CanFibre Concludes 10 Year Pre-Sale of Total Production of Planned Buffalo MDF Plant.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 25, 1996-- The CanFibre Group (CanFibre) is pleased to announce it has executed a Sales Agreement with Timber Products Co. of Springfield, Oregon for the 10 year pre-sale of 100 percent of the capacity of its planned Buffalo area medium density fibreboard fibreboard Noun a building material made of compressed wood Noun 1. fibreboard - wallboard composed of wood chips or shavings bonded together with resin and compressed into rigid sheets fiberboard, particle board ("MDF (1) (Main Distribution Frame) A wiring rack that connects outside lines with internal lines. It is used to connect public or private lines coming into the building to internal networks. ") plant. This agreement covers the sale of both conventional CanFibre MDF and an increasing annual volume of CanFibre Fire Retardant fire retardant Public health A chemical used to resist combustion, which may contain polybrominated biphenyls and antimony oxide MDF. CanFibre and Timber Products have worked many months establishing a relationship that both parties intend to make expandable throughout North America and globally. Timber Products is ideally suited as CanFibre's North American sales partner because of their proven track record in the development and marketing of high value specialized products in the panelboard market. At current market prices, the 10 year contract has a value in excess of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $500 million and will permit CanFibre to commence project financing on the Buffalo area plant. As announced on January 18, 1996, CanFibre has already concluded an agreement to purchase a suitable site in Lackawana, near Buffalo, and has executed several contracts for the supply of waste fibre required for the manufacture of CanFibre MDF. Timber Products is a 100 year old privately owned company that currently produces panelboard products through its ownership of timber resources, veneer operations, plywood and particleboard par·ti·cle·board or particle board n. A structural material made of wood fragments, such as chips or shavings, that are mechanically pressed into sheet form and bonded together with resin. mills and a joint venture interest in an MDF mill. Timber Products then markets these products through an established sales force throughout North America and also markets in Europe, South and Central America and Asia. CanFibre engages in the worldwide development of manufacturing plants to produce high quality wood panel products such as medium density fibreboard (MDF) from 100 percent recycled dry waste. CanFibre MDF is North America's first "Green" panel board. It is produced from materials normally dumped in landfills without the use of conventional Urea Formaldehyde resins, a growing environmental concern for current MDF producers worldwide. The common shares of CanFibre are quoted on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. , symbol-CFGL. The Canadian Dealing Network neither approves nor disapproves the contents of this News Release. CONTACT: The CanFibre Group Ltd. 1-800-661-0288 E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : canfibre@cyberstore.ca. |
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