Twin Rivers Paper Company

Twin Rivers Paper Company

May 20, 2010 17:41 ET

Twin Rivers Paper Company Hosts Official Opening With Local, Regional and Federal Dignitaries

EDMUNDSTON, NEW BRUNSWICK--(Marketwire - May 20, 2010) -

(All financial references are in U.S. dollars unless otherwise noted.)

Twin Rivers Paper Company welcomed local, regional and federal officials to the Edmundston mill today for an official opening to communicate the strategy of the new company and to thank Provincial and community leaders for their support through the restructuring process.

"The launch of Twin Rivers represents a new beginning. With a focus on specialty papers, a more competitive cost structure, and continued emphasis on service and innovation, we are well-positioned to achieve long-term profitability," said Jeffrey Dutton, President and CEO. "Because of the hard work and sacrifice on the part of our employees, the commitment and vision of our leadership team, and assistance from our communities and the New Brunswick and federal governments, we are operating today. Thank you for the support."

In outlining the company strategy, Dutton said he expects Twin Rivers will generate approximately $400 million in revenue and manufacture up to 380,000 tons of specialty paper. By focusing on specialty paper, the company will sell a portfolio of sustainable and differentiated products coupled with a market-leading service platform. As Twin Rivers, the company has lowered its exposure to oil and purchased fiber, upgraded its core facilities, and completed significant cost reduction initiatives. 

"At the federal level, with CAD$23 million in credits transferred from Fraser Papers to Twin Rivers, our Pulp and Paper Green Transformation Program is meant to support environmental and energy improvement projects," explained Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency and Minister for the Atlantic Gateway. "We are pleased that our support is laying the groundwork for a greener and more secure future for Twin Rivers and the pulp and paper industry as a whole."

The Green Transformation Program funds will be used for projects at the Edmundston pulp mill, generating significant long-term energy and environmental benefits and reducing operating costs. Projects currently submitted for funding will result in the reduction of landfill solid waste, mill effluent, electrical usage and fresh water consumption.

"Our government believes in this company, its employees and the important role they will play in growing our economy and creating opportunities to keep our kids here at home," said Shawn Graham, Premier of New Brunswick. "Both the Edmundston and Plaster Rock mills have been modernized thanks to funding from our government and with this restructuring, Twin Rivers now has the secure foundation it needs to be a successful player in this very important industry."

A partial list of attendees included:

Federal Minister of National Revenue and Minister of the Atlantic Canada Opportunities Agency – Hon. Keith Ashfield

Premier of New Brunswick – Hon. Shawn Graham

NB Deputy Premier and Minister Post Secondary Education, Training and Labour and Minister responsible for the Northern New Brunswick Initiative – Hon. Donald Arseneault

Federal Member of Parliament for Madawaska-Restigouche – Jean-Claude D'Amours

Mayor of Edmundston – Jacques Martin

Senator Percy Mockler

Senator Pierrette Ringuette

Twin Rivers Paper Company Inc. is an integrated specialty paper company that manufactures publishing, packaging and label products for targeted markets and applications. The company has paper, pulp and lumber operations in New Brunswick and Maine and a technology center in Québec. For more information visit the Twin Rivers Paper Company web site at www.twinriverspaper.com.

Note:

This press release contains forward-looking information and forward-looking statements within the meaning of Canadian provincial securities laws. These forward-looking statements include, among others, statements with respect to the business strategy of Twin Rivers Paper Company (the "Company"); the Company's future profitability, revenue generation, production volumes and product portfolio; the economic and environmental impact on the community and the industry; the use of Green Transformation Program funding and the anticipated benefits. The words "strategy", "focus", "continue", "achieve", "vision", "expect", "will", "approximate", "believe", "grow", "create", "meant", "future", "generate", "result", variations of those words and other words and expressions which may be predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results of the business strategy, profitability, revenue generation, production volumes, product portfolio, impact on the community and industry, use of Green Transformation Program funding and its benefits to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, unforeseen costs or production issues, changes in industry trends and other risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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