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VANCOUVER, Nov. 13 /CNW/ - Fortress Paper Ltd. ("Fortress Paper" or the
"Company") announced today that it has signed a 3 year extension to the
employment contract with Dr. Alfonso Ciotola, its Chief Executive Officer for
the Landqart and Dresden Mills. Dr. Ciotola is also the Chief Operating
Officer for Fortress Paper.
In conjunction with this extension the Company has granted Dr. Ciotola
300,000 options with an exercise price of $8.00. None of the 300,000 options
will vest until November 1, 2010.
Fortress Paper CEO Chadwick Wasilenkoff states, "We are very pleased to
have secured a long-term commitment with Dr. Ciotola. His over 30 years of
specialty paper experience and his strong operational expertise are an
integral part of the management team at Fortress Paper. We are also pleased
with Dr. Ciotola's desire to increase his equity participation in the Company
rather than seeking any additional monetary compensation."
Fortress Paper also announces the issuing of 240,000 additional options
to other officers and directors vesting on November 1, 2008.
About Fortress Paper Ltd.
Fortress Paper is a leading international producer of security and other
specialty papers. Fortress Paper operates two paper mills, the Landqart Mill
located in Switzerland and the Dresden Mill located in Germany. 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. As an extension of its security papers business, the
Landqart Mill has been actively developing and marketing innovative
paper-based security products.
For further information:
For further information: Chadwick Wasilenkoff, Fortress Paper Ltd.,
(604) 904-2328, firstname.lastname@example.org