The Penrod Company, whose headquarters are in Virginia Beach, Virginia, is pleased to announce that it has acquired all outstanding shares of Foresbec Inc., located in Drummondville, Quebec, Canada.

Foresbec Inc., whose shares were listed on the Montreal Exchange, is a major exporter of premium quality hardwood lumber from Canada to European markets. The Company exports most of its production through distributors and to manufacturers located mainly in Spain, Germany, France, England, Belgium and Italy. Foresbec products are also sold in Canada, the United States and Asia.

Penrod stated that Foresbec will continue to operate under existing plant management and employees. No significant changes are slated for the near future. Senior Foresbec managers are: Guy Boissé, President; Francois J. Bouchard, Vice-President of Administration and Finance; and Albert Lacroix, Vice-President of Operations.

The Penrod Company distributes forest product components used in the North American, Asian and European hardwood plywood and furniture industries. The Company also imports metal products from the Far East for distribution into the North American construction industry.

Penrod has satellite offices across the globe. Penrod plans to continue its growth through the expansion of current and future products and services.

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