Top

Fortress Global Enterprises Inc.

TSX Exchange | Nov 13, 2019, 9:19 PM EST | Real-time price

FGE $ 0.035 RT
CHANGE
-0.005 (-12.50%)
VOLUME
34,031
Day Low: 0.035
Day High: 0.04
 Back
Fortress Global Enterprises Provides Corporate Update
Fortress Global Enterprises Provides Corporate Update

Canada NewsWire

TSX: FGE
OTCQX: FTPLF

VANCOUVER, Sept. 27, 2019 /CNW/ - Fortress Global Enterprises Inc. ("Fortress" or the "Company") (TSX: FGE) (OTCQX: FTPLF) announces that it continues to execute on its previously announced strategic and financing initiative (the "Strategic Initiative") with the assistance of its financial advisor, Houlihan Lokey Capital, Inc., which includes seeking and pursuing a recapitalization, restructuring and/or business combination transaction. In addition, the Company has been working with certain stakeholders and other third parties to develop and evaluate various potential transaction structures. To-date, Fortress' wholly-owned subsidiaries, Fortress Specialty Cellulose Inc. ("FSC") and Fortress Bioenergy Ltd. (together, the "Borrowers"), have drawn down an aggregate of $5,000,000 under the previously announced senior secured credit facility, which has provided the Company with supplemental liquidity. The Company will disclose material developments relating to this process if, as and when they occur.

Fortress Global Enterprises Inc. (CNW Group/Fortress Global Enterprises Inc.)

Giovanni Iadeluca, Chief Executive Officer of the Company commented, "While we work diligently through our Strategic Initiative, the FSC mill has completed its second highest month of dissolving pulp production with an average of 493 ADMT per day in August. A contributing factor has been the optimization of the 5th digester. However, we continue to experience significant weakness in the market and price for dissolving pulp. We appreciate the support we have received from our senior lenders."

The Company also wishes to announce that Mr. Iadeluca, the Company's President and Chief Executive Officer, will be appointed as a director effective October 1, 2019 to replace Terrence Kavanagh who has tendered his resignation from the Company's board of directors.  Fortress would like to thank Mr. Kavanagh for all of his valuable contributions over the years and wishes him all the best in his future endeavors.

The Company

Fortress operates its dissolving pulp business at the Fortress Specialty Cellulose mill located in Thurso, Québec, which also operates in the renewable energy generation sector through its cogeneration facility. Fortress  operates  its  bioproducts  business  through  Fortress  Advanced  Bioproducts  Inc.,  which  has  laboratory  and  pilot  plant  facilities  in  Vancouver,  British Columbia.

SOURCE Fortress Global Enterprises Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2019/27/c1042.html

Fortress Global Enterprises Inc., 604-904-2328 or info@fortressge.comCopyright CNW Group 2019

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.