DGAP-News: FORTRESS PAPER ANNOUNCES: PULP PURCHACE AND SALE AGREEMENT FOR FORTRESS SPECIALTY CELLULOSE
(firmenpresse) - Fortress Paper Ltd. / Contract
11.05.2010 11:21
Dissemination of a Corporate News, transmitted by
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For Immediate Release
TSX: FTP
FORTRESS PAPER ANNOUNCES: PULP PURCHACE AND SALE AGREEMENT FOR FORTRESS
SPECIALTY CELLULOSE
VANCOUVER, British Columbia, May 10th, 2010 - Fortress Paper Ltd.
www.fortresspaper.com ('Fortress Paper' or the 'Corporation') announces
that its wholly-owned subsidiary, Fortress Specialty Cellulose Inc.
('Fortress Specialty') has entered into a pulp purchase and sale agreement
(the 'Agreement') with International Forest Products Corp. ('IFP') of
Foxboro, Massachusetts.
Pursuant to the terms of the Agreement, IFP will be the exclusive
distributor for the sale of northern bleached hardwood kraft ('NBHK') pulp
produced at the Thurso Mill for the duration of such production.
The Thurso Mill is expected to commence commercial production in June of
this year and is anticipated to produce approximately 250,000 air dry
metric tonnes of high quality NBHK pulp per year. The re-start plans are
on track and the mill expects to promptly deliver the high quality that it
was well known for in the market place.
'Everyone at International Forest Products Corporation (IFP) is extremely
pleased to be working with Fortress Paper on this exciting venture', said
Daniel Kraft, President and CEO of IFP. 'This relationship will align IFP
with one of the world's premier specialty paper producers.'
About Fortress Paper
Fortress Paper is a leading international producer of security and other
specialty papers. Fortress Paper operates three mills, the Landqart Mill
located in Switzerland, the Dresden Mill located in Germany and the
Fortress Specialty Cellulose Mill located in Thurso Quebec, 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. Fortress Paper'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 Location.
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, uncertainties and
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.
11.05.2010 11:21 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 11.05.2010 - 11:21 Uhr
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