Alberni Pacific Division Working Group Update

VANCOUVER, British Columbia, April 27, 2023 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") today announced that the Company has concluded the 90-day Alberni-Pacific Division ("APD") working group process and has commenced negotiations on proposals it has received.

The Company previously announced it would not restart its APD facility in its current configuration and had established a multi-party working group to explore viable industrial manufacturing solutions for the site over a 90-day period. That process has now concluded, and the Company has commenced negotiations and due diligence processes related to the proposals received. While the timeline and outcome for these processes are unknown, the Company expects to be able to provide an update by the end of the second quarter of 2023.

"On behalf of Western, I want to offer my sincere thanks to the working group members for their contributions and commitment to working with us to find the best possible path forward for APD," said Western's President and CEO Steven Hofer. "While the outcome of the negotiations is uncertain at this time, we believe the working group process has provided an important step forward to finding a positive solution for APD."

Operations at APD have been curtailed since fall 2022 and will remain curtailed through the negotiations.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

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Forward-looking Statements

This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as "will", "expects", "believe", and similar references to future periods. Forward-looking statements in this news release include, but are not limited to statements relating to: the expected results of the working group's work, the potential for viable industrial manufacturing solutions for the APD facility, the timing and outcome of the negotiation processes, our growth, operational and capital allocation plans and strategies and future operating performance. Although such statements reflect management's current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including a change in the Company's financial situation, economic and financial conditions, and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2022 Annual Report dated February 16, 2023.