|By Marketwired .||
|December 9, 2013 05:13 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/09/13 -- Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX: FTP) announced today that three of the four digesters at the Fortress Specialty Mill (the "FSC Mill") in Thurso, Quebec resumed operation today after being shut down since December 5, 2013 to complete required and preventative repairs to piping. Accordingly, the FSC Mill has resumed production and is ramping up operation of the cogeneration facility. The Company anticipates the fourth digester will be operational on December 11, 2013.
Yvon Pelletier, President of Fortress Specialty Cellulose Inc., commented: "While this operational technical setback was beyond our control and unfortunate, I am very proud of our team who were able to expeditiously rectify the issue. As a result of their diligent efforts, we have resumed production at the FSC Mill with limited downtime."
About Fortress Paper
Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the FSC Mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility and is in the process of expanding production into NBHK pulp. The Company is also seeking to expand its dissolving pulp capacity with the acquisition of Fortress Global Cellulose Mill located at Lebel-sur-Quevillon, Quebec, which the Company is evaluating to convert into a dissolving pulp mill and re-start the cogeneration facility. The Company operates its security paper products business at the Landqart Mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers, and at its high security production and research facility located in Canada, where it manufactures optically variable thin film material.
This press 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 length of time for repairs at the FSC Mill. The reader is cautioned that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. 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. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this news release include, among others: that there will be no unforeseen or unexpected delays in the repairs at the FSC Mill. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the cost and time for repairs at the FSC Mill 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.