VANCOUVER, May 29, 2018 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – : ("Grande West" or the "Company"), a Canadian manufacturer of mid-sized multi-purpose transit vehicles for sale in Canada and the United States, is pleased to announce the addition of Christopher Strong to the Board of Directors.
Mr. Strong is an operationally focused senior executive with prior CEO experience in publicly traded Canadian and U.S. companies. Mr. Strong served as an independent director of Savanna Energy Services from 2013 to 2015 and then as CEO until the company was acquired by another TSX traded company in 2017. He was CEO of Union Drilling, a NASDAQ traded oilfield service company, from 2005 until it was acquired by a private equity group in 2012. He has over thirty years of experience with startups, acquisitions, IPOs, turnarounds and sales. He also has a strong finance background with previous roles as audit committee chair, CFO and numerous other finance-related positions earlier in his career. Mr. Strong is a former U.S. Navy Officer and received his MBA in finance from the Wharton School of Business.
Mr. Strong stated, "Grande West identified an underserved market in mass transit and spent years developing multiple products with innovative engineering and design to supply it. The company is now experiencing rapid growth in sales and backlog as their vehicles are proving to be a reliable, cost-effective solution to multiple transit requirements. I look forward to working with management and the board on this new phase of the company's evolution, which often provides a different set of challenges that must be overcome to be successful."
Jean-Marc Landry, CEO of Grande West commented, "We are very fortunate to have Chris join our board as an independent and Audit Committee Chair. We continue to strengthen the entire organization in 2018 and Chris' experience with optimizing operational results fits very well with our current focus on cost reductions and U.S. sales growth. The entire Grande West team is excited to have Chris on board."
The Company has granted Mr. Strong 250,000 stock options with a strike price of $1.45 for his incentive plan that will vest over a three year period. The options are exercisable until May 30, 2023, subject to exchange approval.
About Grande West Transportation Group
Grande West is a Canadian company that designs, engineers and manufactures mid-size multi-purpose transit vehicles for public and commercial enterprises. Grande West's Best-in-Class heavy-duty Vicinity bus is available in 27.5, 30 and 35 foot models powered by clean diesel or CNG designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40 foot transit bus, is more maneuverable, burns less fuel and emits less harmful emissions. Grande West will soon be offering a new product which will be the first Crossover Vehicle in the transit space - a medium-duty, monocoque-designed rear engine vehicle.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is compliant to Buy America certification, and along with Alliance Bus Group ("ABG"), its exclusive US distributor, is actively pursuing opportunities in public and private transit fleet operations that would benefit from Grande West's vehicles.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Grande West Transportation Group Inc.
For further information: Grande West Transportation: John LaGourgue, VP Corporate Development, Ph: 1-604-607-4000, [email protected], www.grandewest.com