Prima Colombia Hardwood Inc. provides status update
26 Giugno 2012 - 10:30PM
PR Newswire (Canada)
TSX-V: PCT VANCOUVER, June 26, 2012 /CNW/ - Prima Colombia Hardwood
Inc. ("Prima" or the "Company") provides an update on the following
Company matters: Permits On December 21, 2011, the Company advised
that the cutting permits that it had hoped would be received by the
end of 2011 had not yet been issued. These permits remain
unissued. Prima and the Ministry of Environment of Colombia
("Ministry") have continued to work constructively together and the
permit process has progressed including successful completion of
site technical visits by the Ministry on March 30, 2012 and
issuance of certain technical reports from the Ministry to the
independent Colombian Environmental Licensing Authority ("ANLA" or
Autoridad Nacional de Licencias Ambientales). The Company remains
in contact with the Minister of the Environment and his senior
staff and has not been advised of any issues which might prevent
the issuance of the requested permits. The Ministry was
reorganized in late 2011 and the Company continues to be advised
that there is a significant back log of resource sector permit
applications. Although permits of this nature are routinely issued
in Colombia and the above noted progress has been made, Prima
remains unable to determine with any certainty the expected
issuance date of the cutting permits required for the start up of
its operations. Cash Requirements & Funding As advised on
December 21, 2011, given the uncertainty of timing with respect to
the issuance of the permits, the Company has rationalized the
operation to reduce its monthly cash requirements in an orderly
fashion in order to preserve the timber opportunity until the
permits are obtained. At the current time, monthly cash
requirements are less than $100,000 per month. In order to fund
this ongoing delay, the Company continues to sell assets. The
Company has successfully completed sales of a helicopter, tug boat
and some minor assets for total proceeds of approximately $USD 1.0
million. The Company is also in advance negotiation to sell a
barge with an expected closing date of middle of July 2012.
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 August. Director Change The Company also announces
the resignation of Harald Ludwig as a Director effective June 14,
2012. The Board of Directors would like to thank Mr. Ludwig
for his contribution to the Company. 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 timber concessions and 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 April 30, 2012,
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; foreign currency exchange rates, competition, 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 April 30, 2012
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 & DirectorT 604 620 7605Suite 880-1090 West
Georgia StreetVancouver, British ColumbiaV6E 3V7
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