PORT TOWNSEND, Wash., Jan. 31 /PRNewswire/ -- PT Holdings Company, Inc., (the "Company"), parent company of Port Townsend Paper Corporation, (Bloomberg ticker - "PTOWNS") today announced the appointment of PricewaterhouseCoopers LLP ("PwC") as its new independent audit firm for the fiscal year ended December 31, 2004.

The Company's Audit Committee of the Board of Directors approved PwC's appointment after PwC informed the Company on January 31, 2005 of its acceptance of the engagement.

"PwC brings a wealth of experience in the pulp and paper industry and a strong presence in the Pacific Northwest and Western Canada," said Timothy P. Leybold, Chief Financial Officer. "We look forward to building a solid working relationship with them, particularly over the next year as we transition to a SEC registrant company."

PT Holdings Company, Inc., through its wholly owned subsidiary Port Townsend Paper Corporation, is one of the lowest cost producers of fiber-based lightweight containerboard in the U.S. and the second-largest producer of corrugated products in western Canada. The Company operates two Crown Packaging Plants, two BoxMaster Plants, and the Crown Creative Group, all located in British Columbia, in addition to a paper mill in Washington.

Some of the statements in this press release are forward-looking statements. Forward-looking statements include statements about our future financial condition, our industry and our business strategy. Statements that contain words such as "will," "should," "anticipate," "believe," "expect," "intend," "estimate," "hope" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current expectations of PT Holdings Company, Inc. and its subsidiaries. Because forward-looking statements involve inherent risks and uncertainties, the plans, actions and actual results of PT Holdings Company, Inc. and its subsidiaries could differ materially. Among the factors that could cause plans, actions and results to differ materially from current expectations include the following: the impact of general economic conditions; containerboard and corrugated products general industry conditions, including competition, product demand and product pricing; fluctuation in wood fiber and recycled fiber costs; fluctuations in purchased energy costs; and legislative or regulatory requirements, particularly concerning environmental matters.

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