VANCOUVER, Feb. 1, 2012 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB.B, WEQ.DB.C) today announced that its Britco
division ("Britco") has completed the acquisition of the assets and the business of
Alberta Modulars Inc. ("AMI") for $2.835 million (the "Acquisition"). The Acquisition is subject to customary post-closing adjustments
related to working capital and capital expenditures and disposals.
AMI is a manufacturer of modular buildings and primarily serves the oil
and gas-related workforce accommodation sector in Alberta. AMI operates
out of a 57,000 sq. ft. facility in Northwest Edmonton and employs
approximately 75 staff. The Acquisition provides Britco with additional
production capacity and complements Britco's modular manufacturing
facilities in Agassiz and Penticton, British Columbia and in Waco,
"AMI is an excellent addition to our Britco modular construction
platform and we are very excited about this transaction," stated Mr.
Darren Latoski, CEO of WesternOne Equity. "In addition to acquiring an
experienced plant management team and a skilled workforce, AMI's
manufacturing capacity and proximity to Alberta oil and gas projects
enhance Britco's ability to serve its customers in Western Canada."
Certain statements in this press release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties and other factors, and it may cause actual results,
performance or achievements or industry results, to be materially
different from any future results, performance or achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would", and similar terms and phrases, including references to
assumptions. Such information includes, without limitation, statements
with respect to: the enhancement of Britco's product offering derived
from the Acquisition and the benefits that may accrue to WesternOne
Equity and its unitholders as a result of the Acquisition. Actual
events or results may differ materially.
Forward-looking information contained in this press release is based on
certain key expectations and assumptions made by WesternOne Equity,
including, without limitation, expectations and assumptions respecting:
stability of the economy in Western Canada; growth in the energy and
mining sectors in Alberta and British Columbia; no material adverse
changes to the business of AMI; and ability to successfully integrate
AMI. Although the forward-looking information contained in this press
release is based upon what the WesternOne Equity's management believes
to be reasonable assumptions, WesternOne Equity cannot assure investors
that actual results will be consistent with such information.
Forward-looking information reflects current expectations of WesternOne
Equity's management regarding future events and operating performance
as of the date of this press release. Such information involves
significant risks and uncertainties, should not be read as guarantees
of future performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number
of factors could cause actual results to differ materially from the
results discussed in the forward-looking information, and a description
of these factors can be found under "Risk Factors" in WesternOne
Equity's Annual Information Form dated March 31, 2011 and Management
Discussions and Analysis dated November 10, 2011, which are available
on SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified
in its entirety by this cautionary statement. Forward-looking
information reflects management's current beliefs and is based on
information currently available to WesternOne Equity. The
forward-looking information is made as of the date of this press
release and WesternOne Equity assumes no obligation to update or revise
such information to reflect new events or circumstances, except as may
be required by applicable law.
About WesternOne Equity
WesternOne Equity seeks to acquire and grow businesses in the sector of
construction and infrastructure services in order to generate stable
and growing distributions to its unitholders as well as to achieve
overall capital appreciation.
Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com.
Britco is the one of the largest manufacturers of commercial modular
buildings in North America. Britco also has one of the largest lease
fleets of temporary offices, construction site trailers and storage
containers in Western Canada. Britco has four production facilities,
three located in Canada in Agassiz and Penticton, British Columbia, and
Edmonton, Alberta, and one located in the United States in Waco, Texas.
Britco has a customer base that ranges from the commercial,
residential, government and infrastructure sectors, to the resource,
energy and mining industries in Western Canada and the Southern United
States. Britco is headquartered in Langley, British Columbia, and in
addition to its manufacturing facilities, has branch offices in Nanaimo
and Kelowna and sales offices in Calgary and Edmonton, Alberta.
Additional information about Britco is available at www.britco.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Equity Income Fund
For further information:
Andrew Greig, Manager of Investor Relations
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042