EDMONTON, March 22, 2013 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ) announced today that its revolving floorplan facility agreement with The Bank of Nova Scotia ("Scotiabank") has been increased by $50 million to accommodate the growing inventory requirements of its dealerships. The total amount available under the Scotiabank facility is now $290 million. In addition to the increase, AutoCanada is pleased to report a 50 basis point interest rate reduction in both its new and used vehicle floorplan facilities with Scotiabank. Under the facility, the interest rate on the new vehicle floorplan facility has been revised to Bankers' Acceptance plus 1.30% (currently 2.50%) from the previous rate of Bankers' Acceptance plus 1.80%.
"Management is very proud of our growing partnership with Scotiabank as evidenced by these developments and is very appreciative of the tremendous support provided by Scotiabank and in particular Scotiabank Dealer Finance." stated Pat Priestner, Chief Executive Officer of AutoCanada.
Conference Call Announcement - Annual and Fourth Quarter 2012 Results and Discussion
AutoCanada will release its earnings report for the three month period and year ended December 31, 2012 on Tuesday, March 26, 2013 after the close of markets. It will also be posted on the Company's website at http://www.autocan.ca.
The Company will then host its financial analyst conference call on Wednesday, March 27, 2013 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) to discuss its fourth quarter and annual financial results for 2012. Participants may join the call by dialing 1-647-427-7450 in Toronto or dialing 1-888-231-8191 at the scheduled time of 11:00 a.m. Eastern Time.
Pat Priestner, Chief Executive Officer will lead the discussion and will be accompanied by Tom Orysiuk, President and Chief Financial Officer and Steve Rose, Executive Vice-President, Corporate Services. The discussion will be followed by a question and answer period.
Thank you for your interest in AutoCanada and we look forward to your participation in the conference call.
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 28 franchised dealerships in six provinces and has over 1,100 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, and Volkswagen branded vehicles. In 2011, our dealerships sold approximately 28,000 vehicles and processed approximately 300,000 service and collision repair orders in our 333 service bays during that time.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "expect", "plan", "seek", "may", "intend", "likely", "will", "believe" and similar expressions are not historical facts and are forward-looking and may involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Therefore, any such forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this document.
The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.
Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
SOURCE: AutoCanada Inc.
For further information:
Jeff Christie, CA
Phone: (780) 732-7164