Forscot will not realise Scottish paper, pulp and energy project

ALNESS, Scotland, UK, Oct. 24, 2008 (Press Release) - Forscot has decided not to proceed further with its plans for developing a paper, pulp and energy plant at Invergordon in the Scottish Highlands, due to lack of funding so far, and the unlikelihood of attracting investment in the current economic climate. The company will therefore be wound up as soon as practically possible.

Ed Gillespie, chairman of Forscot, said "We were always convinced that this was a viable project, and discussions with potential investors and business partners confirmed this belief. However, despite the best efforts of the directors, we have been unable to secure funds for the second stage of the development.

"As we are unlikely to find any new funding in the foreseeable future, we have regrettably decided not to pursue the project further."