VANCOUVER, Sept. 10, 2018 /CNW/ - Fortress Global Enterprises Inc. ("Fortress Global" or the "Company") (TSX: FGE) (OTCQX: FTPLF) is pleased to announce that an independent proxy advisory firm, Glass Lewis & Co., LLC, has recommended that holders (the "Debentureholders") of Fortress Global's 7.0% convertible unsecured subordinated debentures due December 31, 2019 (the "Debentures") (TSX: FGE.DB.A), vote FOR the extraordinary resolution to approve the proposed Debenture amendments at the meeting of Debentureholders to be held on October 1, 2018 (the "Meeting"). Glass Lewis is a leading independent provider of proxy research who provides advice and voting recommendations to pension funds, investment managers, mutual funds and other institutional investors.
The proposed amendments (the "Amendments") to the Debentures consist of extending the maturity date of the Debentures from December 31, 2019 to December 31, 2022, and increasing the interest rate of the Debentures from 7.0% per annum to 8.0% per annum, effective January 1, 2019 (being the commencement of the next interest rate accrual period).
For the reasons described in Fortress Global's press release dated August 28, 2018, the board of directors of Fortress Global unanimously recommends that Debentureholders vote FOR the Amendments.
Fortress Global encourages Debentureholders to vote in support of the Amendments well in advance of the proxy deadline of 3:00 p.m. (Vancouver time) on September 27, 2018.
TO BE ELIGIBLE FOR A 2% CONSENT FEE, DEBENTUREHOLDERS ARE REMINDED TO VOTE PRIOR TO SEPTEMBER 24, 2018.
A Debentureholder who votes FOR the Amendments prior to 5:00 p.m. (Vancouver time) on September 24, 2018, may be eligible to receive a consent fee equal to 2% of the principal amount of Debentures held by such holder as at the record date for the Meeting. Further details of this consent fee can be found in the management information circular of Fortress Global in relation to the Meeting dated August 28, 2018 (the "Circular"), which can be found under Fortress Global's profile on SEDAR at www.sedar.com.
Detailed voting instructions are contained in the Circular and accompanying form of proxy or voting instruction form. The Meeting is scheduled to be held on October 1, 2018 at 3:00 p.m. (Vancouver time) at the offices of Sangra Moller LLP located at 1000 – 925 West Georgia Street, Vancouver, British Columbia.
For more information, please contact:
Fortress Global Enterprises Inc.
604-904-2328 or [email protected]
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Debentureholders may contact the Company's information and proxy solicitation agent, Laurel Hill Advisory Group, at:
North American Toll Free Number: 1-877-452-7184
Outside North America: 416-304-0211 (collect)
Email: [email protected]
About Fortress Global
Fortress Global operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada. Fortress Global 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 and other bioproducts.
This press release may contain certain forward-looking information that reflects the current views and/or expectations of Fortress Global with respect to its performance, business and future events. 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 the Company operates. Assumptions underlying the Company's expectations regarding forward-looking information contained in this news release include, but are not limited to, those with respect to general economic and financial conditions, interest rates, exchange rates, equity and debt markets, business competition, changes in government regulations or in tax laws, acts, and the ability of the Company to obtain approval for the Amendments (including approval from the TSX). Investors are cautioned that all forward-looking information involves risks and uncertainties including, without limitation, the following: changes to the Meeting, including anticipated dates; that the Amendments will not be successfully completed for any reason and the risk that, if completed, Fortress Global will not be able to pay the interest and/or repay the principal amount outstanding under the Debentures when due, that the Company or Debentureholders may not realize the anticipated benefits of the Amendments and increases in interest rates; 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 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.
For further information: Fortress Global Enterprises Inc., 604-904-2328 or [email protected]; Debentureholders may contact the Company's information and proxy solicitation agent, Laurel Hill Advisory Group, at: North American Toll Free Number: 1-877-452-7184, Outside North America: 416-304-0211 (collect), Email: [email protected]