GreenFirst Forest Products Inc. Files First Quarter Financial Statements

VANCOUVER, BC, May 28, 2021 /CNW/ - GreenFirst Forest Products Inc. (TSXV: GFP) ("GreenFirst" or the "Company") today announces the filing of its unaudited consolidated interim financial statements for the three months ended March 31, 2021.

Summary of Preliminary First Quarter Results

The Company reported a net loss attributable to common shareholders of $1.6 million, or $0.07 loss per share, and a total comprehensive loss of $1.7 million in the quarter ended March 31, 2021.  This is compared to a net loss attributable to common shareholders of $0.3 million, or $0.01 loss per share, and total comprehensive income of $0.8 million (as a result of a currency translation gain) in the first quarter of 2020.  The increased net loss for the quarter was due to higher professional fees associated with the previously announced Asset Purchase Agreement.  

As at March 31, 2021, the Company reported a consolidated cash balance of $4.2 million and net working capital of $2.9 million.  

All amounts are in Canadian dollars unless otherwise indicated.

About GreenFirst

GreenFirst is a forest-first business, focused on environmentally sustainable forest management and lumber production. We believe that sustainable forest planting and harvesting, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. GreenFirst's long-term pursuit is to be a global leader in environmentally sustainable lumber. For more information, please visit: www.gffp.ca.

Forward Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "estimate" or the negative of these terms and similar expressions.

Forward-looking statements in this news release include, but are not limited to statements regarding: the expected financial results of the Company; the timing for the expected filing of the financial results; the details of the proposed offering of Rights; the expectation of the Rights being listed on the TSXV; and details with respect to the shares for debt transaction. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst's public disclosure record filed under its profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE GreenFirst Forest Product Inc.

Larry G. Swets, Jr., 630-824-8199