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Hardwoods Distribution Inc TSX: HDI-T

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HDI Board Chair Plans to Sell Common Shares

CNW Group - Mon Feb 15, 6:00PM CST

HDI Board Chair Plans to Sell Common Shares

Canada NewsWire

LANGLEY, BC , Feb. 15, 2021 /CNW/ - Hardwoods Distribution Inc. ("HDI" or the "Company") (TSX:HDI.TO) today announced that Lawrence Sauder , Chair of HDI's Board of Directors, has advised the Company of his intention to sell, subject to market conditions, a portion of his common shares of HDI within the next 9 months. This transaction is a result of financial and estate planning. Mr. Sauder currently holds 225,458 common shares and he will continue to exceed his minimum share ownership requirement of three times the annual non-executive director retainer after any sale.

Mr. Sauder emphasized he will remain a long-term investor in HDI and continues to have great confidence in the Company's future.

For the same planning reasons, Mr. Sauder has advised Interfor Corporation, a publicly listed forest products company, of which he is Board Chair, that he is also selling a portion of his common shares in that Company.

Forward-looking statements

This release contains forward-looking information about the Chair's intention to trade in the Company's common shares. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in HDI's annual Management's Discussion & Analysis under the heading "Risks and Uncertainties", which is available on www.hdidist.com and under HDI's profile on www.sedar.com . Material factors and assumptions used to develop the forward-looking information in this report include volatility in the Company's share price. Unless otherwise indicated, the forward-looking statements in this release are based on the Company's expectations at the date of this release. HDI undertakes no obligation to update such forward-looking information or statements, except as required by law.

About HDI

HDI is North America's largest distributor of architectural grade building products to the residential and commercial construction markets. The Company operates a North American network of 73 distribution centres utilizing three industry leading distribution brands: Hardwoods Specialty Products; the Frank Paxton Lumber Company; and Rugby Architectural Building Products.  HDI also operates one sawmill and kiln drying operation, Hardwoods of Michigan .

SOURCE Hardwoods Distribution Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/February2021/15/c5656.html

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