EDMONTON, Feb. 19, 2013 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that it has obtained approval
from General Motors of Canada ("GM Canada") to purchase an 80%
non-voting equity interest in Peter Baljet Chevrolet GMC Buick ("Peter
Baljet") located in Duncan, British Columbia. Peter Baljet currently
services the Duncan and Cowichan Valley area of Vancouver Island; and
in 2012 sold 416 new vehicles and 372 used vehicles.
In accordance with the previously announced terms of the ownership
structure for GM dealerships approved by GM Canada, AutoCanada shall
purchase an 80% non-voting equity interest through a holding company
together with Pat Priestner, Chief Executive Officer of AutoCanada, and
other senior managers, with Mr. Priestner having 100% of the voting
shares of the holding company and named as Dealer Operator. The
transaction was reviewed and approved by AutoCanada's independent
members of its Board of Directors. AutoCanada will integrate the
operations of the dealership into the Company's Lower Mainland
platform. The Company expects the closing date of the transaction to
be March 1, 2013.
"AutoCanada is pleased to be approved for its third GM Canada
dealership, and looks forward to representing the Chevrolet, Buick and
GMC brands in this economically stable and vibrant community and
building upon the 26 years of proud success of Peter Baljet." stated
Pat Priestner, Chief Executive Officer of AutoCanada."
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 27 franchised dealerships in six
provinces and has over 1,100 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti,
Nissan, Hyundai, Subaru, Mitsubishi, and Volkswagen branded vehicles.
In 2011, our dealerships sold approximately 28,000 vehicles and
processed approximately 300,000 service and collision repair orders in
our 333 service bays during that time.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
Forward Looking Statements
Certain statements contained in this press release are forward-looking
statements and information (collectively "forward-looking statements"),
within the meaning of the applicable Canadian securities legislation.
We hereby provide cautionary statements identifying important factors
that could cause our actual results to differ materially from those
projected in these forward-looking statements. Any statements that
express, or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but not
always, through the use of words or phrases such as "will likely
result", "are expected to", "will continue", "is anticipated",
"projection", "vision", "goals", "objective", "target", "schedules",
"outlook", "anticipate", "expect", "estimate", "could", "should",
"expect", "plan", "seek", "may", "intend", "likely", "will", "believe"
and similar expressions are not historical facts and are
forward-looking and may involve estimates and assumptions and are
subject to risks, uncertainties and other factors some of which are
beyond our control and difficult to predict. Accordingly, these
factors could cause actual results or outcomes to differ materially
from those expressed in the forward-looking statements. Therefore, any
such forward-looking statements are qualified in their entirety by
reference to the factors discussed throughout this document.
The Company's Annual Information Form and other documents filed with
securities regulatory authorities (accessible through the SEDAR website
www.sedar.com describe the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
Further, any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by applicable
law, we undertake no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible
for management to predict all of such factors and to assess in advance
the impact of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
SOURCE: AutoCanada Inc.
For further information:
Jeff Christie, CA
Phone: (780) 732-7164