CONCORD, ON, July 7, 2014 /CNW/ - Armtec Infrastructure Inc. ("Armtec") (TSX: ARF; ARF.DB) today announced that the previously disclosed agreement to settle the proposed class action proceedings against the Corporation and others commenced by investors who purchased shares of the Corporation during the period of March 24, 2011 through June 8, 2011 has received court approval in Ontario and Quebec.
As previously disclosed, this settlement provides for a payment in the amount of approximately Cdn. $12.9 million, inclusive of all taxes, fees, interest and costs, which amount will be paid by Armtec's insurers and, accordingly, will not impact Armtec's cash resources.
A court-approved notice is expected to be issued to class members, which will detail claim and opt-out procedures. Despite court approval, the proposed settlement remains subject to, among other things, the fulfillment of certain conditions concerning the number of opt-outs from the proposed settlement.
About Armtec Infrastructure Inc.
Armtec is a manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Armtec operates through a network of offices and production facilities across the country. Armtec operates in two business units: Drainage Solutions manufactures and markets corrugated high-density polyethylene pipe, corrugated steel pipe and other drainage related products including small bridge structures. Precast Concrete Solutions manufactures and markets highly engineered precast systems such as parking garages, bridges, sport venues and building envelopes as well as standard precast products such as steps, paving stones and utility vaults.
This news release contains "forward-looking" statements within the meaning of applicable securities legislation (including the expected issuance of a court-approved notice regarding claim and opt-out procedures), which involve known and unknown risks, uncertainties and other factors which may cause the actual results or events to be materially different from any future results or events expressed or implied by such forward-looking statements. Forward-looking statements typically contain such words or phrases as "proposed", "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. Forward-looking statements reflect current expectations regarding future results, events, performance and achievements and are based on information currently available to Armtec's management, anticipated operating and financial results of Armtec, and current and anticipated market conditions.
Forward-looking statements involve numerous assumptions and should not be read as guarantees of future results, events, performance or achievements. Such statements will not necessarily be accurate indications of whether or not such future results, events, performance or achievements will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Armtec, could cause actual results, events, performance or achievements to differ materially from the results, events, performance or achievements discussed in the forward-looking statements, including, but not limited to the factors discussed in Armtec's materials filed with the Canadian securities regulatory authorities from time to time. Although the forward-looking statements contained in this news release are based upon what management of Armtec believes are reasonable assumptions, Armtec cannot assure investors that actual results, events, performance or achievements will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable law, Armtec assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE: Armtec Infrastructure Inc.
For further information:
Vice President & Corporate Secretary
Armtec Infrastructure Inc.
Tel: (647) 795-9290
Fax: (519) 822-8894