FOR IMMEDIATE RELEASE

Contact:    Jim King
    205.562.5207
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WESTERVELT COMPANY ACQUIRES 56,000 ACRES OF IP TIMBERLAND

Tuscaloosa, Ala. – The Westervelt Company, a land-based resource company formerly known as Gulf States Paper Corporation, has closed on the purchase of 56,000 acres of timberland in Georgia, South Carolina, and Virginia, which are part of International Paper Corporation’s timberland divestiture.

   The Westervelt Company owns approximately 440,000 acres of Southern yellow pine timberland in central Alabama and Mississippi. Timber grown on the Alabama property is produced at its state-of-the-art lumber facility in Moundville, Ala.    The property will be managed for The Westervelt Company by Forest Investment Associates, an Atlanta-based Timber Investment Management Organization. The property, along with all other Company timberlands, is certified by the Sustainable Forest Initiative (SFI) for the practice of environmentally-sound forestry practices. Each new property is located in key areas with strong pulpwood and saw timber demand. Timber grown on the former IP properties will be sold to producers local to those markets.

   “The acquisition of this property fits nicely with our existing timberland, with just enough variation to give us some diversification and exposure to new geographic markets,” said Jim King, Vice President of Natural Resources for The Westervelt Company.

The Westervelt Company is a land-based organization committed to its founding principle that “quality counts,” environmental stewardship, and preserving its resources for future generations.  The company operates in multiple arenas and industries including timber and natural resources, yellow pine lumber, residential and commercial real estate, outdoor sporting lodges and wildlife management, and mitigation banking. To learn more, visit www.westervelt.com.