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Conifex Announces Delayed Restart at Power Facility and Second Quarter 2022 Results Guidance

Conifex Timber Inc
Conifex Timber Inc

VANCOUVER, British Columbia, July 15, 2022 (GLOBE NEWSWIRE) -- Conifex Timber Inc. ("Conifex") (TSX: CFF) announced today a delay in the resumption of operations at its power plant in Mackenzie, British Columbia following the previously disclosed dispatch period. In the course of annual maintenance of the power plant, damage to the plant's turbine has been discovered. The boiler, generator and other long lead-time equipment have not been impacted.

Conifex is working with its contractors to assess the damages and the required work plan. Until such assessment and plan are completed, there can be no assurance as to when the power plant will recommence operations, however Conifex does not currently anticipate the power plant to be operational during the third quarter of 2022.

The delayed operational restart at the power facility is not expected to impact sawmill operations or Conifex's power plant employees.

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Conifex maintains property and business interruption insurance for the power plant and expects the property damage and business interruption will be covered by such insurance, subject to customary deductibles and limits.

Second Quarter 2022 Results Guidance

Conifex intends to release its second quarter 2022 results after the market closes on Tuesday, August 9, 2022. Conifex confirms its guidance from the first quarter 2022 management’s discussion and analysis that second quarter operating results are expected to be at least comparable to the results achieved in the first quarter of 2022. A conference call has been scheduled at 2:00 PM Pacific time / 5:00 PM Eastern time on the same day to discuss its financial results. For teleconference access, please dial 1-800-806-5484 (toll free in North America) or 416-340-2217 and use passcode 6816136#.

For further information, please contact:
                        
Winny Tang                        
Chief Financial Officer                        
(604) 216-2949

About Conifex Timber Inc.

Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex's lumber products are sold in the United States, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, BC.

Forward-Looking Statements

Certain statements in this news release may constitute “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that Conifex expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of Conifex’s management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Conifex or the industry may be materially different from those implied by such forward-looking statements. Examples of such forward-looking information that may be contained in this news release include, but are not limited to, statements regarding delayed operational restart at the power facility, operating results, and other relevant factors. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, risk factors described in Conifex’s management's discussion and analysis for the year ended December 31, 2021 and the quarter ended March 31, 2022, each of which is available on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and Conifex undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.