(TSX: WEF) today announced that it has completed its rights offering,
which was announced on November 10, 2005.

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("Cascadia"), each subscription receipt will be
automatically exchanged for one Western common share.
Subscription funds will be refunded to investors if the Cascadia
acquisition does not close by May 10, 2006, or if either the Cascadia
acquisition agreement or the debt facilities arranged by Tricap are
terminated.C . The information contained under the "Risk Factors" section
of Western's Annual Information Form , under the "Risk Factors" section of
Western's Form 20-F/A and under the "Risk Factors" section of the prospectus
identifies important factors that could cause such differences.

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Thomas Equipment Inc . and Hyundai Heavy Industries Korea Complete Strategic OEM Agreement

Pursuant to a standby purchase agreement with Western, Tricap Management
Limited ("Tricap") will subscribe for approximately 51 million common share
subscription receipts not otherwise purchased by rightholders under the rights
offering at a price of $1. The largest Crown tenure holder and one of the largest
lumber producers on the coast, Cascadia has an experienced workforce of
approximately 2,000 and offices in Japan, Australia and China focused on
producing predominantly appearance and specialty applications for customers
worldwide. Such statements may be indicated by words such as "estimate",
"expect", "anticipate", "plan", "intend", "believe", "will", "should", "may"
and similar words and phrases.

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Western Forest Products
Western is an integrated Canadian forest products company and currently
the second largest coastal woodland operator in British Columbia. All of Western's operations,
employees and corporate facilities are located in the coastal region of
British Columbia and its products are sold in over 20 countries worldwide.7 million cubic meters and lumber
capacity in excess of 1.

Contacts:
For further information, please contact:

Reynold Hert, (250) 715-2207 Paul Ireland, (250) 715-2209
President + CEO CFO

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The actual future results
of TEQI could differ significantly from those statements. As such, a total of approximately
179 million subscription receipts will have been issued as of March 16, 2006
for aggregate proceeds of $295 million.

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Those statements appear in a number of places herein and include
statements regarding the intent, belief or current expectations of Western,
primarily with respect to market and general economic conditions, future
costs, expenditures, available harvest levels and future operating performance
of Western.

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These statements are only predictions.

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The Forestry category contains sites offering products, information and equipment relating to the forestry industry .

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"This Agreement is a monumental moment in the history of Thomas
Equipment. Lee
Eui-Youl, Senior Vice President and Chief of Oversea Sales of
Construction Equipment Division said. Principal
activities conducted by Western and its subsidiaries include timber
harvesting, reforestation, sawmilling logs into lumber and wood chips, and
value-added remanufacturing.
Following the completion of Western 's previously announced acquisitions of
Cascadia Forest Products Ltd.

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("Thomas") (OTCBB: TEQI) today announced
that it has reached an exclusive global supply agreement with Hyundai
Heavy Industries - Construction Equipment Division (HHI-CE)
headquartered in Ulsan, South Korea. Working in harmony with our Korean partners, we share a
mission to supply reliable and cost effective equipments solutions to
various regions of the world," Clifford Rhee, Thomas President and CEO
said. Over 95% of Western 's logging is conducted on
government owned timberlands in British Columbia.

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Thomas has a long history of providing efficient and reliable
equipment which meets the stringent qualifications we seek of our
strategic supply partners. ("TEQI"): Thomas Equipment Inc. Thomas
distributes its products through a worldwide network of distributors
and wholesalers.
If the exchange of subscription receipts would result in a holder or
group of holders beneficially owning or controlling 50% or more of Western's
common shares, Western may, at its option, permit the exchange of that portion
of the subscription receipts owned by such holder(s) that would result in such
holder(s) beneficially owning or controlling 49% of the common shares.

THIS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE.

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The Construction Equipment Division is a market leader in
manufacturing and distribution of excavators and wheeled loaders. Further, we have great confidence in the
leadership of Clifford Rhee and his management team," Mr.

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In accordance with the
Hyundai agreement, Thomas will be the sole and exclusive supplier of
Skid Steer Loaders and other Thomas manufactured products for Hyundai
Heavy Industries.,
www.com, Thomas is an
innovative and technologically advanced global manufacturer of a full
line of skid steer and mini skid steer loaders as well as attachments,
mobile screening plants and six models of mini excavators.

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5 billion board feet.

