental
management. Prima brings over 30 years of forestry experience
and dedication to best environmental operating practices and
working with local communities and governmental agencies.
Forward-Looking Information This news release contains
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Examples of such
statements include statements pertaining to permitting and timing
of and revenue from current and proposed timber development,
operations, production and marketing. There can be no assurance
that the plans, intentions or expectations upon which these
forward-looking statements and information are based will occur.
Forward-looking statements and forward-looking information are
subject to a variety of known and unknown risks, uncertainties and
assumptions, including those discussed in Prima's quarterly and
annual management's discussion and analysis and under "Risk
Factors" in Prima's Annual Information Form dated May 11, 2011,
which are available at www.sedar.com under Prima's profile, and any
of which may cause the actual results, performance or achievements
of Prima to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained in this news release.
Some of the factors which could affect future results and could
cause actual results to differ materially from those expressed in
the forward-looking statements and information contained herein
include: general economic, market, business and governmental
conditions; lack of operating history; results of operations and
development activities; continued availability of capital and
financing; reduced demand for timber (cyclical nature of industry);
availability of necessary equipment or the failure of equipment or
processes to operate as anticipated; transportation, development,
construction and production delays; anticipated and unanticipated
costs; accidents; the regulatory and foreign environment and the
timing and possible outcome of regulatory matters, including
governmental approvals; political instability in Colombia; property
title disputes or claims; environmental risks, including natural
disasters; reclamation expenses; labour disputes and other risks of
the timber industry; and any of the assumptions below not being
correct. Such forward-looking information is based on a number of
assumptions which may prove to be incorrect, including, but not
limited to: cutting permits are issued on a timely basis; tree
cutting commences on a timely basis; heavy lift helicopter arrives
and harvesting commences on a timely basis; other equipment is
delivered on a timely basis; and customer trial orders are
fulfilled. The factors identified above are not intended to
represent a complete list of the factors that could affect
Prima. Additional factors are noted under the heading "Risk
Factors" in the Annual Information Form dated May 11, 2011
available at www.sedar.com under Prima's profile. Further, should
one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking information prove
incorrect, actual results, performance or achievement may vary
materially from those expressed or implied by the forward-looking
information contained in this news release. Forward-looking
statements and information are based on the beliefs, estimates and
opinions of management at the date the statements are made and are
subject to change without notice. These factors should be carefully
considered and viewers are cautioned not to place undue reliance on
forward-looking information, which speaks only as of the date of
this news release. Other than as required by law, Prima does
not undertake to update forward-looking statements or information
if management beliefs, estimates or opinions or other circumstances
should change, or to reflect events or circumstances that occur
after the date of this news release or to reflect the occurrence of
unanticipated events. All forward-looking information attributable
to Prima herein is expressly qualified in its entirety by the
cautionary statements contained in or referred to herein. Neither
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. Prima Colombia Hardwood Inc. CONTACT: Donald P. HayesChief
Executive Officer & DirectorSuite 880-1090 West Georgia
StreetVancouver, British ColumbiaV6E 3V7Tel: 604-630-7600Fax:
604-630-7610www.primahardwood.com
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