Northpalm Capital Corp.CSE: NP

Neenah Paper to Meet with Buchanan Regarding Status of Terrace Bay Transfer

· Issued by Northpalm Capital Corp. via CNW
ALPHARETTA, Ga., June 2 /CNW/ -- (NYSE: NP) - Neenah
Paper, Inc. announced today that the company will be meeting next week with
Buchanan Forest Products, Ltd. to discuss the status of a possible transfer of
Neenah Paper's Terrace Bay pulp mill and woodlands operations to Buchanan.  In
early May, Neenah Paper announced it had tentatively agreed to transfer these
operations to Buchanan subject to several conditions, including completion by
June 1 of labor negotiations between Buchanan and mill and woodlands
employees.  Mill employees were able to negotiate a revised agreement in
accordance with this deadline, however, woodlands employees have not.  Neenah
Paper had previously announced plans to permanently close the mill and
woodlands if a transfer to Buchanan could not be successfully completed.

About Neenah Paper, Inc.
Neenah Paper manufactures and distributes a wide range of premium and
specialty paper grades with well-known brands such as CLASSIC(R),
ENVIRONMENT(R), KIMDURA(R) and MUNISING LP(R).  The company also produces and
sells bleached pulp, primarily for use in the manufacture of tissue and
writing papers.  Neenah Paper is based in Alpharetta, Georgia, and has
manufacturing operations in Wisconsin, Michigan and in the Canadian provinces
of Ontario and Nova Scotia.  Additional information about Neenah Paper can be
found at the company's web site at www.neenah.com.