Atlas Engineered Products Announces Expansion in Alberta
VANCOUVER, British Columbia, March 07, 2018 (GLOBE NEWSWIRE) — ATLAS ENGINEERED PRODUCTS LTD. (the “Company”) (TSX-V:AEP), a leading supplier of trusses and engineered wood products, is pleased to announce an important expansion initiative in Northern Alberta.
The Company has purchased the operating assets including equipment, inventory, and trademarks of Alberta Truebeam Ltd. (“Truebeam”), leased the land and buildings in which Truebeam operates, and hired all the Truebeam employees.
The Company’s Truebeam operation will contribute strong positive cash flow and an estimated $2.4 million in profitable revenue during the 2018 calendar year (see note 1). Truebeam’s focus will be the supply of trusses and engineered wood products to residential development projects in Northern Alberta and Northwest British Columbia, including Fort McMurray and Medicine Hat.
Guy Champagne, President of Atlas, commented, “We are taking advantage of an exciting opportunity to expand our footprint in the Alberta marketplace. Combined with our aggressive acquisition program, strategic expansion opportunities such as these will allow us to economically and rapidly scale our revenue base and geographic reach.”
About Atlas Engineered Products Ltd.
Atlas Engineered Products is one of British Columbia’s leading suppliers of trusses and engineered wood products. The company was formed over 18 years ago and operates manufacturing and distribution facilities in British Columbia and Southern Ontario to meet the needs of residential and commercial builders. Atlas has expert design and engineering teams, a multiple-shift state-of-the-art truss manufacturing operation, and large inventories of engineered beam and flooring components. Atlas aims to grow its base of business across Canada by pursuing an aggressive acquisition and consolidation strategy, and will continue to bring its construction industry partners unparalleled excellence in service, product, and support.
For further information please contact:
Atlas Engineered Products Ltd.
Guy Champagne, President
2005 Boxwood Rd.
Nanaimo, BC V9S 5X9
For investor relations please contact:
Contact Financial Corp.
810 – 609 Granville St.
Vancouver, BC V7Y 1G5
Forward Looking Information
Note 1: The anticipated annual revenue for the Company’s Truebeam operations assumes that revenue for the calendar year 2018 will be approximately the same as revenue for the calendar year 2017. The Company made this assumption as of March 6, 2018.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company including those to be described in the Filing Statement filed by the Company on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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