Posts Tagged ‘Fortress Paper Ltd.’

FORTRESS PAPER ANNOUNCES SECOND QUARTER 2012 RESULTS

Posted: Friday, September 7th, 2012

To read the Fortress Paper press release, please click here.

FORTRESS PAPER ANNOUNCES SECOND QUARTER 2012 RESULTS

Posted: Tuesday, August 7th, 2012

To read the Fortress Paper press release, please click here.

FORTRESS PAPER SECOND QUARTER 2012 EARNINGS CONFERENCE CALL

Posted: Tuesday, August 7th, 2012

Fortress Paper Ltd. (“Fortress Paper” or the “Corporation”) in connection with the release of second quarter results,  will host a conference call Wednesday, August 8th, 2012 at 8:00 a.m. (EDT) to discuss the financial results and the Corporation’s operations. Mr. Chadwick Wasilenkoff, President & Chief Executive Officer, Kurt Loewen, Chief Financial Officer, Mr. Alfonso Ciotola, Chief Executive Officer of Landqart and Peter Vinall, President and Chief Executive Officer of Fortress Specialty Cellulose Inc. will host the call.

To participate in the conference call, please dial one of the following numbers:

Dial In Numbers:

604-681-8564 Vancouver

403-532-5601 Calgary or International

780-429-5820 Edmonton

416-623-0333 Toronto

613-212-0171 Ottawa

514-687-4017 Montreal

Toll Free Dial In Number: 1-855-353-9183 from Canada and USA

Participant Pass Code: 15086# Conference Reference Number: 844739#

A replay of the conference call will be available for 7 days. To access the replay, listeners may dial 1-855-201-2300 from Canada or the USA or dial 403-255-0697 from local Calgary or International. The conference reference number is 844739 # and the participant pass code to access the replay is 15086 #.

Source: Fortress Paper Ltd.

Fortress Paper to Release First Quarter 2012 Earnings

Posted: Friday, April 27th, 2012

Fortress Paper Ltd. (TSX:FTP) (“Fortress Paper” or the “Corporation”) announced today that it intends to release its first quarter financial results for the period ended March 31st, 2012 after the close of the market on Monday, May 14th, 2012. In connection with the release of its results, Fortress Paper will host a conference call Tuesday, May 15th, 2012 at 9:30 a.m. (PST) to discuss the financial results and the Corporation’s operations. Mr. Chadwick Wasilenkoff, President & Chief Executive Officer, Kurt Loewen, Chief Financial Officer and Peter Vinall, President and Chief Executive Officer of Fortress Specialty Cellulose Inc. will host the call.

To participate in the conference call, please dial one of the following numbers:

Dial In Numbers: 604-681-8564 Vancouver
403-532-5601 Calgary or International
780-429-5820 Edmonton
416-623-0333 Toronto
613-212-0171 Ottawa
514-687-4017 Montreal
Toll Free Dial in Number: 1-855-353-9183 from Canada and USA
Participant Pass Code: 15086#
Conference Reference Number: 770462

A replay of the conference call will be available for 7 days. To access the replay, listeners may dial 1-855-201-2300 from Canada & the USA. The conference reference number is 770462 # and the participant pass code to access the replay is 15086 #.

Source: Fortress PaperMarketwire

Fortress Paper Announces New Appointments

Posted: Monday, April 23rd, 2012

Fortress Paper Ltd. (TSX:FTP) (‘Fortress Paper” or the “Corporation”) announces the appointment of Andre Boucher as Chief Operating Officer of Fortress Specialty Cellulose Inc., a wholly-owned operating subsidiary which produces dissolving pulp.

Mr. Boucher has over 30 years of industry experience in the specialty cellulose sector including 24 years at Tembec Inc. where he was the General Manager of the Temiscaming dissolving pulp mill. Mr. Boucher was responsible for overall mill optimization and development of specialty products, including a full range of acetate and other specialty pulps. Most recently, Mr. Boucher was General Manager of Ethanol Operations for Suncor Energy Inc. where he developed the facility from concept to an efficient operating mill.

