Fortress Paper Reports Second Quarter 2017 Results and CEO Retirement

Fortress Paper Ltd. (“Fortress Paper” or the “Company”) reported 2017 second quarter operating EBITDA of $4.3 million, a decrease of $2.0 million relative to the comparative prior year period and a decrease of $3.2 million over the previous quarter. The Dissolving Pulp Segment generated operating EBITDA of $3.5 million and the Security Paper Products Segment generated operating EBITDA of $2.8 million. Corporate costs included in operating EBITDA were $2.0 million.

Pursuant to the Company’s normal course issuer bid (the “NCIB”), the Company repurchased 54,688 common shares for a total cost of $360,000 at an average price of $6.58 per share during the second quarter. The Company has the ability to purchase an additional 355,321 common shares under the NCIB.

After 36 years in the forestry industry, including nearly five years at Fortress Paper, Yvon Pelletier will be retiring from the Company effective October 1, 2017. Chadwick Wasilenkoff will re-assume the role of Chief Executive Officer and President and continue to serve as Chairman of the board. In order to facilitate a smooth transition of Mr. Pelletier’s duties and strong customer and government relationships, he has agreed to a two year consulting agreement.

Yvon Pelletier, Chief Executive Officer of Fortress Paper, commented: “I would like to thank the whole team at Fortress for sharing these past five years of my career with me. With the addition of Giovanni Iadeluca to Thurso’s operations and Mr. Wasilenkoff’s full-time involvement, I am confident that I am leaving the Company in good hands for the next stage of improvement and growth.”
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