DGAP-News: FORTRESS PAPER ANNOUNCES ENERGY SUPPLY AGREEMENT WITH HYDRO QUÉBEC FOR THE SALE OF GREEN POWER FROM ITS THURSO MILL
(firmenpresse) - Fortress Paper Ltd. / Contract
07.05.2010 10:50
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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FORTRESS PAPER ANNOUNCES ENERGY SUPPLY AGREEMENT
WITH HYDRO QUÉBEC FOR THE SALE OF GREEN POWER FROM ITS THURSO MILL
VANCOUVER, British Columbia, May 6, 2010 - Fortress Paper Ltd. ('Fortress
Paper' or the 'Corporation') announced today that it has signed, through
its wholly owned subsidiary, Fortress Specialty Cellulose Inc. ('FSC'), an
Energy Supply Agreement (the 'Agreement') with Hydro Québec for the sale of
green electricity to be produced at the Thurso Mill upon completion of a
biomass-based cogeneration facility.
Under the Agreement, the Company will construct a cogeneration facility to
provide net 18.8 megawatts of green power to Hydro Québecover a 15 year
term, with deliveries estimated to commence in the fourth quarter of 2012.
Chadwick Wasilenkoff, CEO of Fortress Paper, states, 'The signing of the
Agreement represents an important step in achieving our business plan at
the Thurso Mill, which includes the building of a cogenerationplant that
produces green electricity that in turn will ultimately benefit Québec
residents. We believe that the results of this partnership with Hydro
Québec will be beneficial to the environment and the economy of Québec, as
well as providing net energy savings (income) to Fortress Paper.'
The Agreement is subject to final approval by the Régie de l'énergie in
Québec which is expected to be received in the third quarter of 2010.
About Fortress Paper
Fortress Paper is a leading international producer of security and other
specialty papers. Fortress Paper operates three mills, theLandqart Mill
located in Switzerland, the Dresden Mill located in Germany and the Thurso
Mill located in Canada. Fortress Paper's security papers include banknote,
passport and visa papers and its specialty papers include non-woven
wallpaper base products, and graphic and technical papers. FortressPaper's
pulp business currently includes NBHK with plans to convert this capacity
into dissolving pulp production. Fortress Paper plans to build a biomass
based cogeneration plant at the Thurso Mill.
For more information, please contact:
Chadwick Wasilenkoff
Fortress Paper Ltd.
604-904-2328
info(at)fortresspaper.com
www.fortresspaper.com
This news release contains certain forward-looking statements that reflect
the current views and/or expectations of Fortress Paper with respect to its
performance, business and future events, including statements relating to
its plans to build a biomass based cogeneration plant. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the industry
and markets in which the Corporation operates, including assumptions
relating to the Corporation's ability to successfully implement its
business plan in respect of the Thurso Mill; that the Corporation will be
able to receive all required approvals and complete construction of the
cogeneration facility; and the expected effects of the cogeneration
facility on the business of the Corporation. Forward-looking statements are
not guarantees of future performance and involve risks, uncertaintiesand
assumptions which are difficult to predict. Investors are cautioned that
all forward-looking statements involve risks and uncertainties including,
without limitation, that the Corporation will be unable to implement its
business plan in respect of the Thurso Mill as planned or at all; that the
Corporation will be unable to receive all necessary approvals to begin
construction of the cogeneration facility; that, assuming the Corporation
receives all necessary approvals, the Corporation will be unable to
complete construction of the cogeneration facility within the stated
timeframe or at all; and those risks relating to changes in the market,
potential downturns in economic conditions, fluctuations in the price and
supply of raw materials, foreign exchange fluctuations, labour relations,
regulatory requirements, reputation, competition, dependence on major
customers, and other risk factors listed from time to time in the
Corporation's public filings. These risks, as well as others, could cause
actual results and events to vary significantly. Accordingly, readers
should not place undue reliance on forward-looking statements and
information, which are qualified in their entirety by this cautionary
statement. Fortress Paper does not undertake any obligations to release
publicly any revisions for updating any voluntary forward-looking
statements, except as required by applicable securities law.
Not for distribution to United States newswire services or for
dissemination in the United States.
07.05.2010 10:50 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 07.05.2010 - 10:50 Uhr
Sprache: Deutsch
News-ID 20450
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