Logistec Affected by Closure of St. Anne-Nackawic Pulp Mill in New Brunswick.MONTREAL -- Logistec Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : LGT LGT Light LGT Lateral Gene Transfer LGT Lifeguard Training LGT Locomotiv GT (Hungarian rock band) LGT Lattice Gauge Theory (physics) LGT Liechtenstein Global Trust (bank) .A and LGT.B), a broadly diversified cargo-handler in Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
Saint John, city (1991 pop. 74,969), S N.B., Canada, at the mouth of the St. John River on the Bay of Fundy. A major year-round port, it has an excellent harbor, large dry docks, and terminal facilities and maintains extensive , NB will be affected by the closure of the St. Anne-Nackawic Pulp Mill A pulp mill is a manufacturing facility that converts wood chips or other plant fiber source into a thick fiber board which can be shipped to a paper mill for further processing. in the town of Nackawic, New Brunswick The town of Nackawic is located 65 km west of the city of Fredericton on the east bank of the Saint John River in New Brunswick, Canada. The town occupies an area of about 9 km² and is surrounded by the parishes of Southampton and Queensbury with the Village of Millville 10 km to .This mill has been using Logistec's services in Saint John to load their woodpulp to ocean-going vessels.Although revenues represent only 2.5% of Logistec's consolidated revenues, this will have a significant impact on the operations at this facility. "We were obviously very disappointed to hear of the closure of the mill. We will monitor closely this account while realigning our costs and intensify our efforts in our search for new business for this facility," commented Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation. About Logistec Logistec Corporation is based in Montreal and provides specialized services to the marine community and industrial companies in the areas of container, break-bulk and bulk cargo handling at 23 ports in Eastern Canada, the Great Lakes, and the U.S. East Coast; agency services to foreign shipowners and operators serving the Canadian market; marine transportation services geared primarily to the Arctic coastal trade; and management of PCBs, site remediation, risk assessment and rehabilitation of underground water pipes and aqueducts. The Company has been profitable each year since 1969 and has more than doubled its revenue since 1995 through internal growth and strategic acquisitions. The Company has paid a dividend regularly since 1969 and payments have grown steadily over the years. A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols LGT.A and LGT.B. More information can be obtained at the Company's website at www.logistec.com. Forward-Looking Statements This news release may contain certain forward-looking information and statements concerning the Company's operations, performance, and financial condition, including, in particular, the likelihood of the Company's success in developing and expanding its business. These statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Examples include the performance of domestic and international economies and the effects of these on shipping, weather conditions, labour relations, and pricing and other marketing activities by competitors. Actual results may differ materially from those expressed or implied by such forward-looking statements. Logistec Corporation (TSX:LGT.A) (TSX:LGT.B) |
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