DGAP-News: Fortress Paper Announces Equipment Purchase for Its Thurso Mill
(firmenpresse) - Fortress Paper Ltd. / Miscellaneous
07.06.2010 19:04
Dissemination of a Corporate News, transmitted by
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Fortress Paper Announces Equipment Purchase for Its Thurso Mill
VANCOUVER, BRITISH COLUMBIA (June 7, 2010)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Fortress Paper Ltd. ('Fortress Paper' or the 'Corporation') (TSX:FTP)
announces the signing of a purchase agreement by its wholly owned
subsidiary, Fortress Specialty Cellulose Ltd. ('Fortress Specialty') with
Stora Enso Oyi Cellulose Inc. to acquire digesters, specialized process
equipment and other ancillary equipment to be used in the conversion of its
Thurso mill to produce dissolving pulp.
The agreement provides for a purchase price of Euro 3 Million (CAD
$3.8Million) and includes the purchase and delivery of a complete
displacement cooking plant consisting of 3 batch digesters, liquor
accumulators and various associated specialty process equipment and piping.
Chad Wasilenkoff Chief Executive Officer of Fortress Paper, commented:
'After spending a considerable amount of time assessing and evaluating the
equipment, we are very pleased to be able to secure this equipment. This
equipment has operated for only 12 years and we are confident of its
quality and performance, which should result in a material reduction in our
overall capital investment requirements for the conversion to dissolving
pulp. We also believe that by acquiring almost an entire batch cooking
system, we reduce the process risk for this transformation. At this time it
is still too early to determine the impact this new equipment will have on
the completion date.'
About Fortress Paper
Fortress Paper is a leading international producer of security and other
specialty papers and products. 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 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 will include
NBHK with the re-start of the Fortress Specialty Cellulose Mill with plans
to convert this capacity into dissolving pulp production along with the
construction of a biomass based cogeneration plant.
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 re-start, convert and build a biomass based cogeneration plant
at the Fortress Specialty Cellulose Mill. 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
Fortress Specialty Cellulose Mill; that the Corporation will be able to
receive all required approvals and complete construction of the
cogeneration facility; and theexpected 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 Fortress Specialty Cellulose Mill as
planned or at all; that the Corporation will be unable to receive all
necessary approvals to begin construction of the cogeneration facility; 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.
CONTACT INFORMATION:
Fortress Paper Ltd.
Chadwick Wasilenkoff
604-904-2328
info(at)fortresspaper.com
www.fortresspaper.com
07.06.2010 19:04 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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