Fortress Paper Ltd.

Fortress Paper Ltd.

January 05, 2016 08:00 ET

Fortress Paper Announces Appointment of Director

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 5, 2016) - Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX:FTP) is pleased to announce the appointment of Gerry Gaetz to the Board of Directors of the Company (the "Board"). In addition to his appointment as a member of the Board, Mr. Gaetz will also serve on Fortress Paper's Audit Committee and Compensation Committee.

Mr. Gaetz is currently President and Chief Executive Officer of the Canadian Payments Association ("CPA"), where he is responsible for leading the modernization of Canada's core national payments infrastructure. The CPA operates the core national clearing and settlement infrastructure for Canada's financial system which covers a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made via debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Its systems cleared and settled transactions totaling $44.9 trillion in 2014, or $178 billion on average each business day. Prior to joining the CPA in 2013, Mr. Gaetz held a number of executive roles at the Bank of Canada, including Chief of Currency. In such role, he spearheaded the launch of Canada's new polymer banknote series and retail payments-related economic research. Mr. Gaetz is also a member of the International Council of Payment Association Chief Executives, is on the advisory boards of two private companies, and is a former member of the Banknote Ethics Initiative Accreditation Council.

Mr. Gaetz holds a Master of Business Administration degree from the University of Ottawa and is a Chartered Professional Accountant.

Fortress Paper also announces that Richard O'C. Whittall retired from the Board effective January 4, 2016. Mr. Whittall has been a member of the Board since 2007.

Yvon Pelletier, Chief Executive Officer of Fortress Paper, commented: "We are very pleased to have Mr. Gaetz join our Board. I am confident his experience and extensive expertise will assist Fortress Paper with its business plans moving forward. On behalf of the Board, I would also like to acknowledge the significant contribution that Mr. Whittall has made to Fortress Paper, and thank him for his exemplary service over the past eight years."

About Fortress Paper

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility. The Company operates its security paper products business at the Landqart Mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers.

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