(Stock Symbol "RME" - TSX)
CALGARY, Oct. 26 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky Mountain" or the "Company") (TSX: RME), a leading agriculture and construction equipment dealer, announced today that it has signed a purchase and sale agreement to acquire certain business assets of Mayor Equipment ("Mayor"), an agriculture dealership in Neepawa, Manitoba. The acquisition is anticipated to close on or about November 1, 2009.
Mayor represents the Case IH agriculture brand, and also sells various short-line equipment such as MacDon, Morris and Degelman. In its most recent fiscal year, Mayor reported approximate revenues of $15 million. This acquisition is strategic as it completes the Case IH consolidation in western Manitoba and solidifies Rocky Mountain's footprint. The previously announced acquisition of Enns Agri in Winkler Manitoba, and the Mayor acquisition will represent the 11th and 12th locations added to Rocky Mountain since the initial public offering in December, 2007.
Rocky Mountain represents one of Canada's largest agriculture and construction equipment dealerships and with the acquisition of Mayor will operate a total of 24 dealerships locations throughout Alberta, Saskatchewan and Manitoba. Rocky Mountain sells, rents and leases new and used construction and agriculture equipment, including the Case Construction and Case IH agriculture brands, as well as offering product support and finance and insurance products to its customers.
FORWARD LOOKING STATEMENTS
The information with respect to Rocky Mountain contained herein, contains forward-looking statements relating to the completion of the proposed acquisition. These forward-looking statements are based on the assumption that this acquisition will close, however, there is a risk that such transaction will not be completed. As a result, Rocky Mountain's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. Rocky Mountain does not intend, and does not assume any obligation, to update or revise these forward-looking statements except as required pursuant to applicable securities laws.
SOURCE Rocky Mountain Dealerships Inc.
For further information: For further information: Rocky Mountain Dealerships Inc., 828 - 46th Avenue S.E., Calgary, Alberta T2G 2A6, Matt Campbell, Chairman and Chief Executive Officer, (403) 243-8600, Garrett Ganden, Chief Financial Officer; Visit our website at www.rockymtn.com