Business
FP Newspapers Inc. Announces Halt to Capital Production Project
WINNIPEG, MB / ACCESSWIRE / March 10, 2023 / FP NEWSPAPERS INC. (TSXV:FP) ("FPI") announces toda...
About this update from Fp Newspapers Inc.
[{"type":"text","content":"FP Newspapers Inc. Announces Halt to Capital Production ProjectWINNIPEG, MB / ACCESSWIRE / March 10, 2023 / FP NEWSPAPERS INC. (TSXV:FP) (\"FPI\") announces today thatFP Canadian Newspapers Limited Partnership (\"FPLP\") will not be proceeding with the installation of the KBA Commander CT Press System and the Ferag mailroom equipment (the \"Capital Production Project\") that FPLP acquired from Machinery Solutions Group Inc., as previously announced by FPI in its press release on August 2, 2022.Management of FPLP believe that upon a further review of the compatibility of the press as well as changing market conditions, the business case for the installation is not sustainable as initially forecasted. Management anticipates that the business will continue to run, without issue, with existing press equipment and production infrastructure. Management of FPLP believe that the halt of the Capital Production Project does not change FPLP's positive view on the future performance of the business.About FPI FPI owns securities entitling it to 49% of the distributable cash flow of FPLP. FPLP owns and operates the Winnipeg Free Press, along with several other Manitoba based news and media publications that are available in both print and digital formats. The informative and engaging content we produce has an extensive reach throughout the province of Manitoba. The breadth of our reach provides compelling platforms for those looking to effectively reach a Manitoba audience. Further information can be found at www.fpnewspapers.com and in disclosure documents filed by FP Newspapers Inc. with the securities regulatory authorities, available at www.sedar.com.For further information, please contactMike Power, President and CEOFP NEWSPAPERS INC.Phone: 204-697-7547Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Certain statements contained in this press release are \"forward-looking statements\" that reflect the expectations of management regarding the halt of the Capital Production Project. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical fact contained herein are forward-looking statements. Forward­ look...