EDMONTON, June 5, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today an upward revision to its
acquisition guidance to complete an additional 8 to 10 dealership
acquisitions over the coming 12 months. Commenting upon this revised
acquisition guidance, Pat Priestner, Chairman and CEO of AutoCanada
stated, "The deal pipeline continues to be strong, and for that reason
Management is confident that it shall be able to add 8 to 10
dealerships over the coming 12 months. These acquisitions are in
addition to the three dealership acquisitions we closed in March and
April of this year and the purchase agreements for eight dealerships,
including a group (of which Canbec BMW/Mont Royal MINI were included),
which we announced on 29 April 2014."
AutoCanada additionally announced the extension of Mr. Priestner's
employment agreement to 31 May 2019. Commenting on this extension, Mr.
Priestner, Chairman and CEO of AutoCanada noted, "I am very pleased to
extend my current employment agreement to 31 May 2019. I am privileged
to have a very strong management team whose efforts give me great
confidence in the future of this Company, and with the deal pipeline
remaining strong I look forward to continuing to lead the Company as it
looks to take advantage of these opportunities."
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 35 franchised dealerships in
eight provinces and has over 1,800 employees. AutoCanada currently
sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC, Buick,
Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi,
Volkswagen, BMW and MINI branded vehicles. In 2013, our dealerships
sold approximately 36,000 vehicles and processed approximately 364,000
service and collision repair orders in our 381 service bays during that
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
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, acquisition guidance, assumptions or future events or
performance 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 release and as contained in the Company's
Annual Information Form dated March 20, 2014 which is accessible
through the SEDAR website at www.sedar.com.
SOURCE: AutoCanada Inc.
For further information:
Jeff Christie, CA
Phone: (780) 732-7164