September 20, 2016 17:06 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 20, 2016) - Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX:FTP) announces today that in connection with its previously reported normal course issuer bid (the "Bid"), which commenced on September 6, 2016, Fortress Paper has entered into an automatic securities purchase plan (the "Plan") with its designated broker in order to facilitate purchases of its common shares under the Bid.
The Plan allows for purchases by Fortress Paper of common shares at any time including, without limitation, when the Company would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Fortress Paper's broker based upon the parameters prescribed by the Toronto Stock Exchange (the "Exchange") and the terms of the parties' written agreement. Outside of such restricted or black-out periods, the common shares may also be purchased in accordance with management's discretion. The Plan will terminate on September 5, 2017.
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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