Fibreboard Corporation announces voluntary shut down of three ski lifts at Sierra-at-Tahoe Ski Resort

Business Wire, March 14, 1996

WALNUT CREEK, Calif.--(BUSINESS WIRE)--March 14, 1996-- Fibreboard Corporation (AMEX:FBD) today announced the permanent shut down of three of its nine ski lifts operating at its wholly-owned Sierra-at-Tahoe Ski Resort near Lake Tahoe, California.

Fibreboard Chairman John D. Roach said that the action was taken as a result of equipment safety issues that have been raised in recent months by a series of well-publicized incidents involving lifts manufactured by Lift Engineering of Carson City, Nevada. These incidents have come under intense scrutiny by state and federal regulatory authorities.

"While no authorities have asked us to stop operating the lifts, Fibreboard, following careful evaluation, has decided to permanently discontinue use of this type of lift equipment. Since the safety of our customers is always our primary concern, we view this to be a conservative measure to avoid safety risks we consider unacceptable," Roach stated. The shut down of the three lifts is expected to have minimal financial impact on the operations of the Resort Group in the four remaining weeks of the season.

The lift shut down affects three Model 7 and 11 YAN detachable lifts. John Rice, General Manager of Sierra-at-Tahoe, said that the company decided to shut down all three of these model lifts for the balance of the season and to replace these with lifts of another manufacturer which it anticipates will be operational for the 1996-1997 ski season. He added that the facility's six other lifts, of a different type than those shut down, will continue to operate throughout the season and will allow full access to all skiable terrain at the resort.

Fibreboard Corporation also operates two other ski resorts: Northstar-at-Tahoe and Bear Mountain Ski Resort in Southern California which do not utilize these lift models.

CONTACT: Fibreboard

Stephen L. DeMaria, 510/274-0700

or

Sierra-at-Tahoe

Bill Jensen, 916/562-2235 (President, Resort Group)