WELLAND, ON, Jan. 20, 2012 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)
("Lakeside" or the "Company") today announced that the extended period
in which the Company has agreed to negotiate exclusively with the
potential purchaser regarding an acquisition or similar transaction has
been extended until 9:00 a.m. on Monday, January 23, 2012 in order to
allow the parties to finalize definitive transaction agreements.
Since the previous announcement by the Company on January 10, 2012, the
potential purchaser has completed all material due diligence inquiries.
The proposed acquisition remains subject to certain conditions
including the execution of a definitive transaction agreement between
the Company and the purchaser as well as the execution of support
agreements with directors of the Company and certain significant
shareholders. There is no assurance that definitive transaction
agreements will be executed by the parties or that the proposed
acquisition will be consummated.
About Lakeside Steel Inc.
Lakeside is a 2011 TSX Venture Exchange 50 company and the parent
company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and
Lakeside Steel Texas Inc. Lakeside has operating facilities located in
Welland, Ontario, and Corpus Christi, Texas, and three facilities
currently being constructed in Thomasville, Alabama. Lakeside is a
diversified steel pipe and tubing manufacturer with a focus on
manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list
of customers includes large oil and gas end users as well as
distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe manufacturer
with end-finishing and heat treat capabilities strategically situated
in the southern United States on successful completion of construction
of the new facilities in Thomasville, Alabama. Construction of the
Alabama facilities is currently underway.
This press release may contain forward-looking statements with respect
to the Company, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as "may", "will", "expect", "estimate",
"anticipate", intends", "believe" or "continue" or the negative thereof
or similar variations. The actual results and performance of the
Company discussed herein could differ materially from those expressed
or implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion, and Analysis, Annual Information Form and
Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements
attributable to the Company and persons acting on their behalf. Unless
otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011.
TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
SOURCE Lakeside Steel Inc.
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