TEMISCAMING, QC, Aug. 17 /CNW Telbec/ - Tembec today indicated its full support for an energy conservation program announced earlier today by Ontario Energy and Infrastructure Minister Brad Duguid. The Company believes this program will encourage energy management practices that will have both a positive environmental impact and a positive impact on the competitiveness of several key Ontario industries.
The initiative will create a policy that rewards investments in efficiency and demand management and recognizes energy efficient practices by large industrial users. It will essentially bring the concept and benefits of time of use power currently available to residential users to industrial consumers.
"This program will result in energy, environmental and economic benefits-a great combination. By encouraging a shift away from peak demand periods, both the need for and use of peaking plants will be lessened, resulting in a reduced reliance on fossil fueled facilities," said Jim Lopez, Tembec's President and CEO. "With an industrial time of use framework available, the average cost of power, a critical cost element for many industries, will be lower. This will result in improved competitiveness and greater potential for job security."
"This initiative comes at a critical time for the Ontario economy generally and the Northern Ontario economy in particular. Tembec fully supports this initiative," concluded Mr. Lopez.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. The Company's principal operations are located in Canada and France. Tembec's common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available on its website at www.tembec.com.
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "will", "anticipate", "estimate", "expect" and "project" or variations of such words. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of future developments and may not be appropriate for any purposes other than what is stated herein. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in our periodic filings with securities regulatory authorities. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities legislation.
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