Sep 17, 2014. /Lesprom Network/. Fortress Paper Ltd. has completed the sale of Fortress Optical Features Ltd. ("FOF") to Nanotech Security Corp. With the sale of FOF, Fortress Paper will no longer manufacture optically variable thin film material, as the company said in the press release received by Lesprom Network.

The purchase price for the sale is up to $17.5 million, subject to a post-closing working capital adjustment and earn-out in respect of 3 million common shares of Nanotech, which shares were issued at a deemed price of $1.50 per share and will be held in escrow to be released to the Company upon the achievement of certain business milestones by FOF and/or Nanotech over a five year period.

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products.