Iisaak Forest Resources Ltd

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Description

Iisaak was created in July 24 1998 through a joint venture agreement between the Nuu-chah-nulth Central Region First Nations and Weyerhaeuser Company to provide a new model of forest management in Clayoquot Sound. This agreement was a direct result of commitments made by the Nuu-chah-nulth Central Region First Nations and MacMillan Bloedel Limited (Weyerhaeuser's predecessor) during the 1996 Interim Measures Extension Agreement negotiations with the Province of British Columbia. In the original agreement the Central Region First Nations held 51% ownership of Iisaak and Weyerhaeuser held the remaining 49% share. As part of the shareholders agreement Weyerhaeuser had a log purchase agreement with Iisaak and a right of first refusal to 49% of the wood volume from TFL 57. In April 2005 the Central Region First Nations took over 100% ownership of Iisaak when they purchased the 49% share from Weyerhaeuser making Iisaak a 100% privately owned First Nations forest company. This followed Weyerhaeuser's announcement in early 2005 that they were selling their entire BC coastal forest operations. Weyerhaeuser no longer has any involvement in the forest management of TFL 57 and does not have any rights to the wood from the TFL. Iisaak is an innovative ecologically sensitive forest management services company built on traditional values and respect for the environment. Iisaak owns and operates seven forest tenures within Clayoquot Sound, covering a total land base of approximately 91,200 ha.

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