The incentives relate specifically to a new industrial wood pellet production facility that Alabama Pellets is constructing in
Chief Executive Officer of Pinnacle,
Governor of
Incentives for Alabama Pellets include a tax credit for job creation totaling
"We're committed to helping create jobs in our state's rural areas through strategic economic development, and the plans by Pinnacle and Alabama Pellets to locate a facility in
About Pinnacle
Pinnacle is a growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, with two additional facilities under construction in Alberta and Alabama. The Company also owns a port terminal in Prince Rupert, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 99% of its production capacity through 2026.
Forward-Looking Information
This release may contain forward-looking information about Pinnacle's future financial outlook and anticipated events or results and may include information regarding its financial position, business strategy, growth strategies, budgets, operations, financial results, plans, objectives and other information that is not historical fact. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates is forward-looking information. In some cases, forward-looking information can be identified by the use of such words as believe, expect, intend, forecast, plan, target, budget, outlook, opportunity, risk, strategy or variations or comparable language, or statements that certain actions, events or results may, could, would, should, might, or will occur or not occur.
Readers are urged to consider risks, uncertainties and assumptions carefully in evaluating the forward-looking information in this release and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" in the Company's most recent Annual Information Form and its Management's Discussion & Analysis for Q1 2020, which are available on www.pinnaclepellet.com and www.sedar.com for a discussion of the uncertainties, risks and assumptions associated with these statements. We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect our results. Material factors and assumptions used to develop the forward-looking information in this release include assumptions regarding the payment of all of the incentives. Unless otherwise indicated, the forward-looking information is based on the Company's expectations at the date of this release. Pinnacle has no obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
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