Chadwick Wasilenkoff, Chief Executive Officer of Fortress Paper, commented: “Andre brings a wealth of experience and technical talent to Fortress Paper at a time when we are growing our dissolving pulp business. We feel his mill optimization and unique experience in transitioning a viscose-grade dissolving pulp mill to a specialty-grade dissolving pulp mill will further enhance our already strong specialty cellulose team. Andre’s addition provides us with more flexibility as we balance our key personnel between Thurso and our other strategic projects.”

In addition, Fortress Paper is pleased to announce that Marco Veilleux has been promoted to Vice-President, Business Development and Strategic Projects of Fortress Paper from his former role as Chief Operating Officer of Fortress Specialty Cellulose Inc. Mr. Veilleux was an important member of the executive team which managed the successful staffing, startup and conversion to dissolving pulp at the Fortress Specialty Cellulose Mill. Mr. Veilleux will focus on special and strategic projects, manage risk and compliance matters and will assume other key corporate responsibilities within Fortress Paper.

SOURCES:  Fortress Paper Ltd., Marketwire

Fortress Paper to Release Fourth Quarter 2011 Earnings

Posted: Thursday, February 16th, 2012

Fortress Paper Ltd. (“Fortress Paper” or the “Corporation”) (TSX:FTP) announced today that it intends to release its fourth quarter financial results for the period ended December 31st, 2011 after the close of the market on Monday, March 5th, 2012. In connection with the release of its results, Fortress Paper Ltd. will host a conference call Tuesday, March 6th, 2012 at 9:30 a.m. (PST) to discuss the financial results and the Corporation’s operations. Mr. Chadwick Wasilenkoff, Chief Executive Officer, Alfonso Ciotola, President, Kurt Loewen, Chief Financial Officer and Peter Vinall, President and Chief Executive Officer of Fortress Specialty Cellulose Inc. will host the call.

To participate in the conference call, please dial one of the following numbers:

Dial In Numbers: 604-681-8564 Vancouver
403-532-5601 Calgary or International
780-429-5820 Edmonton
416-623-0333 Toronto
613-212-0171 Ottawa
514-687-4017 Montreal
Toll Free Dial In Number: 1-855-353-9183 from Canada and USA
Participant Pass Code: 15086#
Conference Reference Number: 765945
A replay of the conference call will be available for 7 days. To access the replay, listeners may dial 1-855-201-2300 from Canada & the USA. The conference reference number is 765945 # and the participant pass code to access the replay is 15086 #.

SOURCES:

Fortress Paper Ltd., and Marketwire

Fortress Paper Announces Acquisition of Lebel-sur-Quevillon Pulp Mill Assets

Posted: Tuesday, January 31st, 2012

Fortress Paper Ltd.  (“Fortress Paper” or the “Company”) (TSX:FTP) is pleased to announce that it has, through its wholly owned subsidiary, Fortress Global Cellulose Ltd.(“Fortress Global”), signed an asset purchase agreement (the “APA”) with 9109-3294 Quebec Inc., a wholly owned subsidiary of the Quebec Ministere du Developpement economique, de l’Innovation et de l’Exportation (“9109″), and Domtar Inc., whereby Fortress Global will acquire the buildings, equipment and other ancillary property relating to the non-operating pulp mill located at Lebel-sur-Quevillon, Quebec (the “LSQ Mill”) and 9109 will acquire the lands relating thereto. In connection with the acquisition, Fortress Global intends to enter into arrangements with 9109 whereby Fortress Global will have full and unconditional ownership and access rights to the LSQ Mill assets. Fortress Global intends to convert the LSQ Mill into a low cost dissolving pulp operation. Concurrently, Fortress Global will acquire a 30 megawatt non-operating cogeneration facility at the LSQ Mill which it intends to restart which will result in material net energy savings (income). An additional cogeneration project will provide up to 50 megawatts of total power for which the company is seeking a long-term power supply agreement with Hydro Quebec.

