Intertape Polymer Group Announces: Completion of Water-Activated Tape Operations Consolidation.Business Editors MONTREAL & BRADENTON, Fla.--(BUSINESS WIRE)--Dec. 22, 2003 Early Adoption of Fair Value Method of Accounting for Stock-Based Compensation Further to its announcement of October 14, 2003, Intertape Polymer Group Inc. (NYSE NYSE See: New York Stock Exchange : ITP ITP - Intent to Package )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : ITP) today said that its water-activated tape plant in Green Bay, Wisconsin Green Bay is the county seat of Brown County in the U.S. state of Wisconsin. The city is located at the head of its namesake Green Bay, a sub-basin of Lake Michigan, at the mouth of the Fox River. has been closed, and the transfer of its water-activated tape operations to the Menasha, Wisconsin plant has been completed. The Company intends to sell the facility in Green Bay. At the same time, the Company also announced that it is adopting the fair value method of accounting for stock-based compensation and other stock-based payments for 2003. Under transitional provisions prescribed by the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. ("CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) "), the Company is prospectively applying the recognition provisions to awards of stock options issued in 2003 and thereafter. The transitional provisions of the CICA are similar to those of the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). . As a result of adopting the fair value method in 2003, the Company expects to record a fourth quarter 2003 pre-tax charge of approximately $128,000. Beginning in the first quarter of 2004 and continuing through to mid-2007, the Company expects to record a pre-tax charge of approximately $70,000 per quarter associated with the 2003 stock option grants. As well, future stock option grants will be accounted for under the fair value method and will result in additional stock-based compensation expense. About Intertape Polymer Group Intertape Polymer Group is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, the Company employs approximately 2,600 employees with operations in 19 locations, including 14 manufacturing facilities in North America and one in Europe. Safe Harbor Statement Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward- looking statements, including its earnings outlook. |
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