GFP GreenFirst Forest Products Inc

TORONTO, March 30, 2022 /CNW/ - GreenFirst Forest Products Inc. (TSX: GFP) ("GreenFirst" or the "Company") welcomed Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry to the Paper Mill in Kapuskasing to announce that the Ontario government is providing $400,000 through the Northern Ontario Heritage Fund Corporation (NOHFC) to support and strengthen the forestry sector in Northern Ontario.

"The COVID-19 pandemic has resulted in many challenges, especially on the North American/Global newsprint markets. We are very pleased to receive the NOHFC funding from the Ontario government, which will assist in the restart of the curtailed paper machine allowing for increased production and stable jobs in Kapuskasing," noted Paul Rivett, Chairman of GreenFirst Forest Products.

Funds will go towards the restart of the curtailed paper machine that would allow GreenFirst to reposition the operation towards further growth while adding 45+ new jobs at the Kapuskasing Paper Mill.

"For generations, forestry has been the backbone of the Ontario economy," said Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry and Minister of Indigenous Affairs. "Forestry provides good-paying jobs, builds our communities, and provides the markets with the greatest raw material of all—homegrown Ontario wood. Our government stands with our forestry sector and is proud to make this significant investment in GreenFirst and the Kapuskasing community."

The NOHFC promotes economic prosperity across Northern Ontario by providing financial assistance to projects – big and small, rural and urban – that stimulate growth, job creation and skills development. Since June 2018, the NOHFC has invested more than $473 million in 4,244 projects in Northern Ontario, leveraging more than $1.5 billion in investment and creating or sustaining over 6,600 jobs.

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns 7 sawmills and 1 paper mill across Ontario and Quebec.  GreenFirst is a significant lumber producer in Canada having an annual lumber production capacity of 905MMfbm, with a goal to increase. GreenFirst's mills are located in rich wood baskets proudly operating over 9.2 million hectares of FSC® certified public and private Canadian forestlands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. GreenFirst's long-term vision is to be a leader in the global forestry industry.

SOURCE GreenFirst Forest Products Inc.