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Sat, Mar 23, 2019 04:59
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Management Side
Fortress Secures Federal Government Support for Planned Bioproducts Demonstration Project

VANCOUVER, B.C. (News release) -- Fortress Global Enterprises Inc. announced that its wholly-owned subsidiary, Fortress Xylitol Inc., has entered into a definitive contribution agreement with Natural Resources Canada ("NRCan") whereby NRCan has committed $10 million in contribution funding to support the planned construction of a xylitol and complementary bioproducts demonstration plant at Fortress' dissolving pulp mill in Thurso, Québec. This funding from NRCan is in addition to the anticipated federal and provincial investments, grants, and loans of up to $17.4 million previously announced by Fortress on July 11, 2018 that remain subject to completion of definitive documentation.

The Demonstration Plant is intended to demonstrate technology for the co-production of value-added and sustainable bioproducts that can 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.

"The Demonstration Plant project builds on the acquisition of S2G Biochemicals Inc. and the Company's hemicellulose project at the Thurso mill," stated Giovanni Iadeluca, President and CEO of Fortress. "We are very grateful for NRCan's support of this important project which could have a transformative impact on the optimization of wood resource utilization."

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