AutoCanada Inc. Announcement Regarding Completion of Calgary Dealer Group Acquisition
EDMONTON, July 4, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ) announced today that further to its prior announcements on April 29, 2014, June 16, 2014 and June 20, 2014 AutoCanada confirms that it has completed the acquisition of six dealerships and one exclusive right to build and operate a Nissan motor vehicle dealership on a designated property in Southeast Calgary, from the Hyatt Automotive Group Inc. or its affiliates,. The Hyatt Dealerships are known by their trade names: Hyatt Mitsubishi, Fish Creek Nissan, Calgary Hyundai, Northland Volkswagen, Hyatt Infiniti and Crowfoot Hyundai.
Commenting on the transaction, Pat Priestner, Chairman and CEO of AutoCanada stated, "We are very pleased about the joining of two great families into one strong partnership which adds greatly to our Calgary platform. We would like to thank Nissan Canada, Infiniti Canada, Volkswagen Canada, Hyundai Canada and Mitsubishi Motors Canada and all of their employees who worked very hard supporting our efforts to expand our offerings of these highly desirable brands which we believe will continue to grow in market share. We would also like to thank and welcome Steven and Perry Itzcovitch, Johnathan Robins, Mike Hofer, Ron Anderson, Ken Brown, Darren McNeil and Rick Field, along with all of the Hyatt dealership employees, to the AutoCanada family, with whom we look forward to building a strong and lasting relationship. We are very excited that Steven, Perry, Johnathan, Mike, Ron, Ken, Darren and Rick have agreed to remain with AutoCanada."
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 42 franchised dealerships in eight provinces and has approximately 2,000 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, BMW and MINI branded vehicles. In 2013, our dealerships sold approximately 36,000 vehicles and processed approximately 364,000 service and collision repair orders in our 381 service bays during that time.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release may be forward-looking statements and forward-looking information. In particular, forward-looking information and statements in this press release include, but are not limited to, the belief that the AutoCanada dealerships will continue to grow their market share. These forward-looking statements and information are based on certain key expectations and assumptions made by AutoCanada, including the assumption that market conditions will favor continued growth in sales. Although AutoCanada believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as AutoCanada cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general economic, market and business conditions. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect AutoCanada's operations, financial results and the completion of the proposed acquisition are included in AutoCanada's annual information form and the other disclosure documents filed by AutoCanada with securities regulatory authorities which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and AutoCanada does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE AutoCanada Inc.For further information:
Jeff Christie, CA
Phone: (780) 732-7164