Business Services Industry
Canfibre Receives Confirmation From Hanwa on Takeout Contract for Proposed Riverside County MDF Plant
Business Wire, March 7, 1996
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 1996--The CanFibre Group (CanFibre) (Canadian Dealing Network, symbol CFGL.) is pleased to report that it has received the following communique from Hanwa Kozai of Japan relative to the pending execution of a takeout contract for the full ten year production of CanFibre's planned Riverside County, California-based MDF plant: "We are pleased to report that the proposed takeout contract between Hanwa Kozai Co., Ltd. and CanFibre US Ltd. is acceptable to Hanwa Kozai without modification pending a final review by the legal department of Hanwa Kozai's bank and we expect to conclude this matter before March 31, 1996."
The proposed takeout contract has a current market value of approximately $350 million USD.
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 Canadian Dealing Network neither approves nor disapproves the contents of this News Release.
CONTACT: The CanFibre Group Ltd.
1-800-661-0288, canfibre@cyberstore.ca
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