OKOTOKS, AB, March 12, 2014 /CNW/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") today announced that its Audit Committee has completed a review
process in relation to its audit service provider. The process was
undertaken with the primary objectives of evaluating the expertise
available to the Board of Directors of Mullen Group and the market cost
of Mullen Group's audit services.
The Audit Committee conducted this review over the past several months
and assessed a proposal for audit services from one of Canada's largest
audit firms against its existing auditor's audit plan for the year
ended 2013. Both firms have significant experience and local, national
and international expertise. At the conclusion of the process, the
Board of Directors, on the recommendation of the Audit Committee, has
unanimously determined to commence the process of changing Mullen
Group's auditor to PricewaterhouseCoopers LLP.
Mullen Group's existing auditors, KPMG LLP, had been Mullen Group's
auditors since 1993. KPMG LLP has completed its audit and related
filings for Mullen Group's financial year ended December 31, 2013.
PricewaterhouseCoopers LLP is being proposed for appointment as auditor
at Mullen Group's upcoming annual shareholders' meeting. There were no
disagreements with KPMG LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure for the period in which KPMG LLP provided auditing services,
including any "reportable event", as defined in National Instrument
51-102 - Continuous Disclosure Obligations. Indeed, the relationship
with KPMG LLP has been very positive and professional over the years.
"This process is consistent with our philosophy of cost discipline. Our
relationship with PricewaterhouseCoopers LLP is expected to benefit the
Board, management and Mullen Group's shareholders," stated Mr. Murray
K. Mullen, Chairman and Chief Executive Officer. "This process required
the entire Audit Committee to invest a significant amount of their time
and expertise, for which we are grateful," added Mr. Mullen.
The Audit Committee, on behalf of the Board of Directors, would like to
thank KPMG LLP for its services and contributions to Mullen Group and
Mullen Group is a company that owns a network of independently operated
businesses. Mullen Group provides a wide range of specialized
transportation and related services to the oil and natural gas industry
in western Canada and is one of the leading suppliers of trucking and
logistics services in Canada - two sectors of the economy in which
Mullen Group has strong business relationships and industry
leadership. Mullen Group provides management and financial expertise,
technology and systems support to its independent businesses.
Mullen Group is a publicly traded corporation listed on the Toronto
Stock Exchange under the symbol "MTL". Additional information is available on our website at
www.mullen-group.com or on SEDAR at www.sedar.com.
SOURCE: Mullen Group Ltd.
For further information:
Mr. Murray K. Mullen - Chairman of the Board and Chief Executive Officer
Mr. Stephen H. Lockwood - Co-Chief Executive Officer and President
Mr. P. Stephen Clark - Chief Financial Officer
121A - 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3