CROWN PACIFIC ANNOUNCES COMMENCEMENT OF CONSENT SOLICITATION.PORTLAND, Ore.--(BUSINESS WIRE)--March 3, 1997--Crown Pacific Partners, L.P.(NYSE NYSE See: New York Stock Exchange :CRO) today announced that it has commenced the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of its Unitholders to increase by 20 million the number of Common Units that may be issued by the Partnership without further Unitholder approval. "Historically, Crown Pacific has expanded through a combination of debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. ," stated Peter W. Stott, President and Chief Executive Officer. "We believe this is the most prudent way to grow our business. By increasing the number of shares available for issuance, we will have greater flexibility to act upon future acquisition opportunities," continued Mr. Stott. Mr. Stott noted that Crown Pacific has no current plans for the issuance of any of the additional Common Units to be authorized. Mr. Stott also stated that Crown Pacific has retained the firm of D.F. King & Co. to assist with the solicitation of Unitholders, including telephone contact. Crown Pacific Partners Crown Pacific Partners, L.P. was a publicly traded partnership founded in 1988 which at its peak owned about 800,000 acres (3,000 km²) of timberland, half in Oregon and the rest in Washington, Idaho, and Montana. , L.P. is a leading integrated forest products partnership with extensive timber holdings and conversion facilities located in Oregon, Washington, Idaho and Montana. Additional news releases may be obtained from Crown Pacific's internet page at http://www.businesswire.com/cnn/cro.htm. The information contained in this release includes certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on assumptions that in the future may prove not to have been accurate. Those statements, and Crown Pacific Partners, L.P.'s business and prospects are subject to a number of risks, including the volatility of timber and lumber prices, factors limiting harvesting of timber including contractual obligations, weather and access limitations, the substantial capital expenditures required to fund its operations, environmental risks, operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. normally associated with the timber industry, competition, government regulation, and the ability of the Partnership to implement its business strategy. These and other risks are described in the Partnership's reports and registration statements that are available from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. CONTACT: Financial Inquiries: Mark B. Conan Crown Pacific 503/274-2300 Media Inquiries: Fletcher C. Chamberlin Harris Massey Herinckx 503/295-1922 |
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