BURNABY, BC, Nov. 29, 2013 /CNW/ - Taiga Building Products Ltd. (TSX:
TBL & TBL.NT), ("Taiga" or the "Company") announces that it has signed
an agreement with Korite Capital Corporation for the sale and leaseback
of five of Taiga's distribution facilities for an aggregate purchase
price of $20,000,000, subject to customary conveyancing adjustments.
The agreement provides that, upon closing, Taiga will lease each of
these facilities from the purchaser for an initial period of 20 years.
Closing is subject to certain customary conditions for transactions of
this nature including purchaser financing and due diligence.
The completion of the transaction is expected to occur in February
2014. Net proceeds are expected to be used for strategic and/or
general corporate purposes.
This news release contains forward-looking information that reflects the
current views and/or expectations of Taiga with respect to its
performance, business and future events, including statements relating
to the timing and expected completion of the sale and leaseback
transaction with Korite Capital Corporation and expected use of
proceeds derived therefrom. Forward-looking information is based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the industry and markets in which the
Company operates, including assumptions relating to the ability of the
Company and the purchaser to satisfy the conditions required in order
to complete the sale and leaseback transaction and all related lease
arrangements, including that the purchaser will waive all subject
conditions in order to proceed with closing. Forward-looking
information does not guarantee future performance and involves risks,
uncertainties and assumptions which are difficult to predict. Investors
are cautioned that all forward-looking information involves risks and
uncertainties including, without limitation, that the purchaser will
not waive subjects within the timeframe specified in the purchase and
sale agreement or at all, that other conditions to closing the
transaction will not be satisfied and that the Company will be unable
to complete the transaction; the Company will be required to alter its
use of proceeds depending on business and market conditions at the time
of closing, and other risk factors listed from time to time in the
Company's public filings. These risks, as well as others, could cause
actual results and events to vary significantly. Accordingly, readers
should not place undue reliance on forward-looking information, which
are qualified in their entirety by this cautionary statement. Taiga
does not undertake any obligation to release publicly any revisions to
or updating any voluntary forward-looking statements, except as
required by applicable securities law.
SOURCE: Taiga Building Products Ltd.
For further information:
For further information regarding Taiga, please contact:
CFO and VP, Finance & Administration