IRONWOOD, Mich., March 02, 2017 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) has completed the acquisition of approximately 14,035 acres of timberland in northern Wisconsin from Great Northern Forest, LLC for $12.8 million. The property is located in Iron County, Wisconsin near Keweenaw’s Ironwood log yard and is comprised of a mix of quality northern hardwood and softwood timber. The property has been well-managed and will provide significant near-term harvest volumes and cash flows.
This acquisition is part of Keweenaw’s continuing strategy of acquiring and managing quality timberland properties in the Lake States Region for long-term growth and capital appreciation. With this acquisition, Keweenaw will own and manage over 182,500 acres in the western Upper Peninsula of Michigan and northern Wisconsin.
As previously announced in December 2016, the company is conducting a review of strategic alternatives available to the company with Stifel acting as financial advisor. The process remains on-going and is not affected by this acquisition.
Additional information on Keweenaw Land Association, Limited can be found on the Company’s website at www.keweenaw.com.
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 182,500 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,300,174 shares outstanding.
SOURCE: Keweenaw Land Association, Limited
Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410
Source:Keweenaw Land Association Ltd.