Displaying items by tag: Verso Paper Corp

Verso Paper Corp. (NYSE: VRS) announced today that, pursuant to the previously announced tender offer of its subsidiary Verso Paper Holdings LLC ("Verso Holdings"), Verso Holdings received tenders from the holders of $310,415,000 aggregate principal amount of the 9⅛% second priority senior secured fixed rate notes due 2014 issued by it and Verso Paper Inc. (the "Notes") prior to the early tender payment deadline on January 25, 2011, at 5:00 p.m., New York City time (the "Early Tender Date"). The tenders for the Notes received by Verso Holdings prior to the Early Tender Date represent approximately 92.1% of the outstanding Notes.

The complete terms and conditions of the tender offer for the Notes are detailed in Verso Holdings' Offer to Purchase dated January 11, 2011, and the related Letter of Transmittal (the "Tender Offer Documents"). Verso Holdings currently expects to accept for payment, subject to conditions set forth in the Tender Offer Documents, all of the Notes validly tendered prior to the Early Tender Date on Wednesday, January 26, 2011.

Each holder who validly tendered its Notes prior to the Early Tender Date will receive, if such Notes are accepted for purchase pursuant to the tender offer, the total consideration of $1,049.38 per $1,000 principal amount of Notes tendered, which consists of $1,019.38 as the tender offer consideration and $30.00 as an early tender payment. In addition, accrued interest up to, but not including, the applicable payment date of the Notes will be paid in cash on all validly tendered and accepted Notes.

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on February 8, 2011, unless extended or earlier terminated (the "Expiration Date"). Because the Early Tender Date has passed, tendered Notes may no longer be withdrawn at any time, except to the extent that Verso Holdings is required by law to provide additional withdrawal rights. Holders who validly tender their Notes after the Early Tender Date will receive only the tender offer consideration and will not be entitled to receive an early tender payment if such Notes are accepted for purchase pursuant to the tender offer.

All the conditions set forth in the Tender Offer Documents remain unchanged. If any of the conditions is not satisfied, Verso Holdings may terminate the tender offer and return tendered Notes not previously accepted. Verso Holdings has the right to waive any of the foregoing conditions with respect to the Notes. In addition, Verso Holdings has the right, in its sole discretion, to terminate the tender offer at any time, subject to applicable law.

This announcement shall not constitute an offer to purchase or a solicitation of an offer to sell any securities. The tender offer is being made only through, and subject to the terms and conditions set forth in, the Tender Offer Documents and related materials.

Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are acting as the Dealer Managers for the tender offer. Questions regarding the tender offer may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or at (212) 325-5912 (collect) and to Citigroup Global Markets Inc. at (800) 558-3745 (toll-free) or at (212) 723-6106 (collect).

Global Bondholder Services Corporation is acting as the Information Agent for the tender offer. Requests for the Tender Offer Documents may be directed to Global Bondholder Services Corporation at (212) 430-3774 (for brokers and banks) or (866) 470-3900 (for all others).

Neither Verso Holdings' board of directors nor any other person makes any recommendation as to whether holders of Notes should tender their Notes, and no one has been authorized to make such a recommendation. Holders of Notes must make their own decisions as to whether to tender their Notes, and if they decide to do so, the principal amount of the Notes to tender. Holders of the Notes should read carefully the Tender Offer Documents and related materials before any decision is made with respect to the tender offer.

Source: Verso Paper Corp.

Verso Paper Corp. announced today that its subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc., are proposing to issue $360 million aggregate principal amount of their second priority senior secured notes due 2019 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be guaranteed by certain domestic subsidiaries of Verso.

Verso's subsidiaries that intend to issue and guarantee the Notes are the same entities that issued and guaranteed Verso's existing second lien notes. The Notes will be secured by the same collateral as Verso's existing second lien notes, and the priority of the collateral liens securing the Notes will be junior to the collateral liens securing Verso's senior secured notes and senior secured credit facility.

