Fortress Paper Ltd.

Fortress Paper Ltd.

August 31, 2009 19:55 ET

Fortress Paper Announces Changes in Executive Management

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) -


Fortress Paper Ltd. (TSX:FTP) ("Fortress Paper" or the "Corporation") would like to announce the following executive management promotions.

Mr. Alfonso Ciotola, formerly the Chief Operating Officer, has been appointed President of the Corporation. Mr. Chad Wasilenkoff will continue as Chief Executive Officer and Chairman of Fortress Paper.

Mr. Erich Sulser has been appointed to the vacated position of Chief Operating Officer. Mr. Sulser was the former Chief Financial Officer of the Corporation and has been directly involved with the operations at both mills since the inception of Fortress Paper.

Mr. Kurt Loewen has been promoted from Corporate Controller to Chief Financial Officer. Mr. Loewen previously served as Chief Financial Officer with several publicly listed companies from 2005 to 2008. Mr. Loewen was the Continental European Controller and prior thereto the Group Finance Manager for Fidelity Investments Group of Companies based in Luxembourg and Bermuda from May 2000 to May 2005. He is a Chartered Accountant in Canada and has a Masters of Science degree in Forest Resource Management. Mr. Loewen previously worked in public practice in audit and accounting with Deloitte & Touche LLP.

Mr. Danial Buckle has been appointed Finance Director and Corporate Secretary. Mr. Buckle previously held the position of Treasurer and has been with the Corporation since 2008. Prior to joining Fortress Paper, Mr. Buckle was a Manager in audit with PricewaterhouseCoopers LLP and spent eight years working with PricewaterhouseCoopers LLP in various capacities. Mr. Buckle is a Chartered Accountant in Canada and holds a Bachelor of Business Administration degree.

Mr. Wasilenkoff, Chairman and CEO of Fortress Paper, comments, "I look forward to continue working with the Management Team in their new roles which will allow us to fully utilize their individual backgrounds and strengths. Mr. Ciotola brings considerable operational expertise to the President's position, which should prove invaluable in enhancing the Corporation's operating efficiencies and strategic growth."

About Fortress Paper

Fortress Paper is a leading international producer of security and other specialty papers. Fortress Paper operates two paper mills, the Landqart Mill located in Switzerland and the Dresden Mill located in Germany. Fortress Paper's security papers include banknote, passport and visa papers and its specialty papers include non-woven wallpaper base products, and graphic and technical papers. As an extension of its security papers business, the Landqart Mill has been actively developing and marketing innovative paper-based security products.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fortress Paper Ltd. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, regulatory requirements, competition and other risk factors listed from time to time in the Corporation's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Fortress Paper Ltd. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

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