STOCK SYMBOL: PFB
CALGARY, Feb. 2, 2017 /CNW/ - (TSX – PFB) PFB Corporation ("PFB") announces that it has exercised a Right of Refusal pursuant to which it will acquire 27 acres of land and manufacturing facilities thereon that it currently leases in Crossfield, Alberta. The purchase price is $18,800,000, approximately one-half of which will be paid in cash and the balance through the assumption of the current mortgage on the property, subject to the consent of the mortgagee and other conditions.
The transaction is subject to definitive agreements, due diligence, regulatory approval and approval of PFB's Board of Directors.
Forward Looking Statements
Certain statements in this Press Release contain forward-looking statements about the objectives of PFB Corporation ("PFB" or the "Corporation") and management's expectations, beliefs, intentions or strategies for the future. Future events are subject to certain risks, uncertainties and assumptions that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and assumptions include, but are not limited to: general economic conditions; actions by government authorities; actions by regulatory authorities; availability of raw materials; changes in raw materials prices; foreign exchange rates; interest rates; competitor activity; industry pricing pressures; seasonality of the construction industry; and weather.
PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under five brands. Plasti-Fab, EPS Product Solutions® are products, manufactured using expanded polystyrene (EPS) as base raw materials, that are delivered to customers in five segmented markets. Advantage ICF Systems® are insulating concrete forming systems that are employed to build insulated foundations and walls from concrete in both residential and commercial markets. Insulspan® Structural Insulating Panels Systems (SIPS) are used to create structural walls and to replace trusses on roof systems to form an energy-efficient structural envelope. PFB Custom Homes Group includes: Riverbend Timber Framing®, Precision Craft Log &Timber Homes®, TimberScapeTM, Point Zero HomesTM and M.T.N DesignSM. Each brand provides clients with our exclusive Total Home Solution® for building custom homes in the US, Canada and internationally that can include Insulspan SIPS for the walls and roof, and Advantage ICFS for the building's foundations.
PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.
SOURCE PFB Corporation
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For further information: C. Alan Smith, Chief Executive Officer, PFB Corporation, 100, 2886 Sunridge Way NE, Calgary, Alberta T1Y 7H9, Tel: (403) 569 4332, Fax: (403) 569 4075