Verso intends to use the net proceeds from the offering of Notes (1) to pay the consideration for the cash tender offer for Verso's outstanding 9⅛% second priority senior secured fixed rate notes due 2014 (the "Existing Fixed Rate Second Lien Notes"), (2) to redeem any remaining Existing Fixed Rate Second Lien Notes, following the expiration of the cash tender offer, at the applicable redemption price plus accrued and unpaid interest and (3) to pay certain related transaction costs and expenses. The proposed offering of the Notes is subject to market and other conditions, and may not occur as described or at all.

The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States only to non-U.S. investors pursuant to Regulation S. The Notes will not initially be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or in a transaction that is not subject to the registration requirements of the Securities Act or any state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.

Forward-Looking Statements

In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

Verso Paper Corp.
Robert P. Mundy, 901-369-4128
Senior Vice President and
Chief Financial Officer
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www.versopaper.com

Source: Verso Paper Corp.

Verso Paper Corp. (NYSE: VRS) announced today the launch of a $40 million Renewable Energy Project at its Bucksport, Maine mill. This project will provide a 43% increase in thermal energy production from renewable biomass at the Bucksport Mill and will generate additional green power — equivalent to the amount needed to supply electricity to 30,000 Maine households.

"This project represents what Verso stands for when it comes to our position as a green energy company and as a leader in environmental stewardship. We will have the ability to generate more green energy from renewable biomass, which reduces our carbon footprint, all while increasing overall energy efficiency," says Verso President and Chief Executive Officer, Mike Jackson.

The Bucksport Mill will achieve these energy efficiency improvements by replacing coal with biomass in the #8 Boiler and installing a new 25-megawatt turbine generator.

Partnering with people and organizations at the local, federal and state levels is a key element in making this project a success.

"The forest products industry needs to change, and Verso is at the forefront of innovative practices such as improving energy efficiency by pursuing biofuel opportunities. Doing so also has the benefits of reducing greenhouse gas emissions and reducing overall energy consumption in Maine. We've been working aggressively to expand renewable power generation and have been recognized nationally for our efforts to promote energy efficiency. Partnering with private industry like Verso is essential for us to meet our goals," says Maine Governor John Baldacci.

Funding for the Bucksport Renewable Energy Project includes a grant from Efficiency Maine. Efficiency Maine is an independent trust that invests in cost-effective energy efficiency or alternative energy projects to reduce energy costs and improve Maine's business environment.

"This project illustrates Verso's commitment to Maine and its surrounding community. Such an investment shows the company's strong belief in this area, and also demonstrates its ability to adapt as a manufacturing business, thus keeping jobs at the mill. This project is another step in innovation that is helping to make Bucksport competitive in a tough global economy," says Bucksport Town Manager Roger Raymond.

Verso is committed to continuing energy-saving efforts in Maine and company-wide.

Bob Gemmer, Technology Manager with the Department of Energy Office of Industrial Technologies says, "Verso is a great example of our industry partnership, the Save Energy Now LEADER program. The company is fully committed to reducing energy intensity by 25% in ten years and producing green power in a sustainable way."

The Bucksport Renewable Energy Project is scheduled to begin construction before the end of the year.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's website at www.versopaper.com. References to "Verso" or the "company" mean Verso Paper Corp. and its consolidated subsidiaries unless otherwise expressly noted.

Forward-Looking Statements

In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend" and similar expressions. Specifically, all statements herein relating to Verso's future compliance with the NYSE's continued listing standards, future operating and financial performance, and future share price and market capitalization are forward-looking statements. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

Verso Paper Corp.
Robert P. Mundy, 901-369-4128
Senior Vice President and
Chief Financial Officer
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www.versopaper.com

Source: Verso Paper Corp.

Verso Paper Corp. has announced that Michael A. Jackson, President and Chief Executive Officer, and Robert P. Mundy, Senior Vice President and Chief Financial Officer, will be providing a company overview to investors at the Barclays Capital Global Fixed Income Paper & Packaging Conference in New York City, N.Y., Tuesday, November 9, 2010, at 11:15 a.m. Eastern Time.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Robert P. Mundy
Senior Vice President and Chief Financial Officer
901-369-4128
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www.versopaper.com

Verso Paper Corp has announced that it will report its financial results for the third quarter ended September 30, 2010 in a news release before the market opens on Wednesday, November 3, 2010. Management will host a conference call at 9:00 a.m. Eastern Time, Wednesday, November 3, to discuss the third quarter results.

