News
Canadian Company Press Release
CFGL 2000-08-18 (provided courtesy of CCN Disclosure .)
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CanFibre Re-Commences Production Of North America's Only "Green" MDF, ALLGREEN MDF Designated By EPA For Use In All Federal Purchases
TORONTO, ONTARIO--The CanFibre Group Ltd. ("CanFibre"), (CDN:
"CFGL"; Nasdaq BB: "CNFBF"), reports that, after a 14 day shutdown
to make adjustments to its press and to allow a reduction in
inventory, the Riverside medium density fiberboard ("MDF")
facility has successfully re-commenced production of its
ALLGREEN(R) MDF. The facility will now be operated to meet all
sales orders but will not build further inventory at this time.
CanFibre produces the ONLY truly green MDF in North America
because it uses 100% post-consumer waste wood and because it has
been certified by Scientific Certification Systems as having "no
formaldehyde emissions detected above natural background levels
from wood" due to its use of environmentally friendly
phenol-formaldehyde resin. Other MDF producers that claim to
produce a "green" MDF use less than 25% post-consumer waste wood
and those facilities use urea formaldehyde resins which are known
to emit formaldehyde for as much as two years after the MDF has
been produced.
CanFibre's ALLGREEN(R) MDF is also the only MDF currently
designated as being accepted by the Environmental Protection
Agency as meeting their strict Comprehensive Procurement
Guidelines issued and put into effect August 7, 2000. In
addition, Executive Order 13101, Section 701 demands that
contractors to the U.S. federal government comply with the EPA
guidelines. (This information can be accessed at
www.epa.gov/cpg/products/fiberbrd.htm).
In short, as of August 7, 2000, to be in compliance with federal
regulations, any MDF purchased by or for the U.S. federal
government at this time must be ALLGREEN(R) MDF.
CanFibre has continued to engage in a rapidly expanding sales and
marketing program that has achieved the following during the first
half of August:
* The Home Depot sales program is being expanded to include
additional products and additional stores.
* Approximately one-third of the finished goods on hand August 1,
2000 has been sold as part of an inventory reduction plan, with
delivery of the material expected prior to the end of August.
* The export program has commenced with several containers already
having been shipped offshore.
* Sales orders for the ALLGREEN(R) MOULDINGS program for the first
half of August is in excess of $300,000, surpassing the July total
for the entire month.
The growth of these programs is attributable to both a continued
improvement in product quality and consistency and to CanFibre's
"green" MDF.
CanFibre does continue to experience a critical cash shortage with
losses being incurred from operations before interest, taxes and
depreciation. A consultant has been engaged to assist CanFibre to
develop and attempt to implement a restructuring plan for
repayment of its creditors. CanFibre will require additional
investment in the facility to achieve this and such investment
continues to be sought. CanFibre has not planned to receive any
additional investment from its parent company, Kafus Industries
Ltd. and, accordingly, CanFibre is not adversely affected by any
recent announcements by Kafus.
CanFibre will be displaying its full line of ALLGREEN(R) products
at the upcoming International Woodworking Fair at the Atlanta
World Congress Center from August 24 to 27. All customers and
shareholders are welcome to visit to discuss the company and its
products.
Please visit CanFibre at the IWF - Booth # 3616.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
The CanFibre Group Ltd.
George DeCristoforo
Director
(416) 681-9990 or toll free 1-888-355-4733
(416) 681-9992 (FAX)
Email: canfibre@direct.ca
Website: www.canfibre.com
or
The CanFibre Group Ltd.
Chris Carl
President
(416) 681-9990 |
