MONTREAL, June 19, 2023 (GLOBE NEWSWIRE) -- Stella-Jones Inc. (“Stella-Jones” or the “Company”) announced today that it has terminated the automatic share repurchase plan entered into with its designated broker dated November 8, 2022 and has decided to move to a combination of a regular agreement with its broker, under which repurchases of Stella-Jones’ common shares will be made at management’s discretion during open trading periods, and a new automatic share repurchase plan allowing for share repurchases during self-imposed quarterly blackout periods.

This termination and replacement will facilitate the Company’s repurchases in connection with its Normal Course Issuer Bid on the Toronto Stock Exchange and provide it with additional flexibility regarding repurchases during open trading periods.

Stella-Jones confirms that at the time of sending the notice of termination under the automatic share repurchase plan, it was not aware of any privileged information or any material fact or material change with respect to the Company or any of its securities that has not been generally disclosed.

Following the termination and replacement of the automatic share repurchase plan, the Normal Course Issuer Bid remains in effect on the same terms as previously announced and disclosed.

The Board of Directors of Stella-Jones continues to believe that the repurchase of common shares represents an attractive and responsible investment of capital and is in the best interests of Stella-Jones and its shareholders.

ABOUT STELLA-JONES

Stella-Jones Inc. (TSX: SJ) is North America’s leading producer of pressure-treated wood products. It supplies the continent’s major electrical utilities and telecommunication companies with wood utility poles and North America’s Class 1, short line and commercial railroad operators with railway ties and timbers. Stella-Jones also provides industrial products, which include wood for railway bridges and crossings, marine and foundation pilings, construction timbers and coal tar-based products. Additionally, the Company manufactures and distributes premium treated residential lumber and accessories to Canadian and American retailers for outdoor applications, with a significant portion of the business devoted to servicing Canadian customers through its national manufacturing and distribution network. The Company’s common shares are listed on the Toronto Stock Exchange.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such items include, among others: general political, economic and business conditions, evolution in customer demand for the Company's products and services, product selling prices, availability and cost of raw materials, climate change, failure to recruit and retain qualified workforce, information security breaches or other cyber-security threats, changes in foreign currency rates, the ability of the Company to raise capital and factors and assumptions referenced herein and in the Company’s continuous disclosure filings. As a result, readers are advised that actual results may differ from expected results. Unless required to do so under applicable securities legislation, the Company does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes after the date hereof.