Upon completion of the acquisition of the LSQ Mill, the Corporation intends to invest estimated capital expenditures of approximately $222 million to convert the non-operating northern bleached softwood kraft pulp mill into a low cost, high quality dissolving pulp mill and to increase the capacity of the cogeneration facility. In connection with the proposed capital expenditures, Fortress Paper has arranged certain financing initiatives to fund the conversion and cogeneration projects.

The LSQ Mill is planned to have an annual production capacity of approximately 236,000 air dried metric tonnes (ADMT) and is expected to be completed in late 2013. The LSQ Mill would significantly increase Fortress Paper’s annual dissolving pulp production capacity to over 437,000 ADMT, initially targeting viscose fibre (rayon) products.

Chad Wasilenkoff, Chief Executive Officer of Fortress Paper Ltd. , states, “The acquisition of the LSQ Mill and its planned conversion into a dissolving pulp operation represents an important milestone towards Fortress Paper becoming a leader in the global dissolving pulp industry. This project demonstrates the insight and perseverance of the Quebec Government and Fortress Paper Ltd.  in developing a unique opportunity which has been latent for several years, but when completed will revitalize the community of Lebel-sur-Quevillon and the surrounding areas of Northern Quebec. We are very pleased to be able to partner with Investissement Quebec on this project to build from our recent successful conversion of the Fortress Specialty Cellulose Mill, and also look forward to working closely with the city of Lebel-sur-Quevillon.”

Pursuant to the terms of the APA, at closing Fortress Global will pay a nominal cash amount and agree to contribute pursuant to a trust agreement in escalating tranches over the next 5 years an aggregate of $7.5 million and an additional contingent amount of $2.5 million only in the event of a permanent closing of the LSQ Mill in respect of environmental remediation costs. The closing of the APA is subject to various conditions, including (i) Fortress Global entering into a collective agreement with the unionized employees of the LSQ Mill, (ii) Fortress Global entering into a loan agreement with Investissement Quebec securing financing to implement its proposed business plan at the LSQ Mill, (iii) the parties to the APA entering into a trust agreement, (iv) Fortress Global and 9109 entering into satisfactory lease and other ownership and access agreements, (v) Fortress Global finalizing satisfactory fibre supply arrangements with the Quebec Government, (vi) an order in council by the Quebec Government authorizing the transaction, and (vii) Domtar completing its agreement with the City of Lebel-sur-Quevillon in respect of certain property taxes. The closing of the APA is expected to occur within 75 days.

The cost structure of the LSQ Mill will be materially impacted by the ability of Fortress Global to upgrade the cogeneration facility and to service the facility through a long-term power supply agreement with Hydro Quebec on satisfactory terms. In addition, Fortress Global is negotiating with the City of Lebel-sur-Quevillon for a mutually beneficial, long term municipal tax arrangement in respect of the capital expenditure program at the LSQ Mill which will assist in revitalizing the Northern Quebec region. Training and relocation grants discussions are ongoing with various government agencies, although no formal commitments have been provided at this time.

Investissement Quebec (“IQ”) has committed, by way of an agreement in principle, to grant Fortress Global a loan in the amount of up to $132.4 million comprised of two tranches to support Fortress Paper Ltd. proposed business plan in respect of the LSQ Mill. The loan will be secured by the capital assets of Fortress Global and will accrue interest at a fixed rate of 5.0% per annum for the first five years, followed by a rate not to exceed 5.5% per annum for the remaining five years, and will include an equity compensation in the form of 715,000 share purchase warrants of Fortress Paper Ltd. on terms to be determined. The first tranche of $102.4 million will have a term of 10 years and the second tranche of $30 million will have a term of three years. The loan is subject to completion of definitive documentation. As no definitive agreement has been entered into with respect to the IQ financing, there can be no assurance at this time that such financing will be completed on terms acceptable to Fortress Global or at all.

