VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 07/18/08 -- Ainsworth Lumber Co. Ltd. (TSX: ANS) (the "Company") announced today that pursuant to the previously announced recapitalization (the "Recapitalization") described in the management proxy circular dated June 24, 2008 (the "Proxy Circular"), the following individuals will be appointed to serve on the new Board of Directors of the Company (the "New Board") upon the Recapitalization becoming effective:
Jonathan I. Mishkin
The Recapitalization will become effective pursuant to the Plan of Arrangement described in the Proxy Circular. The current Board of Directors of the Company will be replaced by the New Board on the effective date of the Recapitalization, which is expected to occur by July 29, 2008. Additional information with respect to the New Board may be found on the attached schedule to this press release.
Forward-looking information provided in this news release relating to the Company's expectations regarding the Recapitalization contains forward-looking statements made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. The Company believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Company's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise it to reflect new events or circumstances, except as explicitly required by securities laws.
SCHEDULE Proposed New Board Nominees Following the Effective Date of the Recapitalization Common Shares of the Company Name and place Present benefi- of residence principal Date of cially Present and and current occupation, first owned or former public positions with business or appointment controll- company the Company employment as director ed directorships ---------------- --------------- ----------- -------- ---------------- ROBERT CHADWICK Partner and Effective 0 - Toronto, ON, member of Date of Canada Executive Recapital- Committee of ization Goodmans LLP JAY GURANDIANO Managing Effective 0 Smurfit Stone Westmount, QC, Director, Date of Container Canada Stone House Recapital- Corp. (Nasdaq): Investments ization 2000-2001 Holdings Inc. St. Laurent Paperboard Inc. (TSX, NYSE): 1994-2000 Normabec Resources Inc. (TSXV): 1995-2003 PAUL HOUSTON Retired Effective 0 Scott's Ajax, ON, Businessman; Date of Restaurants Canada President and Recapital- Inc. (TSX): Chief Executive ization 1996-1999 Officer of CPGI (KFC/Taco Alderwoods Bell/Pizza Hut): Group Inc.: 1997-1999 01/2002-10/2006 Loewen Group Inc. (formerly TSX, ME, NYSE): 1999-2002 Alderwoods Group, Inc. (Nasdaq): 2002-2006 CFM Corporation: 2002-2005 Vicwest Income Fund - Board of Trustees (TSX): 2005-2006 MORLEY KOFFMAN Lawyer, April 15, 7,888 Lions Gate Vancouver, BC, Koffman Kalef 1993 Entertainment Canada LLP, Corp. Director Business (NYSE): Lawyers 1997-present USFreightways Corporation (NYSE) (formerly TNT Freightways): 1970-2005 Anthem Properties Corp. (formerly TSX): 1997 - 2006 JOHN LACEY Chairman, Effective 0 Loblaw Companies Thornhill, ON, Tricap Date of Limited (TSX): Canada Restructuring Recapital- 2007-present Fund Advisory ization CIBC Board (TSX, NYSE): 2004-present Telus Corporation (TSX, NYSE): 2000-present W. GORDON Chief April 15, 2,000 - LANCASTER Financial 1993 West Vancouver, Officer, BC, Canada Ivanhoe Director Energy Inc. JONATHAN I. Managing Effective 0 - MISHKIN Partner, Date of New York, NY, Sanabe & Recapital- USA Associates, ization LLC
Ainsworth Lumber Co. Ltd.
Chief Financial Officer
(604) 661-3201 (FAX)