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Message: Delivers Its First Shipment to Japan
| February 5, 2009 |
| Cathay Forest Delivers Its First Shipment to Japan |
| TORONTO, ONTARIO--(Marketwire - Feb. 5, 2009) - Cathay Forest Products Corp. ("Cathay Forest")(TSX VENTURE:CFZ) is pleased to announce that its majority-owned Russian joint venture DalEuroLes L.L.C. ("DalEuroLes") has delivered its first shipment of harvested roundwood into Japan completing the initial order received from Marubeni Corporation ("Marubeni") which was announced in December 2008. This order of round logs shipped to Marubeni was the first order based on a distribution agreement that Cathay signed with Marubeni in June 2008. This shipment of 3,300 cubic meters was sourced entirely from the Russian concession and transported via rail to the port of Vanino, Russia and then transported by sea vessel MV Seaworker to the port of Ofunato, Japan where our customer accepted delivery. "With the delivery of this order, Cathay has successfully demonstrated its ability to harvest, ship and deliver on a timely basis quality logs from Russia into Japan. We anticipate that with this development additional orders will be forthcoming from Marubeni in the near future" said Anthony Ng, Cathay Forest's President and CEO. "With sales into Japan, Cathay has now added another important market for its products in addition to established sales into China." About Cathay Forest Products Cathay Forest is a forest products company that manages over 1,000,000 hectares of standing timber properties and fast-growth, high-yield poplar plantations in China and Russia. Cathay Forest is building a world-class forest products company through a customer base that includes the domestic Chinese pulp and paper industry and other wood products customers in the Japanese market. About Marubeni Corporation Marubeni is one of the largest trading conglomerates and importers of wood products in Japan. Its Forest Products division engages in all operations relating to paper and pulp, through the established value chain from the upstream to the downstream sectors, ranging from forestation, production of wood chips and pulp, supplier of wood building materials, collection of used paper to the manufacture and marketing of paper and hardboard products. Marubeni has the largest market share of the wood chips import business and of the paper and pulp trading business in Japan. |
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