Taiga Building Products Ltd. announces confirmation of note interest deferral

BURNABY, BC, April 9 /CNW/ - Taiga Building Products Ltd. (TSX: TBL.TO), ("Taiga" or the "Corporation") today announced that, further to its news release dated March 23, 2009, based on its unaudited March 31, 2009 financial statements, its debt service coverage ratio has crossed the threshold specified in the Note Indenture, below which Taiga may defer interest payments on its Subordinated Notes. As a result, the Corporation confirmed that it has elected to defer interest payable on the Notes, commencing on April 15, 2009 with respect to interest accruing to March 31, 2009.

The Subordinated Note interest deferral will result in an approximate $1.3 million net cash savings per month. Taiga anticipates that it shall continue to defer interest on the Subordinated Notes, provided it remains able to do so under the terms of the Note Indenture, for the immediately foreseeable future. All unpaid interest will accrue to the benefit of Noteholders and attract a further 14% interest on interest charge.

Forward-Looking Statements:

This press release contains certain forward-looking information and statements relating, but not limited, to future events or performance and strategies and expectations of Taiga. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "likely", "may", "will", "should", "predict", "potential", "continue" or similar words suggesting future outcomes or statements regarding expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.

These forward-looking statements reflect management's current expectations or beliefs and are based on information currently available to Taiga and although Taiga believes it has a reasonable basis for making the forward-looking statements included in this document, readers are cautioned not to place undue reliance on such forward-looking information. By its nature, the forward-looking information of Taiga involves numerous assumptions and inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts and other forward-looking statements will not occur. These factors include, but are not limited to, changes in business strategies; the effects of litigation, competition and pricing pressures; changes in operational costs; changes in laws and regulations, including tax, environmental, employment, competition, anti-terrorism and trade laws; and Taiga's anticipation of and success in managing the risks associated with the foregoing. A further description of these additional factors can be found in the periodic and other reports filed by Taiga with Canadian securities commissions and available on Sedar (http://www.sedar.com). These forward-looking statements speak only as of the date of this press release. Taiga does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts

contact Tom Stefan
Vice President
Finance or Mark Schneidereit
Manager
Corporate Planning at (604) 438-1471