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 also reported EBITDA for December 2014 of approximately $1.5 million which continues to be consistent with the Company’s expectations.
Jemi Fibre is a British Columbia based forest products company.