NANAIMO, BC, Dec. 21, 2018 /CNW/ - ATLAS ENGINEERED PRODUCTS LTD. ("Atlas" or the "Company") (TSX-V: AEP, OTC Markets: APEUF) a leading supplier of trusses, engineered wood products and building components, is pleased to announce the results of the annual general meeting of its shareholders held on December 14, 2018.
At the meeting, shareholders voted in favour of fixing the number of directors at five (5), and for the re-election of all of the incumbent directors standing for re-election: Dirk Maritz, Mohammad Hadi Abassi, Don Hubbard, Greg Smith and Kevin Smith. Shareholders also voted in favour of appointing PricewaterhouseCoopers as Atlas' auditors for the next year, and re-approved Atlas' rolling 10% stock option plan.
"Atlas has is one short year acquired Atlas Truss & Coastal Windows in British Columbia, Clinton Truss, Satellite Truss & Tandelle-Pacer in Ontario, whilst also targeting closing the previously announced Manitoba, South Central Building Systems Company in early 2019," said Dirk Maritz, CEO & President of Atlas. "Our efforts are focused on integrating these businesses to the Atlas stable and realizing cost synergies via operational excellence, in line with our acquisition strategy. This, together with the asset quality acquired, will enable us to focus on maximizing shareholder value through organic initiatives, such as improved market penetration by capitalizing upon Atlas' buying power."
Mr. Maritz continued, "To this effect, and in collaboration with our Board of Directors, we decided to reduce the members on the Boards to 5 directors. This allows to us the confidence to focus on selective contracts that are value added, thus accelerating productivity through margin accretive engagements. We are confident that this priority shift for the organization, whilst continuing to grow our acquisition pipeline, will drive the results that will see Atlas maximize shareholder value."
About Atlas Engineered Products Ltd.
Atlas Engineered Products is a leading supplier of trusses and engineered wood products. Atlas was formed over 18 years ago and operates manufacturing and distribution facilities in British Columbia and Ontario to meet the needs of residential and commercial builders. Atlas has expert design and engineering teams, multiple-shift state-of-the-art truss manufacturing operations, and large inventories of engineered beam and flooring components. Atlas aims to grow its base of business across Canada by pursuing an aggressive acquisition and consolidation and product diversification strategy. Atlas will bring its construction industry partners across Canada unparalleled excellence in service, product, and support and is committed to supplying them with the full array of components and assemblies they might require for their projects – from design to lockup.
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company including those to be described in the Annual Information Form filed by the Company on June 1, 2018 and the Management's Discussion and Analysis ("MD&A") for the Company's fiscal quarter ended August 31, 2018 filed by the Company on October 17, 2018, both on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. Closing of the acquisition of South Central Building Systems Ltd. remains subject to a number of conditions, including, but not limited to, financing, satisfactory completion of the Company's due diligence investigations and TSX Venture Exchange approval.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
For further information: Atlas Engineered Products Ltd., Dirk Maritz, CEO and President, Phone: 1-250-754-1400, Email: [email protected], Unit 102, 6551 Aulds Road, Nanaimo, BC V9S 5X9, www.atlasengineeredproducts.com; Atlas Engineered Products Ltd, Bill Woods, CFO, Phone: 1-250-754-1400, Email: [email protected], Unit 102, 6551 Aulds Road, Nanaimo, BC V9S 5X9, www.atlasengineeredproducts.com; For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: [email protected], Contact Financial Corp., 810 - 609 Granville St., Vancouver, BC V7Y 1G5