Fibrek Inc. has received the results of a formal evaluation of the company’s common shares.

Based upon and subject to the analyses and assumptions set out in its valuation, Canaccord Genuity is of the opinion that, as at February 3, 2012, the fair market value of a common share of Fibrek was in the range of $1.25 to $1.45.

After a review of the caluation, Fibrek’s Board of Directors has unanimously reaffirmed its recommendation to Fibrek shareholders that they reject the unsolicited insider bid made by AbitibiBowater Inc. (carrying on business as Resolute Forest Products) on December 15, 2011.

“The valuation by Canaccord Genuity confirms our belief that the Abitibi insider bid significantly undervalues the common shares of Fibrek, and that the lock-up agreements between Abitibi and certain shareholders deprive minority shareholders of the opportunity to obtain full value for their common shares of Fibrek,” stated Hubert T. Lacroix, Chairman of the Board of Fibrek. “The valuation demonstrates conclusively that Abitibi’s insider bid conveniently ignores probable and material new streams of operating income. Our goal continues to be to ensure that our shareholders are fully compensated for the full value of their investment in our Company.”

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Fibrek receives independent formal valuation and provides update on strategic alternatives review process (Fibrek)