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Forest Enterprises signs agreement for wood pellet sales with IFP

    04/02/2010

The Phaunos Timber Fund Limited is pleased to announce that its subsidiary, Forest Enterprises DOO, of Pukovac, Serbia has entered into a Sales and Marketing Agreement with International Forest Products Corporation (IFP), headquartered in Foxboro Massachusetts, USA. IFP will be the exclusive marketer to the key western European markets of Italy, Austria, and Germany for the Premium Wood Pellets now being produced by Forest Enterprises.

The Pukovac plant, officially opened in October 2009 has annual production capacity of 31,000 metric tonnes. The plant is about 20 minutes south of Serbia’s second largest City of Nis and 3 hours south of the country’s capital, Belgrade. The plant is “turnkey” in design, and is replicable in other locations and scalable to higher production capacity depending upon fiber availability.

Henry Whittemore, FourWinds Capital Management’s Director of Investments and Acquisitions, commented: “We are delighted to have entered into this Sales and Marketing Agreement with IFP. The company is well known for its strong relationships in the international trade of wood products. IFP provides excellent exposure to deep markets in Western Europe where wood pellets are in high demand and where the demand is growing. In addition to reaching the EU markets, the contract with IFP provides for sufficient flexibility to allow Forest Enterprises to develop markets in Serbia so the local economy may begin to utilize this locally produced, renewable source of green biofuel energy.”

IFP is an internationally renowned forest products trading firm, operating 13-offices over 4-continents with worldwide coverage. Its business is to represent the independent producer on the world’s stage, provide leading edge marketing, logistical solutions, and financial security. IFP strives to keep its producers and customers in the forefront of the ever-changing world of forest products marketing.

Peter Keyes, Vice President of Solid Wood Products for IFP says, “Biomass is the fastest growing segment of our business, and we are using our global reach to provide tangible results for the Phaunos plant in Serbia, Forest Enterprises DOO. This facility is the next generation in biomass production, sustainably using forest floor resources from untapped supply basins. Phaunos Timber, as a large and diverse Timberland company, represents the future of worldwide wood-based biomass industry, and we are very excited about our relationship with them through their management company, FourWinds Capital and the growth prospects this brings.”