Areas of focus include: Planting and Maintenance, Harvesting and Production, Fire Fighting, and Timber and Tree Products Also included are support industries such as associations, wholesalers, importers, and media companies which focus on the forestry industry.

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For further risk factors see the risk
factors associated with our Company, review our SEC filings.

Forward Looking Statements
This press release contains statements that are forward-looking in
nature.

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Business Editors

CENTERVILLE , New Brunswick----

Thomas Equipment Inc. Hyundai Heavy Industries is a
multibillion dollar world leader in a number of diversified businesses
including ship building, industrial plant, engineering services, and
construction equipment. A total of approximately 127 million
subscription receipts have been subscribed for by rightholders for proceeds of
approximately $210 million. Readers are cautioned that any such forward-
looking statements are not guarantees and may involve known and unknown risks
and uncertainties, and that actual results may differ from those expressed or
implied in the forward-looking statements as a result of various factors,
including general economic and business conditions, product selling prices,
raw material and operating costs, changes in foreign -currency exchange rates,
changes in government regulation, fluctuations in demand and supply for
Western's products, industry production levels, the ability of Western to
execute its business plan and misjudgments in the course of preparing forward-
looking statements. All written
and oral forward-looking statements attributable to Western or persons acting
on behalf of Western are expressly qualified in their entirety by the
foregoing cautionary statements.

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Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward -looking statements will be achieved. The
balance of the subscription receipts held by such holder (s) will remain
outstanding until Western has amended its articles to create a new class of
non -voting shares.

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About Thomas Equipment Inc. In addition, Thomas manufactures specialty industrial
and construction products and a complete line of potato harvesting and
handling equipment. The company is a wholly-owned subsidiary of Brookfield Asset
Management (NYSE/TSX:BAM), an asset management company focused on property,
power and infrastructure assets.

Sites not listed in this category include: Companies growing and harvesting Christmas trees are found under Business: Agriculture and Forestry: Horticulture: Christmas Trees.

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Completes Exclusive Global Supply Agreement
with Multinational OEM

Thomas Equipment Inc. In
2004, the division delivered over 10,000 excavator units of all sizes
in China thereby maintaining its top market share position in the huge
and growing Chinese construction market.

Safe Harbor Statement Under the Private Securities Litigation Act
of 1995 - With the exception of historical information, the matters
discussed in this press release are forward-looking statements that
involve a number of risks and uncertainties .

WFP announces completion of rights offering

The subscription receipts will be issued on
March 16, 2006.65 per subscription receipt, which subscription is
expected to close on March 16, 2006.

Provided this amendment is approved by Western's common
shareholders, the subscription receipts held by such holder(s) will be
exchanged for non-voting shares. and Tree Farm License 37, both of which are
subject to regulatory approval and expected to close in the first quarter of
2006, Western expects to be the largest Coastal woodland operator and lumber
producer with an AAC of approximately 7. Western does not expect to update forward-
looking statements as conditions change.

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thomasloaders . Factors that
could cause actual results to differ materially include risks and
uncertainties such as the inability to finance the company's
operations or expansion, inability to hire and retain qualified
personnel, changes in the general economic climate, including rising
interest rate and unanticipated events such as terrorist activities.
In some cases, you can identify forward-looking statements by
terminology such as "may," "will," "should," "expect," "plan,"
"anticipate," "believe ," "estimate," "predict," "potential" or
"continue," the negative of such terms, or other comparable
terminology. We undertake no duty to
update any of the forward-looking statements, whether as a result of
new information, future events or otherwise. The acquisition of
Cascadia is subject to regulatory review, including by the Canadian
Competition Bureau, and is currently expected to close by the end of this
month.

Topics related to the scientific or academic aspects of forestry are categorized under Science: Agriculture: Forestry.

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In light of the
foregoing, readers are cautioned not to place undue reliance on such
forward-looking statements. With the closure of Western's
Squamish pulp mill on March 9, 2006, Western has now exited the pulp business. for
customers worldwide.

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"We are extremely pleased to partner with Thomas Equipment Inc. TSX: WEF

DUNCAN, BC, March 10 - Western Forest Products
Inc.
At the time of closing of the previously announced acquisition of
Cascadia Forest Products Inc.
The net proceeds from the rights offering will be used to fund the
acquisition of Cascadia and to provide additional working capital.

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Cascadia Forest Products
Cascadia is a leading Canadian producer of high value , high quality wood
products harvested from sustainably managed forests in Coastal B.

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---

- - kjjkjk

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