CROWN PACIFIC ANNOUNCES PURCHASE OF UNITS BY ITS PRESIDENT AND CHIEF EXECUTIVE OFFICER.PORTLAND, Ore.--(BUSINESS WIRE)--April 1, 1997--Crown Pacific Partners, L.P. (NYSE NYSE See: New York Stock Exchange : CRO) today announced that it has been advised by Peter W. Stott, its President and Chief Executive Officer, that he purchased 10,000 of the company's Common Units. This is in addition to the 15,000 Units Mr. Stott purchased in February 1997. Crown Pacific has also been informed by Mr. Stott that he may purchase an additional 25,000 Units from time to time in the open market, subject to market conditions. Mr. Stott currently owns 1.5 million General, Subordinated and Limited Partnership Unit equivalents representing 5.6% of 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. Mr. Stott explained his rationale for increasing his investment in the company at this time. "Crown Pacific's total rate of return for Common Units in 1996 was approximately 33%, including both distributions and price appreciation," stated Mr. Stott. "Given the current pricing of the Units and targeted cash distributions, a significant portion of which is expected to be tax deferred, I believe that Crown Pacific Units are undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and represent an attractive investment opportunity compared to many other competing investments." 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 lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to 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. Crown Pacific Partners, L.P. is a leading integrated forest products partnership with extensive timber holdings and conversion facilities located in Oregon, Washington, Idaho and Montana. Additional information and news releases may be obtained from Crown Pacific's internet page at http://www.businesswire.com/cnn/cro.htm . CONTACT: Financial Inquiries: Media Inquiries: Mark B. Conan Fletcher Fletcher may refer to one of the following: Ideas and companies
Crown Pacific Harris Massey Herinckx 503/274-2300 503/295-1922 |
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