Grigiskes - Notification on material event

Klaipedos Kartonas AB, a subsidiary of GRIGISKES AB, already operates a new biofuel boiler

Vilnius, Lithuania, 2014-05-22 11:04 CEST (GLOBE NEWSWIRE) -- Klaipedos
Kartonas AB, a subsidiary of GRIGISKES AB, has successfully completed the
construction of a new biofuel boiler and began to operate it. This modern 17.5
MW boiler 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. “In addition price
of heat produced by burning wood waste is nearly twice lower than in case of
using natural gas. It is particularly important for Klaipedos Kartonas AB,
which is being modernized and sales expanding company,” says Gintautas
Pangonis, President and Chairman of the Management Board of GRIGISKES Group. 

As it was published, the project was implemented with the support of Cohesion
Fund up to LTL 6.0 million (EUR 1.7 million), project
No.VP3-3.4-ŪM-02-K-02-003. After the positive assessment of the prospects the
construction of a new biofuel boiler received a bank loan up to LTL 11 million
(EUR 3.2 million). A part of the subsidiary's working capital was also used to
finance the project. 

This was not the first, but the biggest investment project, implemented by
Klaipedos Kartonas AB in less than 4.5 years, when it was purchased by
GRIGISKES AB. "At this project we will not stop. This project is a solid
foundation and, I'd say, a source of financing for future investments in
subsidiary's equipment's modernizations and renovations, which would allow to
reduce costs and expand production capacity, " - said Mr. Gintautas Pangonis. 






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