Symbol: CVL (TSX)
CALGARY, May 28, 2013 /CNW/ - Cervus Equipment Corp. ("Cervus" or the "Company") (TSX: CVL) today announced that it has acquired an additional 18.6 per cent interest in Windmill AG Pty Ltd ("Windmill"), an Australian John Deere agriculture dealer for approximately $500 thousand and bringing its total ownership in Windmill to 53.3%.
"Cervus established operations in Australia nearly a year ago as part of our strategy to pursue opportunities in new markets," said Graham Drake, President and CEO of Cervus. "Cervus' acquisition of an additional interest in Windmill follows our successful integration of the business and reflects our growth strategy of consolidating dealerships in Australia, where we see further opportunities for growth."
Windmill is a John Deere agricultural machinery dealership operating out of five locations in the state of Victoria, Australia. Average revenue for the group over the last three years was approximately $58 million. Each dealership offers new and used whole goods, parts, and service.
About Cervus Equipment Corporation
Cervus acquires and manages authorized agricultural, commercial, industrial and transportation equipment dealerships with interests in 55 dealership locations in Western Canada, New Zealand, and Australia. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB construction equipment; Clark, Sellick, Nissan and Doosan material handling equipment; and Peterbilt transportation equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CVL".
Forward Looking Information
This press release contains certain forward‐looking information ("forward‐looking information") within the meaning of applicable Canadian securities laws. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward‐looking information relating to the average gross revenue of Windmill. Cervus believes the expectations reflected in such forward‐ looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Forward‐looking information is based on various assumptions. Those assumptions are based on information currently available to Cervus, including the historic performance of their businesses and current business and economic trends. You are cautioned that the preceding list of assumptions is not exhaustive. Forward‐looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward‐looking information necessarily involves known and unknown risks and uncertainties, which may cause Cervus' actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking information. These risks and uncertainties may include but are not limited to the risks identified in the 2012 Annual Information Form of Cervus Equipment Corporation, under the heading "Risk Factors". Any forward‐looking information is made as of the date hereof and, except as required by law. Cervus assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Cervus Equipment Corporation
For further information:
Graham Drake - President & CEO
Telephone: (403) 567-2095
Fax: (403) 567-0392
Randy Muth - Chief Financial Officer
Telephone: (403) 567-2097
Fax: (403) 567-0392