According to a press release by Tree Island Steel, a leading manufacturer of wire products, it has been advised of the intentions of Futura Corporation and Arbutus Distributors, to make an unsolicited non-binding proposal by way of a plan of arrangement to acquire all of the common shares of the company. The board of directors of the Company has met and appointed a special committee of the board made up entirely of directors who are independent of both management and the offerors.