2154015 Ontario Inc., o/a Colony Holland Lumber

In Receivership

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

On January 20, 2012, on the application made by Canadian Imperial Bank of Commerce (“CIBC”), an Order was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”) and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43, as amended, that appointed PricewaterhouseCoopers Inc. as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of 2154015 Ontario Inc. o/a Colony Holland Lumber (“Colony Lumber” or the “Company”).

In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of the Company on January 30, 2012.

Status of File as at March 26, 2012

On March 23, 2012, the Court issued orders approving the sale of the inventory and equipment as detailed in the First Report of the Receiver.

Status of File as at March 21, 2012

On March 20, 2012, the Receiver prepared its First Report to update the Court with respect to:

1. The activities of the Receiver since the Date of the Appointment;
2. The Receiver's statement of receipts and disbursements;
3. The claims asserted by various parties for the repossession of property in the Company's possession;
4. The results of the Receiver's efforts to solicit offers for certain of the Property;
5. The sale by the Receiver of the Company's retail and lumber inventory to 4536631 Canada Inc. ("453") and the proposed liquidation of the Company's machinery and equipment by Maynards Industries Ltd., subject to the Court' approval;
6. The key terms of the Asset Purchase Agreement ("APA") dated March 19, 2012 between the Receiver and 453 for the sale of the Inventory ("Inventory Sale");
7. The terms of the Auction Services Agreement ("ASA") dated March 19, 2012 between the Receiver and Maynards for the sale of the Equipment ("Equipment Sale");

and to seek an order of the Court:

1. Approving the Inventory Sale;
2. Approving the Equipment Sale;
3. Approving the First Report and activities of the Receiver; and
4. Temporarily sealing the Offer Summary and unredacted versions of the APA and ASA pending the closing of the transactions contemplated therein.

A motion will be heard on March 23, 2012.

This Web site will be updated as information becomes available.

For more information, please contact: Donna Smith, Telephone: +1 416 941 8383 ext. 14288, or via Email.