Fortress Secures Additional Federal Government Support For Planned Bioproducts Demonstration Project
April 11, 2019
VANCOUVER (News release) -- Fortress Global Enterprises Inc. is pleased to announce that, further to its news release of July 11, 2018, its wholly-owned subsidiary, Fortress Xylitol Inc., has now entered into a definitive contribution agreement with Sustainable Development Technology Canada ("SDTC") whereby SDTC has committed $10.4 million in contribution funding to support the planned construction and operation of a xylitol and complementary bioproducts demonstration plant at Fortress' dissolving pulp mill in Thurso, Québec (the "Demonstration Plant Project"). This funding from SDTC is in addition to the $10 million grant from Natural Resources Canada previously announced and the anticipated provincial investment and loan of up to $7 million previously announced by Fortress on July 11, 2018 that remains subject to completion of definitive documentation.
The Demonstration Plant Project is intended to demonstrate technology for the co-production of value-added and sustainable bioproducts that will help transform the mill into a biorefinery. The process is expected to validate performance and produce pre-commercial quantities of food-grade xylitol and complementary bioproducts for testing and use by customers.
"We are very grateful for the strong federal government support for the Demonstration Plant Project, which we believe has the potential to transform our forest industry by creating new and valuable bioproducts from existing wood resources," stated Giovanni Iadeluca, President and CEO of Fortress. "The technology that will be demonstrated is a key component of our vision to create a biorefinery that will produce sustainable and cost-effective xylitol along with other bioproducts."
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