Grigiskes AB - Notification on material event

Klaipedos Kartonas AB, a subsidiary of GRIGISKES AB, has signed a financing contract for a new biofuel steam boiler

Vilnius, Lithuania, 2013-09-04 10:12 CEST (GLOBE NEWSWIRE) -- SEB Bank has
issued a loan of LTL 11 million (EUR 3.2 million) to Klaipedos Kartonas AB, a
subsidiary of GRIGISKES AB. The loan funds will be used for the construction of
a new 22.5 MW capacity boiler house. The project will enable the company to
have an up to 100 per cent supply of green energy produced by burning wood
waste bought by the company. 

When the modern biofuel boiler house is put into operation, Klaipedos Kartonas
company, which processes only secondary raw materials, will be able to refuse
using natural gas that is currently used in production processes. 

“Other companies within our Group also have biofuel boiler houses that burn
waste generated in wood-processing industrial processes. In this particular
case we will buy wood waste, as in cardboard production no waste is generated.
Anyway, we will achieve significant cost saving, as the price of heat produced
by burning wood waste is nearly twice lower than in case of using natural gas,”
says Gintautas Pangonis, President and Chairman of the Management Board of
Grigiskes Group. 

AB Klaipedos Kartonas, a member of Grigiskes Group, is one of the oldest
companies in Lithuania. At present, the company is one of the largest cardboard
producers in the Baltic Region, processing annually up to 115 thousand tons of
wastepaper, out of which about 105 thousand tons of cardboard is produced.
Processing of secondary raw materials that has been given preference by the
company in its production process allows to save about 1.5 million trees. 


         Gintautas Pangonis
         President of GRIGISKES AB
         (+370-5) 243 58 01