Advanced Fiber Technologies (AFT) Income Fund
TSX : AFT.UN

Advanced Fiber Technologies (AFT) Income Fund

September 30, 2005 16:08 ET

Advanced Fiber Technologies (AFT) Income Fund Announces New Board Appointments

LENNOXVILLE, QUEBEC--(CCNMatthews - Sept. 30, 2005) - Advanced Fiber Technologies (AFT) Income Fund ("AFT") (TSX:AFT.UN) announced today a number of developments, actions and initiatives designed to create unitholder value and aimed at renewing the long-term confidence of investors and all stakeholders.

Mr. Terence C. W. Reid, Chairman of the Board of AFT, is pleased to announce that, effective September 30th, 2005, new trustees have been appointed to hold office until the next annual meeting of AFT's Unitholders. The new trustees are Messrs Jean Noelting and Vrege Armoyan.

Mr. Jean Noelting is Managing Director of the Roycap Merchant Banking Group. He is an engineer by training and, prior to Roycap, had been President and CEO of CryptoLogic Inc., President of Westburne Inc. and held various senior roles in food-related businesses. Jean is a member of the Young President's Organization and has been a recipient of the "Top 40 under 40" award. Mr. Noelting brings firsthand leadership experience in operational excellence and managing change.

Mr. Vrege Armoyan is an entrepreneur who has developed and successfully run a number of private companies which excel in various types of real estate development and real estate management, mostly in Atlantic Canada. Vrege is also an engineer by training and is a member of the Young President's Organization. Mr. Armoyan is an experienced business leader with an extensive network, both attributes of great value to AFT.

The newly appointed trustees will replace Messrs. Jim Rogers and Roch Leblanc who have resigned as trustees of the Fund in order to allow for these new nominations to take effect. AFT wishes to thank Mr. Rogers for his invaluable contribution to the development of AFT during his tenure as trustee. Mr. Roch Leblanc will continue to serve as President and Chief Executive Officer of the Fund and its operating subsidiaries. Mr. Leblanc will ensure that the Fund focuses on cost reduction, margin improvements and asset utilization given the overcapacity in the screening components manufacturing at AFT and in the industry generally, three elements critical to AFT's return to sound financial footings.

As part of this Board reorganization, AFT also announced the formation of a new committee of the Board of Trustees set up to review, assess and consider all other steps that may have to be taken by AFT in these difficult times.

About AFT

Advanced Fiber Technologies (AFT) Income Fund is a limited purpose trust established to hold the securities of Advanced Fiber Technologies (AFT) Trust. AFT is one of the oldest and largest producers of pulp screening components, having celebrated its 100th year of operations in March 2003. AFT's product portfolio is comprised of three distinct but complementary technologies: pulp screening, pulp refining and pulp dewatering. Pulp screening components are used to separate contaminants from pulp, a process that is critical to ensuring the quality of the pulp and the quality of the resulting paper products. Pulp refining is adjacent to the pulp screening process and is mostly used to enhance pulp properties. Dewatering is a process used to thicken pulp or to increase consistency of sludge before disposal.

Forward-looking Information

The statements contained in this news release that are forward-looking are based on current expectations, and are subject to a number of uncertainties and risks, and actual results may differ materially. These uncertainties and risks include, but are not limited to: the dependence on certain key suppliers, competitive pressures and changes in market activity, risks associated with international operations and foreign exchange, legal proceedings, environmental, health and safety and other regulatory requirements. Further information can be found in the disclosure documents filed by Advanced Fiber Technologies (AFT) Income Fund with the securities regulatory authorities, available at www.sedar.com.

Contact Information

  • AFT
    Normand Potvin
    Chief Financial Officer & Secretary
    (819) 562-4754