May 19, 2005
Toronto, Ontario - Fareer Papers Inc. (TSX:FPS) today announced that it has
completed the sale of approximately 240,000 acres of timberlands in Maine to
Heartwood Forestland Fund V Limited Partnership, an investment vehicle managed
by The Forestland Group, LLC, for proceeds of $80.5 million. The company
intends to use the proceeds from this transaction for general corporate purposes
and for redeployment in its core pulp and paper business.
"The closing of this transaction represents further progress on our strategy to
reposition assets to focus on our core paper and pulp operations and allows us
to achieve significant value for our timberlands. At the same time, we
were able to secure the wood fibre supply required for manufacturing
facilities," commented Dominc Gammiero, Fraser Papers' President and CEO.
Fraser Papers continues to own approximately 765,000 acres of timberlands in the
Province of New Brunswick.
Fraser Papers is an integrated specialty paper company which produces a broad
range of technical, and printing & writing pagers. The company has
operations in New Brunswick, Maine, New Hampshire and Quebec. Fraser
Papers is listed on the Toronto Stock Exchange under the symbol FPS. For
more information, visit the Fraser Papers web site at
www.fraserpapers.com
Note: This press release contains "forward-looking statements" that are based on
certain assumptions and reflect the company's current expectations. The
words "believe," "expect," "anticipate," "intend," "estimate" and other
expressions which are 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
know 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 to differ materially from those set forth in the forward-looking
statements include general economic conditions, interest rates, availability of
equity and debt financing and other risks detailed from time to time in the
documents filed by the company with the securities regulators in Canada.
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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