Vancouver, British Columbia, August 21, 2019 - Fortress Global Enterprises Inc. ("Fortress Global" or the "Company") (TSX:FGE) (OTCQX:FTPLF) announces that, as a result of ongoing financial constraints impacting the Company primarily resulting from a 10-year low in dissolving pulp prices, the Board of Directors has formed a Strategic Committee to consider various strategic and financing alternatives potentially available to the Company, including a recapitalization, restructuring and/or business combination transaction.
As part of this process, the Company has engaged Houlihan Lokey Capital, Inc. to act as its financial advisor.
While the Company has initiated this process, there is no certainty that any transaction or alternative will be undertaken or pursued. The Company has not set a definitive schedule to complete its evaluation and no decision on any particular transaction or alternative has been reached at this time. The Company does not intend to disclose ongoing developments with respect to this process, but in accordance with its continuous disclosure obligations, will disclose material developments if, as and when they occur.
Fortress Global 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