Fortress Paper Ltd. has also signed a subscription agreement with a Quebec financial institution providing for the subscription of an unsecured convertible debenture of Fortress Paper Ltd. (the “Debenture”) in the aggregate principal amount of $25 million maturing in five years with an interest rate of 7% per annum. The Quebec financial institution will have the option to convert its Debenture, in whole or in part, into common shares of Fortress Paper Ltd.  at any time after closing of the APA at a conversion price equal to the volume weighted average price of the common shares of the Corporation on the Toronto Stock Exchange (the “TSX”) for the five trading days immediately Fortress Paper Ltd. preceding the closing of the APA plus a premium equal to 50% of such trading price. The Debenture will be redeemable, in whole or in part, at the option of Fortress Paper, from the second anniversary date of its issuance at par plus all accrued and unpaid interest, provided that the volume weighted average trading price of the common shares of Fortress Paper Ltd.  on the TSX is not less than 125% of the conversion price. The Debenture financing is subject to various conditions, including the concurrent completion of the IQ financing, the closing of the APA and receipt of the requisite TSX approval.

In connection with the LSQ Mill acquisition, Fortress Paper Ltd.  will be hosting a teleconference to discuss the acquisition rationale in the form of a Presentation which is available by sending a request to info@fortresspaper.com and will also be posted at www.fortresspaper.com in due course. The teleconference will be limited in scope to the subject matter contained in this press release and the Presentation.

Teleconference Date: Tuesday, January 31, 2012
   
Time: 1:30pm (PST) / 4:30pm (EST)
   
Dial In Numbers: 604-681-8564 Vancouver
403-532-5601 Calgary or International
780-429-5820 Edmonton
416-623-0333 Toronto
613-212-0171 Ottawa
514-687-4017 Montreal
   
Toll Free Dial In Number: 1-855-353-9183 from Canada and USA
   
Participant Pass Code: 98030#
Confirmation Number: 764917

PLAYBACK ON DEMAND USER INFORMATION

To listen to a POD call:

  1. Dial 1-877-353-9587 from Canada or the USA or dial 403-699-1055 from local Calgary or International.
  1. Enter the 6 digit Conference Reference Number, 764917 followed by the # key.
  1. Also enter the participant code 98030# when prompted.

SOURCES:

Fortress Paper Ltd., and Marketwire

Fortress Paper Announces Increase in Previously Announced Public Offering of Convertible Debentures to $35 Million

Posted: Thursday, December 8th, 2011

Fortress Paper Ltd. (TSX:FTP) (“Fortress Paper” or the “Company”) is pleased to announce that, in response to strong investor demand, it has increased its previously announced bought deal public offering from $30 million to $35 million principal amount of convertible unsecured subordinated debentures (the “Debentures”) on the same terms as the previously announced offering. A syndicate led by Raymond James Ltd. and including Canaccord Genuity Corp., Dundee Securities Ltd., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Cormark Securities Inc. and Acumen Capital Finance Partners Ltd. (collectively, the “Underwriters”) have agreed to purchase the Debentures at a price of $1,000 per Debenture. Fortress Paper has also granted the underwriters an over-allotment option to purchase up to an additional $5.25 million aggregate principal amount of debentures for a period of 30 days following closing to cover over-allotments.

The net proceeds of the financing will be used for repayment of debt, the funding of capital expenditures relating to the Fortress Specialty Cellulose Mill, working capital and general corporate purposes.

The offering is scheduled to close on or about December 22, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

A preliminary short-form prospectus will be filed with securities regulatory authorities in all provinces of Canada.

Please refer to the press release issued by the Company on December 7, 2011 for further details with respect to the offering.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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 includes dissolving pulp produced at the Fortress Specialty Cellulose Mill.

SOURCES: Fortress Paper Ltd., and Marketwire

Fortress Paper Commences Dissolving Pulp Production and Provides Corporate Update

Posted: Monday, December 5th, 2011

Fortress Paper Ltd. (“Fortress Paper” or the “Company”) (TSX:FTP) announced today that it has commenced dissolving pulp production at its Fortress Specialty Cellulose Mill in Thurso, Quebec. The centerpiece of the project, a new state of the art pre-hydrolized kraft cooking plant, came on line successfully on Sunday. The commencement of dissolving pulp production signifies the successful completion of the conversion of the Fortress Specialty Cellulose Mill into a dissolving pulp operation.

