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This is a multi-part message in MIME format. ------=_NextPart_000_0096_01CDD72E.03EFB140 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable >>> CNS Release <release@gov.ns.ca> 12/10/2012 7:23 pm >>> PREMIER'S OFFICE--Province Takes Crucial Step to Build Forestry of = Future ----------------------------------------------------------------- Nova Scotia has gained control of the largest block of privately-held = lands yet sold in the province, enabling it to support thousands of = families, provide opportunity for further innovation in the forest = sector, and gain control of a key part of its economic destiny. Premier Darrell Dexter announced today, Dec. 10, that the province has = negotiated an agreement with Resolute Forest Products and the Washington = Post Company to purchase all Bowater Mersey shares for $1. "Gaining control of these lands and resources allows the province to put = them into the hands of those in our forestry industry who will value = them most and can best generate more jobs and wealth in the province," = said Premier Dexter. "The province negotiated hard to reach a deal that = gives people living in Queens, Lunenburg and all of southwest Nova = Scotia renewed hope for their families, and indeed all Nova Scotia = reason for optimism about a strong future for forestry." The province gains all of the company's assets, excluding the Oakhill = Sawmill. The province takes compliance with the softwood lumber = agreement seriously, and excluded the purchase of the Oakhill Sawmill on = this basis. These key pieces of economic infrastructure will bring = significant and lasting benefits to Nova Scotians and will cover the = company's liabilities, including a fully funded pension plan. "Some people have said that they would turn their back on the forest = sector and the many thousands of families it has supported for = generations," said Premier Dexter. "Through our jobsHere plan, we know = that innovation is necessary for a successful forestry future. There has = to be innovation and focus to build a forest sector for the next 100 = years, and that is what this agreement reflects." In purchasing the shares of the company, the province now controls: -- 555,000 acres of commercial and protected woodlands, including the = Medway, Rossignol and St. Margaret's Bay districts. An independent = evaluation pegs the land's fair market value at $117.7 million or $212 = per acre. The land also presents more opportunities for forest-sector = growth, including community forests. The province issued an expression = of interest earlier today, and is exploring opportunities for a Mi'kmaw = forest initiative with the Assembly of Nova Scotia Mi'kmaq Chiefs. -- The former Bowater mill site in Brooklyn, Queen's Co., including = bio-refining machines, valued at $5 million. The site will be = transformed into a research, demonstration and development centre of = excellence and innovation in cleaner energy, bioenergy and forestry = products and technology. -- Brooklyn Power Corp., a 30-megawatt biomass generating facility. The = province will sell Brooklyn Power to Emera for $25 million in order to = protect ratepayers from the termination of the current Power Purchase = Agreement (PPA), which expires in 2025. The value of the assets acquired by the province, including the = woodlands, Brooklyn Power, the mill site and fibre inventory, cash and = tax credits total $150.4 million. Total liabilities are $136.4 million, = including $118.4 million of the company's assets funding the pension = liability and severance, and the extinguishing of a portion of the = company's debt at $18 million. Weighing assets against liabilities, the net gain to the province is $14 = million. This is on top of the benefits to the thousands of Nova = Scotians who depend on the forestry industry to support their families, = including harvesters, silviculturists, millworkers, people working in = wood product companies, truckers, and others. "Forestry has a bright future in Nova Scotia," said Premier Dexter. "By = taking control of this resource, we gain the opportunity to build an = industry focused on the future. The industry is turning a corner, and I = will do everything within my power to make forestry as important a part = of our future as it has been in our past." ----------------------------------------------------------------- ------=_NextPart_000_0096_01CDD72E.03EFB140 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META content=3D"text/html; charset=3Diso-8859-1" = http-equiv=3DContent-Type> <META name=3DGENERATOR content=3D"MSHTML 8.00.6001.19328"> <STYLE></STYLE> </HEAD> <BODY bgColor=3D#ffffff> <DIV><FONT size=3D4><SPAN=20 style=3D"FONT-FAMILY: 'Tahoma','sans-serif'; FONT-SIZE: = 10pt">>>> CNS=20 Release <<A = href=3D"mailto:release@gov.ns.ca">release@gov.ns.ca</A>>=20 12/10/2012 7:23 pm >>><BR>PREMIER'S OFFICE--Province Takes = Crucial Step=20 to Build Forestry of=20 Future<BR>---------------------------------------------------------------= --<BR><BR><FONT=20 size=3D3>Nova Scotia has gained control of the largest block of = privately-held=20 lands yet sold in the province, enabling it to support thousands of = families,=20 provide opportunity for further innovation in the forest sector, and = gain=20 control of a key part of its economic destiny.