Message from the CEO

The Coastal Forest Industry continues to spin with the latest problem facing the three Catalyst Pulp and Paper mills.

The company had a vote with its creditors to accept a re-structuring plan that would enable them to continue with a write down of monies owed to the secured parties.

Unfortunately, the secured parties did not accept the company’s plans and now all operations will go into "sell mode to the highest bidder".

This can only go two ways...bad or good.

It will have an immediate impact on pensions owed to retired employees so not only does this affect current employees, but retired people as well.

We are still waiting on the fence on a number of Aviation bids in other countries for the
C-130 and the helicopters.

Both harvesting operations and manufacturing operations are moving forward and our safety numbers are very good.

This past month we had our lumber manufacturing Manager, John Kuch, retire.

John was with the company for the past 17 years and did an excellent job. We wish John all the best.

Wayne

The Coulson Group of Companies - Head Office:

4890 Cherry Creek Road, Port Alberni, BC, Canada V9Y 8E9 Phone: (250) 723-8118 Fax: (250) 723-7766