VANCOUVER, May 10, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – May 10, 2017: ("Grande West" or the "Company"), a Canadian bus manufacturer of heavy-duty mid-sized transit buses for sale in Canada and the United States, is pleased to announce it has implemented an Employee Share Purchase Plan for its employees (the "Plan").
The purpose of the Plan is to encourage employees of Grande West to invest in common shares of the Company, which will further align the interests of management and employees with those of the shareholders of the Company.
The Plan is available to employees, directors and officers of the Company. Under the Plan, participants can contribute up to 20% of their compensation to the Plan each pay period. Grande West will make a contribution to the Plan on behalf of each participant in an amount equal to 20% of the participant's contribution during that pay period. All contributions to the Plan will be invested in common shares of the Company and will be acquired on the public market by the administrative agent under the Plan, Canaccord Genuity Corp. The Plan has been conditionally approved by the TSXV.
William Trainer, CEO stated, "2017 is a transformational year for Grande West and our employees are a major reason for our growth and success. This Plan has been implemented to further allow our valued team to participate in the future growth in the Company and will play an important role in attracting and retaining talented people as we continue to build to meet growing demand."
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer which designs, engineers and manufactures mid-size buses for transit authorities and commercial enterprises. Grande West's Best-in-Class Vicinity bus is available in 27.5, 30 and 35 foot models powered by clean diesel or CNG designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40 foot transit bus, burns less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is Buy America compliant and along with ABG, its exclusive US distributor, is actively pursuing opportunities to sell Vicinity into public and private transit fleet operations.
For further information please contact:
Grande West Transportation
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding closing of the Acquisition, statements regarding the acquisition of common shares pursuant to the Plan and the Company's expansion plans, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Grande West Transportation Group Inc.
For further information: Grande West Transportation, John LaGourgue, Ph: 1-604-607-4000, email@example.com, www.grandewest.com