SHERBROOKE, QC, Nov. 19 /CNW Telbec/ - Shermag Inc. (TSX:SMG) today announced changes to its Board of Directors and a change of its financial year end.
The Company announces the resignation of Mr. Claude Pichette as Chairman of the Board of Directors of Shermag Inc., effective as at November 17, 2009. However, Mr. Pichette remains a director of the Company. Mr. Richard Darveau from Groupe Bermex Inc. was appointed Chief Executive Officer and Chairman of the Board of Directors to fill the vacancy. The other members of the Board took the opportunity to highlight the dedication and involvement of Mr. Pichette as Chairman of the Board during the last seven years.
In addition, Shermag Inc. announces the appointment of a fifth member to the Board. Mr. Jacques Olivier Jr., President of Jacques Olivier Ford Inc., was appointed to the Board of Directors of Shermag Inc. in order to fill the vacancy following the resignation of Mr. Georges Armoyan on March 31, 2009.
Finally, Shermag's Board of Directors has approved by resolution the change of the financial year end. Following the change in control that occurred with the recent subscription from Groupe Bermex Inc. to the share capital of the Company, it was preferable for the two companies to have the same financial year end. The financial year of Shermag Inc. will now end each year on December 31.
Shermag Inc., headquartered in Sherbrooke, Québec, is a manufacturer and importer of high-quality residential furniture. Shermag presently has more than 200 active employees and is a manufacturer and importer with its manufacturing operations and global sourcing division.
Groupe Bermex Inc., founded in 1983 and headquartered in Maskinongé, Québec, is one of North America's largest furniture manufacturers. Bermex presently has more than 575 active employees and has 13 plants.
This news release contains forward-looking statements about the Company's operations, objectives, strategies, financial situation and performance. These statements are made based on assumptions and management's best estimates with regard to future events. However, the business of the Company is subject to risks and uncertainties that could cause actual results to differ from expected results. Important factors that could cause such differences are changes in pricing pressure being exerted by competitors, particularly Asian-based companies, or significant movement in the Canadian/US dollar exchange rate. This is not an exhaustive list. A broader evaluation of risk factors that could affect future performance can be found in the Company's Annual MD&A and Annual Information Form, filed with Canadian securities regulatory authorities. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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For further information: For further information: Mrs. Josée Girard, CA, Vice-president, Finance, Shermag Inc., (819) 566-1515