WINNIPEG, MB / ACCESSWIRE / December 19, 2023 / FP NEWSPAPERS INC. (TSXV:FP) ("FPI") is pleased to announce that FP Canadian Newspapers Limited Partnership ("the Company") unionized employees located at the Winnipeg Free Press have ratified a new 3-year collective agreement which provides wage increases, as well as benefits improvements for all employees, including part-time employees, and outside carriers. The new agreement provides inside union employees with a general wage increase of 8.75% over the next 3-year period. The agreement was ratified by its union members on December 10, 2023, with a 94.5% acceptance of the Company's proposal.
"We are pleased to have reached a fair and reasonable outcome," said Dave Kreklewetz, Chief Financial Officer, FP Newspapers Inc.. "Despite the continued challenges imposed daily on the newspaper industry, the company remained committed to bargaining in good faith and make every effort to present a reasonable and sustainable offer to meet the needs of both its valued employees and the business. The overwhelming support from the union reflects the fact the company met the needs of its employees, and we look forward to having this strong working relationship serve our growing audience."
About FPI
FPI owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership ("FPLP"). FPLP owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as the Canstar Community News division, the publisher of six community newspapers in the Winnipeg region, and The Carillon in Steinbach with its related commercial printing operations. The businesses employ 364 full-time equivalent people in Winnipeg, Brandon, and Steinbach Manitoba. Further information can be found at www.fpnewspapers.com and in disclosure documents filed by FPI with the securities regulatory authorities, available at www.sedar.com.
For further information please contact:
Dave Kreklewetz, CFO
FP NEWSPAPERS INC.
Phone: 204-771-1897
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Caution Regarding Forward-Looking Statements
Certain statements in this news release may constitute forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include but are not limited to statements regarding management's intent, belief or current expectations with respect to market and general economic conditions, future costs and operating performance. Generally, but not always, forward-looking statements will be indicated by words such as "may", "will", "intend", "anticipate", "expect", "believe", "plan", "forecast", "expects" or similar terminology. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause the actual results, performance or achievements of FPI, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Certain risks and uncertainties are discussed in FPI's management's discussion and analysis for the year ended December 31, 2022 available on SEDAR at www.sedar.com. In addition, although the forward-looking statements contained in this news release are based upon assumptions that management of FPI believe to be reasonable, such assumptions may prove to be incorrect. Forward-looking statements speak only as of the date hereof and, except as required by law, FPI assumes no obligation to update or revise them to reflect new events or circumstances. Because forward-looking statements are inherently uncertain, readers should not place undue reliance on them.
SOURCE: FP Newspapers Inc.