This release and the third quarter results will be made available on Verso's website at www.versopaper.com/investorrelations by navigating to the Financial Information page.

Analysts and investors may participate in the live conference call by dialing 719-325-2289 or, within the U.S. and Canada only, 888-515-2235, access code 8631247. To register, please dial in 10 minutes before the conference call begins. The conference call and presentation materials can be accessed on Verso's website at www.versopaper.com/investorrelations by navigating to the Events page, or at http://investor.versopaper.com/eventdetail.cfm?EventID=87153.

A telephonic replay of the call can be accessed at 719-457-0820 or, within the U.S. and Canada only, 888-203-1112, access code 8631247. This replay will be available starting at 12:00 p.m. (ET) on November 3, 2010, and will remain available for 14 days.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Robert P. Mundy, 901-369-4128
Senior Vice President and
Chief Financial Officer
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www.versopaper.com

Verso Paper Corp. was presented the Sustainable Forestry Initiative^(R) (SFI) President's Award for its partnership efforts to promote sustainable forest management principles and initiatives in Maine.

"Verso is proud to be recognized by SFI for our efforts to increase the number of third-party certified forestlands in Maine," said Craig Liska, Vice President of Sustainability for Verso. "This project has been a rewarding partnership experience for Verso. We have focused on providing support to private landowners by creating a more cost effective certification process and offering resources to support responsible forest management practices."

"At SFI Inc., we value partnerships like this one, which yield benefits for forests, for communities and for the marketplace," said SFI President and Chief Executive Officer Kathy Abusow. "Through its involvement in this pilot, Verso Paper Corp. is showing its commitment to responsible forestry by helping to make third-party forest certification more accessible for small- and medium-sized landowners in Maine."

Verso has a history of sponsoring and leading similar initiatives involving a variety of stakeholders to encourage forest certification. In 2008, Verso provided a two-year grant to the Trust to Conserve Northeast Forestlands (TCNF) to make third-party certification more accessible and affordable for small landowners in a six-state region in the Northeast. Verso continues to be a supporter of the certification programs in Maine and the Midwest, where the company operates four pulp and paper mills.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's website at www.versopaper.com.

About SFI Inc.

SFI Inc. is a 501c(3) non-profit charitable organization, and is solely responsible for maintaining, overseeing and improving the Sustainable Forestry Initiative program (www.sfiprogram.org), that is internationally recognized and among the largest in the world. It is one of the fastest growing forest certification programs with 150 million acres (60 million hectares) of SFI-certified forests across North America. The SFI Standard also includes unique fiber sourcing requirements that promote responsible forest management on all suppliers' lands and a chain-of-custody certification, which can communicate to buyers how much certified fiber is in a specific product. The SFI forest standard is endorsed by the Programme for the Endorsement of Forest Certification, a global umbrella organization that has strict requirements for endorsement. SFI Inc. is governed by a three-chamber board of directors representing environmental, social and economic sectors equally.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Monica Garvey, 001-901-369-4154
Sustainability Manager
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www.versopaper.com

Verso Paper Corp. has announced the launch of its corporate Facebook page with an initial focus on increasing the reach of the company's college recruiting initiatives.

The Verso Paper Corp. Facebook page will provide potential college recruits with the company's campus recruitment schedule and timely news about Verso, including features on the company's sustainability initiatives and community activities.

"We believe our use of Facebook as an avenue to communicate with potential job applicants will help us continue attracting the right candidates to Verso," said Lyle Fellows, Senior Vice President of Manufacturing and Energy. "Finding and retaining the right talent for our manufacturing and corporate locations is critical to the ongoing success of our company."

Click here to access the Verso Paper Corp. Facebook page.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's Web site at www.versopaper.com.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Sondra Dowdell, Corporate Communications Manager, 901-369-4128
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www.versopaper.com

Verso Paper Corp. has announced the launch of its mobile website to provide easy access to Verso information for customers and the financial community.

The mobile version of www.versopaper.com features a simple and efficient user interface that provides quick access to Verso product specifications, contact information for the company's inside and outside sales representatives, and investor relations information.

