WELLAND, ON, Jan. 30, 2012 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)
("Lakeside" or the "Company") announced today that Vic Alboini is no
longer the Chairman and Chief Executive Officer of the Company. He will
continue as a director of the Company. Norman Findlay has been
appointed as Interim Chairman of the Board. Mr. Findlay has been an
independent director since September 29, 2008 and is also a member of
the Audit Committee and the Compensation Committee of the Board. Ron
Bedard will continue to serve in his role as President and Chief
Operating Officer of the Company and President and Chief Executive
Officer of Lakeside Steel Corporation and will report directly to the
On January 25, 2012, the Company and JMC Steel Group, Inc. ("JMC Steel")
announced that they had entered into a definitive arrangement agreement
pursuant to which JMC Steel, through a wholly-owned subsidiary, has
agreed to acquire all of the issued and outstanding common shares of
Lakeside at a price of $0.2983 per share in cash pursuant to a
statutory plan of arrangement under the Business Corporations Act (Ontario). Further information about the proposed transaction will be
provided in a management information circular to be sent to
shareholders in connection with a special meeting of shareholders for
the purpose of considering the transaction. Information about the
meeting will follow at such time as it becomes available.
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, Thomasville, Alabama, and Corpus Christi, Texas, and
two processing 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
such statements, except as required by law.
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.
For further information:
President and Chief Operating Officer
Lakeside Steel Inc.
Lakeside Steel Inc.