Vancouver-based currency printer Fortress Paper Ltd. (TSX:FTP) is acquiring an optical security technology found in the threads of banknotes from the Bank of Canada for $750,000.
As part of the deal, which involves a Fortress subsidiary acquiring the assets of Bank of Canada’s Optical Security Material division, Fortress is granting the bank a royalty-free license to use the acquired technology.
Chad Wasilenkoff, Fortress’ CEO, said in a release Fortress will market the technology as a security feature to other banknote producers around the world.
The acquired assets include production equipment and machinery.
Some employees of the bank will also join Fortress to maintain the division’s operations.
After the deal closes in January, Fortress will relocate the division to a new multi-million dollar, high-security production, research and development facility the company is building next to its Thurso production mill in Quebec.
BIV reported in September that Ernst & Young named Wasilenkoff entrepreneur of the year for the Pacific region. (See “Fortress Paper CEO named Pacific entrepreneur of the year ” – BIV Daily Edition, September 29.)
Fortress' share price range during the last week: $42.50 to $43.35; 52-week high:$48.49; 52-week low:$9.21.