"We strive to provide our customers with tools that make doing business with Verso simple. With the proliferation of smart phones and the increase in mobile browsing, I believe providing a mobile version of our corporate website is a step in the right direction," says Mike Weinhold, Senior Vice President of Sales and Marketing. "Future phases of this mobile site will include the ability for our customers to access their own order information and search for available inventory, enabling them to get the information they need to make decisions more quickly, even when they are on the go."

To access the mobile version of Verso's corporate website, just enter www.versopaper.com in your smart phone's browser.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's website at www.versopaper.com.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Mike Weinhold
Senior Vice President
Sales and Marketing
901-369-4128
This email address is being protected from spambots. You need JavaScript enabled to view it.

Verso Paper Corp. has announced that it will report its financial results for the second quarter ended June 30, 2010 in a news release before the market opens on Wednesday, August 11. Management will host a conference call at 9:00 a.m. Eastern Time, Wednesday, August 11, to discuss the second quarter results.

This release and the second quarter results will be made available on Verso's website at www.versopaper.com/investorrelations by navigating to the Financial Information page.

Analysts and investors may participate in the live conference call by dialing 719-325-2306 or, within the U.S. and Canada only, 800-967-7141, access code 7509574. To register, please dial in 10 minutes before the conference call begins. The conference call and presentation materials can be accessed on Verso's website at www.versopaper.com/investorrelations by navigating to the Events page, or at http://investor.versopaper.com/eventdetail.cfm?EventID=83854.

A telephonic replay of the call can be accessed at 719-457-0820 or, within the U.S. and Canada only, 888-203-1112, access code 7509574. This replay will be available starting at 12:00 p.m. (ET) on August 11, 2010, and will remain available for 14 days.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.

Forward-Looking Statements

In this press release all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," and similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Robert P. Mundy
Senior Vice President and Chief Financial Officer
901-369-4128
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.versopaper.com

Verso Paper Corp. (NYSE: VRS) announced today the launch of a $43 million Renewable Energy Project, which will position its mill in Quinnesec, Michigan to meet more than 95% of its energy needs using renewable biomass sources.

"The implementation of the Quinnesec Renewable Energy Project is in alignment with Verso's three-pronged energy strategy, which is to reduce overall energy consumption, generate more green energy from renewable biomass and reduce our carbon footprint, all while reducing costs," said Mike Jackson, Verso's President and Chief Executive Officer.

"Expanding the capacity to generate electricity from biomass is one of the ways in which the State of Michigan is increasing our leadership in clean energy technology," said Governor Jennifer Granholm. "Clean energy projects supported by the state are leading America's drive to energy independence with bold initiatives to develop energy technologies and new fuels from renewable resources."

"Verso is fortunate to have active partners in the Michigan Governor's Office, the Michigan Economic Development Corporation, Dickinson County and Breitung Township, who are working diligently to help make our Renewable Energy Project a reality," said Mike Sussman, Quinnesec Mill Manager. A direct result of the state-wide partnership is the designation of a Forest Products Processing Renaissance Zone, which allows a company within the zone to operate free of virtually all state and local taxes over the life of the designation.

The Project scope includes design upgrades to the Quinnesec Mill's existing combination boiler, which burns biomass from waste wood sources, the addition of a new biomass handling system, and the installation of a new turbine generator supplied by Siemens. Verso is partnering with AMEC Engineering to begin detailed design for the Project, which is estimated to start up by December 2011.

In celebration of the Project kickoff, Verso is hosting a ribbon-cutting ceremony on June 28, where key stakeholders involved in project planning and execution will be invited to tour the site.

About Verso

Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on the company's web site at www.versopaper.com. References to "Verso" or the "company" mean Verso Paper Corp. and its consolidated subsidiaries unless otherwise expressly noted.

Forward-Looking Statements

In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend" and similar expressions. Specifically, all statements herein relating to Verso's future compliance with the NYSE's continued listing standards, future operating and financial performance, and future share price and market capitalization are forward-looking statements. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso's filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.

SOURCE: Verso Paper Corp.

Verso Paper Corp.
Robert P. Mundy
Senior Vice President and
Chief Financial Officer
001 901-369-4128      
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www.versopaper.com