CanFibre Proceeds to Permitting in California.VANCOUVER, British Columbia--(BUSINESS WIRE)--July 9, 1996--The CanFibre Group Ltd. (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. :CFGL CFGL Community Foundation of Greater Lakeland (Lakeland, FL) CFGL Configuration List ) is pleased to announce that it has proceeded to permitting following its receipt of a resolution from the California Pollution Control Financing Authority (CPCFA CPCFA California Pollution Control Financing Authority ), which confirms CanFibre's eligibility and approval to issue up to $105 million in Tax Exempt Bond financing for its Riverside, California plant. While this resolution is the first of a three step process required to secure debt for the project, receiving the inducement ensures CanFibre's eligibility for financing in 1996. Commensurate with the receipt of the Initial Resolution, CanFibre has selected special Bond Counsel required to proceed and is in the final stages of submitting application for all required permits at the Riverside facility. CanFibre now expects to make a presentation to the approval committee in late August to receive final approval to issue the bonds. CanFibre engages in the worldwide development of manufacturing plants to produce high quality wood panel products such as 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. ) 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. -0- NOTE TO EDITORS: The Canadian Dealing Network neither approves nor disapproves the contents of this News Release. CONTACT: The CanFibre Group Ltd. Investor Relations Department, 604/685-2430 or 1-800-661-0288; 604/685-2426 (Fax) 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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