<BR><BR>Premier Darrell = Dexter=20 announced today, Dec. 10, that the province has negotiated an agreement = with=20 Resolute Forest Products and the Washington Post Company to purchase all = Bowater=20 Mersey shares for $1.<BR><BR>"Gaining control of these lands and = resources=20 allows the province to put them into the hands of those in our forestry = industry=20 who will value them most and can best generate more jobs and wealth in = the=20 province," said Premier Dexter. "The province negotiated hard to reach a = deal=20 that gives people living in Queens, Lunenburg and all of southwest Nova = Scotia=20 renewed hope for their families, and indeed all Nova Scotia reason for = optimism=20 about a strong future for forestry."<BR><BR>The province gains all of = the=20 company's assets, excluding the Oakhill Sawmill. The province takes = compliance=20 with the softwood lumber agreement seriously, and excluded the purchase = of the=20 Oakhill Sawmill on this basis. These key pieces of economic = infrastructure will=20 bring significant and lasting benefits to Nova Scotians and will cover = the=20 company's liabilities, including a fully funded pension = plan.<BR><BR>"Some=20 people have said that they would turn their back on the forest sector = and the=20 many thousands of families it has supported for generations," said = Premier=20 Dexter. "Through our jobsHere plan, we know that innovation is necessary = for a=20 successful forestry future. There has to be innovation and focus to = build a=20 forest sector for the next 100 years, and that is what this agreement=20 reflects."<BR><BR>In purchasing the shares of the company, the province = now=20 controls:<BR><BR>-- 555,000 acres of commercial and protected woodlands, = including the Medway, Rossignol and St. Margaret's Bay districts. An = independent=20 evaluation pegs the land's fair market value at $117.7 million or $212 = per acre.=20 The land also presents more opportunities for forest-sector growth, = including=20 community forests. The province issued an expression of interest earlier = today,=20 and is exploring opportunities for a Mi'kmaw forest initiative with the = Assembly=20 of Nova Scotia Mi'kmaq Chiefs.<BR>-- The former Bowater mill site in = Brooklyn,=20 Queen's Co., including bio-refining machines, valued at $5 million. The = site=20 will be transformed into a research, demonstration and development = centre of=20 excellence and innovation in cleaner energy, bioenergy and forestry = products and=20 technology.<BR><BR>-- Brooklyn Power Corp., a 30-megawatt biomass = generating=20 facility. The province will sell Brooklyn Power to Emera for $25 = million=20 in order to protect ratepayers from the termination of the current Power = Purchase Agreement (PPA), which expires in 2025.<BR><BR><BR>The value of = the=20 assets acquired by the province, including the woodlands, Brooklyn = Power, the=20 mill site and fibre inventory, cash and tax credits total $150.4 = million. Total=20 liabilities are $136.4 million, including $118.4 million of the = company's assets=20 funding the pension liability and severance, and the extinguishing of a = portion=20 of the company's debt at $18 million.<BR><BR>Weighing assets against=20 liabilities, the net gain to the province is $14 million. This is on top = of the=20 benefits to the thousands of Nova Scotians who depend on the forestry = industry=20 to support their families, including harvesters, silviculturists, = millworkers,=20 people working in wood product companies, truckers, and = others.<BR><BR>"Forestry=20 has a bright future in Nova Scotia," said Premier Dexter. "By taking = control of=20 this resource, we gain the opportunity to build an industry focused on = the=20 future. The industry is turning a corner, and I will do everything = within=20 my power to make forestry as important a part of our future as it has = been in=20 our=20 past."<BR><BR>-----------------------------------------------------------= ------<BR></FONT></SPAN></FONT></DIV></BODY></HTML> ------=_NextPart_000_0096_01CDD72E.03EFB140--
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