Giovanni Iadeluca will be promoted from president of the company's wholly-owned subsidiary, Fortress Specialty Cellulose Inc. (FSC) to president and chief executive officer of Fortress Global effective December 5, 2018 (the Effective Date). On the Effective Date, Mr. Iadeluca will replace Chadwick Wasilenkoff, who has tendered his resignation as president and chief executive officer of the company to pursue other opportunities. During the next month, Mr. Wasilenkoff will work with Mr. Iadeluca to facilitate the orderly transition of leadership.

Mr. Wasilenkoff will remain as a director of the company. Mr. Iadeluca, who joined Fortress Global as President of FSC in October 2016, has over 20 years of senior management experience in the manufacturing industry and is a Chartered Professional Accountant. Prior to joining Fortress Global, Mr. Iadeluca was the Chief Executive Officer of AV Terrace Bay Inc. As Chief Executive Officer, he was responsible for the restart and turnaround of the Terrace Bay pulp and paper mill, which under Mr. Iadeluca's direction and leadership has seen material improvements in all metrics of operational and financial performance.

Prior to his role with Terrace Bay, Mr. Iadeluca acted as Chief Executive Officer in two start-ups: Selenis Canada Inc., converting the facilities to produce polyethylene terephthalate (known as PET), and PTT PolyCanada LP (a division of Shell Canada Ltd.), a specialty polyester producer, where he initiated the launch of polytrimethylene terephthalate (also known as PTT).