/NOT FOR DISTRIBUTION IN THE UNITED STATES/
VANCOUVER, Aug. 15, 2018 /CNW/ - Pinnacle Renewable Holdings Inc. ("Pinnacle" or the "Company") (TSX: PL) today provided an update on its operations in British Columbia amid the current high level of forest fire activity in the province. B.C. Wildfire Services estimates there are currently approximately 600 active wildfires in the province, versus approximately 150 at this time last year. The Company reports that none of its facilities are currently under immediate threat of encroachment from wildfires, however there are wildfires burning in the proximity of some of its production facilities.
With its long operating history in British Columbia, Pinnacle has extensive experience in managing its operations during seasonal forest fire periods and puts the safety of its employees first and foremost. The Company is closely monitoring the current wildfires in the proximity of its facilities and will provide timely updates on any developments that could impact its operations. In the event of an evacuation or required temporary closure of a facility due to forest fire encroachment, Pinnacle is experienced in managing its network of facilities to ensure customer shipments.
"We are adept at managing our network of facilities to adjust for potential temporary operational disruptions. We had to close our Williams Lake production facility for 24 days last year during July and August due to a forest fire and no customer shipments were missed. Our network of facilities was able to absorb this temporary closure and make up the production elsewhere," said Vaughan Bassett, Senior Vice President, Sales and Logistics.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces renewable fuel for electricity generation in the form of industrial wood pellets, which are used by global utilities and large-scale power generators to produce renewable and reliable baseload power. Pinnacle is a trusted supplier to its customers, who require reliable, high quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates seven industrial wood pellet production facilities in western Canada, a port terminal in Prince Rupert, B.C., and currently has a new production facility under construction in Smithers, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent 109% of its production capacity through 2021 and nearly 101% of its production capacity through 2026.
This news release may contain "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to Pinnacle's future financial outlook and anticipated events or results and may include information regarding its financial position, business strategy, growth strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. If any of the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those expressed in the forward-looking information. The Company has no obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors, including those described in "Risk Factors" which are described in the Company's Annual Information Form ("AIF") filed March 27, 2018 on SEDAR.
We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect our results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" in the Company's most recent AIF and its Management's Discussion & Analysis for the second fiscal quarter ended June 29, 2018 available on SEDAR (www.sedar.com) for a discussion of the uncertainties, risks and assumptions associated with these statements.
SOURCE Pinnacle Renewable Holdings Inc.
For further information: Investor Relations, Pinnacle Renewable Energy, Tel: 1-877-737-4344, Email: [email protected], Web: www.pinnaclepellet.com