Chad Wasilenkoff, Chairman and Chief Executive Officer of Fortress Paper, commented: “This is a momentous day in the history of Fortress Paper and a culmination of our work at the Fortress Specialty Cellulose Mill since acquiring the mill in April 2010. We are very proud to join the limited group of dissolving pulp producers in the world and look forward to completing our first shipments. We would like to thank all those involved in helping bring this project on line.”

Dresden Mill

The Dresden Mill continues to lead the non-woven wallpaper base market globally. The order book remains strong and its recent upgrades to improve speed and capacity have been successfully implemented. During the past few months, Fortress Paper in its normal course has been reviewing each of its business divisions and assessing all options as part of its strategy to enhance shareholder value. As part of this ongoing evaluation, management identified a potential divestiture opportunity relating to its non-woven wallpaper base division. Given the financial uncertainties and lack of financial confidence in the Euro zone, Fortress Paper management decided not to pursue any divestiture option for the Dresden Mill. With the support of its management team in Germany, Fortress Paper intends to continue to grow this business division organically and potentially through strategic acquisitions.

Landqart Mill

The Landqart Mill has continued to experience challenges throughout the fourth quarter as a result of a strong Swiss franc, high raw material costs, and less than optimal production efficiency on its paper machines. The company expects that these issues will continue to materially impact results of operations in the fourth quarter. The Company anticipates that it will overcome many of these challenges with the new banknote paper orders that have recently been placed at the mill and which represent a significant portion of the mill’s 2012 banknote capacity.

 

SOURCE: Fortress Paper Ltd., and Marketwire.

Fortress Paper Commences Start-Up Phase at Fortress Specialty Cellulose Mill

Posted: Thursday, November 24th, 2011

VANCOUVER, BRITISH COLUMBIA-(Marketwire – Nov. 24, 2011)

Fortress Paper Ltd. (“Fortress Paper” or the “Company”) (TSX:FTP) announced today that it has initiated the final stages of the conversion project at its Fortress Specialty Cellulose Mill. The mill has commenced its start-up phase with final process testing, which will include cold and hot water trials, together with the testing of safety systems scheduled to occur over the coming days. Production of dissolving pulp beginning with wood chips cooking is expected to commence shortly thereafter.

The minor delay in the scheduled completion of the conversion project has resulted from: (1) the previously announced unexpected walkout in October of construction employees of contractors engaged by the Company; (2) the extra time subsequently required upon the return of the workers to fully ramp-up construction activities at the site; (3) completion of identified improvements to infrastructure relating to buildings, supports and the chip tower inter-connection; and (4) implementation of enhancements to the mill’s safety and control systems.

Chad Wasilenkoff, Chairman and Chief Executive Officer of Fortress Paper, commented: “We look forward to the imminent production of dissolving pulp, which will signify an important milestone in the history of Fortress Paper. We believe that the implementation of supplemental process control testing will provide for a more efficient ramp-up to commercial production.”

The completion of the conversion project is currently materially on budget, with the exception of costs resulting from the unexpected walkout of construction workers which remain to be quantified. The cogeneration project at the Fortress Specialty Cellulose Mill is proceeding substantially on schedule, and is expected to be completed in the third quarter of 2012.

About Fortress Paper

Fortress Paper is a leading international producer of security and other specialty papers and products. Fortress 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 includes specialty pulp produced at the Fortress Specialty Cellulose Mill, which is currently in the process of converting 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 regarding the timing of completion of its conversion project and the commencement of dissolving pulp production. 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 Company operates. 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, risks relating to potential disruptions to production and delivery, regulatory requirements, changes in the market, potential downturns in economic conditions, fluctuations in the price and supply of required materials, foreign exchange fluctuations, labour relations, dependence on major customers, and other risk factors listed from time to time in the Company’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, 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.

SOURCES:

Fortress Paper Ltd.

Marketwire