PLYMOUTH, Minn., Oct. 7, 2005 (PRIMEZONE) -- Heartland Holdings, Inc. (OTCBB:HTLJ) today announced its intention to buy Ohio Valley Lumber, one of the largest hardwood mills in the United States. The announcement comes only days after Heartland announced its planned acquisition of Ney Oil Company and Schultz Oil Company, both based in Ohio.
Heartland, Inc. will pay $4,000,000 to the shareholders of Ohio Valley Lumber, and 2,000,000 shares of Common stock in Heartland to the shareholders of Ohio Valley Lumber, in exchange for 100 percent of the issued and outstanding shares of Ohio Valley Lumber common stock. Heartland, Inc. will also make a $2,000,000 Capital Cash Infusion into Ohio Valley Lumber to be used exclusively for the reduction of debt.
About Heartland Holdings, Inc.
A growing, diversified holding company, Heartland's subsidiaries span heavy machining and fabricated steel products to specialized machinery to organic fertilizers and now lumber. Heartland's breadth of product and service offerings provides economic protection and growth opportunities for investors.
For more information, visit www.heartlandholdingsinc.com
About Ohio Valley Lumber
Ohio Valley Lumber, a profitable company with annual sales in excess of around $18 million, was originally founded in 1960. It is one of the largest hardwood mills in the United States and produces 30,000,000 board foot annual productions. Ohio Valley Lumber is the largest walnut producer in Ohio and the largest chip supplier to Mead Paper. It also handles over three million feet of veneer logs annually. The company, whose products are sold throughout the world, employs over 140 people. Ohio Valley Lumber has built its reputation on production of well-manufactured lumber with a quality that is difficult to match.
For more information, visit www.ohiovalleylumber.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve risks and uncertainties. In addition, Heartland, Inc., a Maryland corporation, and its subsidiaries, may from time to time make oral forward-looking statements. Actual results are uncertain and may be impacted by many factors. In particular, certain risks and uncertainties that may impact the accuracy of the forward-looking statements with respect to revenues, expenses and operating results. As a result, actual results may differ materially from those projected in the forward-looking statement. Heartland's operating results and past financial performance should not be considered an indicator of future performance. Investors should not use historical trends to anticipate results or trends in future periods.
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