HALIFAX, June 12, 2014 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI) today announced that George Armoyan will step down as President and Chief Executive Officer and will remain actively engaged in the Company's growing business as Executive Chairman of Clarke. Michael Rapps, a current director of Clarke, has been appointed President and Chief Executive Officer of Clarke. These changes, effective July 2, 2014, have been made in order to build on the Company's positive operating and financial performance in recent years.
Michael Rapps has been a director of Clarke since May 2012 and has been involved in many of Clarke's investments since that time, including as a director of Bonnett's Energy Corp., Supremex Inc. and Royal Host Inc. Prior to his appointment, Mr. Rapps was the Managing Director of Geosam Capital Inc., a private investment company, and prior to that practiced corporate law at Davies Ward Phillips & Vineberg LLP.
George Armoyan commented: "Clarke has experienced an amazing transformation since 2012, resulting in significant shareholder value growth. We are committed to continuing our focus on increasing book value per share and creating shareholder value." Mr. Armoyan continued: "We believe that Michael is an excellent person to lead Clarke into the future. Michael is a proven leader, has experience managing several companies successfully and has a great passion and vision for Clarke that is based on growing the Company's intrinsic value per share through selective investments. Together with the rest of Clarke's management team, Clarke is in very capable hands."
Mr. Rapps added: "It has been a great pleasure to act as a director of Clarke for the last few years. Clarke has a great management team in place that will serve shareholders very well. I look forward to working with George and the Company's other directors and management as we continue to grow Clarke and add value for all shareholders."
Following Mr. Rapps' appointment, Clarke's management team will consist of Michael Rapps, President and Chief Executive Officer, Andrew Snelgrove, Chief Financial Officer, Dustin Haw, Vice President of Investments, and Kim Langille, Vice President of Taxation.
Clarke is also pleased to announce that the following individuals were elected to act as directors of Clarke at the Company's annual general meeting held on June 12, 2014: George Armoyan, Blair Cook, Brian Luborsky, Charles Pellerin and Michael Rapps. Clarke is currently seeking several additional highly qualified individuals who can act as directors and assist the Company in its continued growth.
Halifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance the performance of such businesses and increase its return. Clarke's securities trade on the Toronto Stock Exchange (CKI); for more information about Clarke Inc., please visit our website at www.clarkeinc.com.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain forward-looking statements relating, but not limited, to the Company's expectations, intentions, plans and beliefs with respect to the Company. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or equivalents or variations of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, those with respect to the future or expected performance of the Company's investee companies, the future price and value of securities held by the Company, changes in these securities holdings, changes to the Company's hedging practices, currency fluctuations and requirements for additional capital. Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the Company's investment strategy, legal and regulatory risks, general market risk, potential lack of diversification in the Company's investments, interest rates, foreign currency fluctuations, the sale of Company investments, the fact that dividends from investee companies are not guaranteed, reliance on key executives, use of information technology and information systems, commodity market risk, risks associated with investment in derivative instruments and other factors. With respect to the Company's Transportation segment, such risks and uncertainties include, among others, competition, seasonality and weather conditions, safety, claims and insurance, government regulation of the transportation industry, reliance on major customers, labour relations, and other factors.
Although the Company has attempted to identify important factors that could cause actions, events or results not to be as estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, the Company does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: Clarke Inc.
For further information: Andrew Snelgrove, Chief Financial Officer, Clarke Inc., Telephone: (902) 442-3987