VANCOUVER, March 28, 2018 /CNW/ - Fortress Global Enterprises Inc. ("Fortress Global") (TSX:FGE) (OTCQX:FTPLF) is pleased to announce that the Fortress Specialty Cellulose ("FSC") mill has completed, on time and on budget, construction and commissioning of the fifth digester that was first announced in November 2016.
Giovanni Iadeluca, President of FSC, commented: "This is an important milestone for the FSC mill. We successfully performed our first cook on March 27th. Our current annual production capacity is approximately 165,000 air dried metric tonnes ("ADMT"). We expect the fifth digester to incrementally increase our production capacity by 8,500 ADMT in 2018 and 17,000 ADMT in 2019. This will result in a material improvement to the FSC mill's cost structure. We wish to thank our team at the FSC mill for their efforts in ensuring that the fifth digester was completed within the specified time frame and budget."
About Fortress Global Enterprises
Fortress Global Enterprises operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada. Fortress Global Enterprises also operates in the renewable energy generation sector through the Fortress Specialty Cellulose Mill's cogeneration facility, and plans to establish a demonstration plant for the future production of xylitol.
This press release contains certain forward-looking information that reflects the current views and/or expectations of Fortress Global with respect to its performance, business and future events, including statements regarding: the FSC mill's increased production capacity as a result of the commissioning of the fifth digester. The reader is cautioned that forward-looking information is not a guarantee of future performance and involves 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 information. Forward-looking information is based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which Fortress Global operates. Assumptions underlying Fortress Global's expectations regarding forward-looking information contained in this news release include, among others: that the fifth digester will become fully operational and that the FSC mill will be able to utilize additional digester capacity. Investors are cautioned that all forward-looking information involves risks and uncertainties including, without limitation: that FSC may experience unforeseen delays in fully ramping up the fifth digester, and those risks relating to our reputation, competition, changes in the market, potential downturns in economic conditions, dependence on major customers, fluctuations in the price and supply of raw material, foreign exchange fluctuations, labour, regulatory requirements and other risk factors listed from time to time in Fortress Global'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 statements comprising forward-looking information, which are qualified in their entirety by this cautionary statement. Fortress Global does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
SOURCE Fortress Global Enterprises Inc.
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