FOR IMMEDIATE RELEASE
NEWS RELEASE
October 24, 2000
NEWS RELEASE
TORONTO - October 24, 2000 - The CanFibre Group Ltd. ("CanFibre"), (CDNX: YCF FORMERLY CDN: "CFGL") has been advised by PricewaterhouseCoopers Inc. ("PWCI"), the trustee in bankruptcy for Kafus Industries Ltd. ("Kafus"), that the British Columbia Supreme Court has issued an order that contemplates the assignment of all of the shares of CanFibre owned or controlled by the bankrupt Kafus to ECT Merchant Investments Corp. and related entities ("ECT"). The order also grants permission to ECT to commence proceedings to collect all debts owed by CanFibre and its affiliates to Kafus. Kafus owns or controls approximately 86% of the issued shares of CanFibre. The order was made after PWC advised the creditors of Kafus that it would not take any further action with respect to the Kafus interests in CanFibre. There is no guarantee that any assignment will be completed. Any assignment is subject to exchange and regulatory approval, including the approval of the securities regulatory authorities across Canada to permit the assignment to proceed as an exempt take-over bid pursuant to take-over bid legislation.
Pursuant to a Control Bulletin issued by the Canadian Venture Exchange ("CDNX") dated September 27, 2000, CanFibre has been listed and eligible for trading on Tier 3 of the CDNX under the symbol YCF. The CUSIP number is 13753R102. The change in listing is a result of the cease in operation of the Canadian Dealing Network where CanFibre previously traded and does not represent a change in the financial status of CanFibre or its subsidiaries.
CanFibre also wishes to correct a statement made in its August 9, 2000 release regarding certification by Scientific Certification Systems ("SCS"). In that release, CanFibre incorrectly stated that SCS had certified CanFibre as using 100% post-consumer waste wood in the production of ALLGREEN® MDF. In fact, ALLGREEN® MDF is certified as using "100% recycled wood fiber composed of 35% post-consumer wood fiber and 65% post-industrial wood fiber." CanFibre apologizes for the inadvertent misstatement in its earlier release.
DIRECT ALL SHAREHOLDER INQUIRIES TO:
George DeCristoforo
Director, The CanFibre Group Ltd.
Tel: (416) 681-9990
Fax: (416) 681-9992
Website: www.canfibre.com Chris Carl
President, The CanFibre Group Ltd.
Tel: (416) 681-9990
Fax: (416) 681-9992
Website: www.canfibre.com
Shares Issued and Outstanding: 37,079,575
The Canadian Venture Exchange has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this release.
The foregoing contains forward-looking statements, which are subject to contingencies and uncertainties. Such forward looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could prove to be inaccurate including without limitation, that there is market acceptance for the company's products. Actual events, transactions, and results may differ materially from anticipated events, transactions or results described in such statements. Material uncertainties about the future of the company exist.
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