Armtec Infrastructure Inc. Announces Satisfaction of Conditions for Settlement of Proposed Class Actions
15 Oct, 2014, 19:50 ET
CONCORD, ON, Oct. 15, 2014 /CNW/ - Armtec Infrastructure Inc. ("Armtec" or the "Corporation") (TSX: ARF; ARF.DB) today announced that all conditions related to 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 have been satisfied.
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.
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.
SOURCE: Armtec Infrastructure Inc.
For further information:
Vice President & Corporate Secretary
Armtec Infrastructure Inc.
Tel: (647) 795-9290
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