Lakeside Steel announces third quarter results and issues stock options
WELLAND, ON,
The Company's EBITDA was (
Demand in the oil and gas sector for the Oil Country Tubular Goods manufactured by Lakeside Steel Corporation ("Lakeside"), Lakeside Steel's wholly-owned subsidiary, has experienced a positive increase in the third quarter. Management believes that this trend will continue into the fourth quarter of fiscal 2010 and the first quarter of fiscal 2011. Lakeside's current order book provides a full production load in both of its mills until
The Company also announced that, subject to receipt of required regulatory approvals, it granted stock options under its 10 per cent rolling Stock Option Plan to a director, and certain officers and employees of the Company and Lakeside to purchase in the aggregate up to 900,000 common shares (the "Stock Options") in the capital of the Company. The exercise price of the Stock Options is
About Lakeside Steel Inc.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent company of Lakeside. Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern
This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
Neither 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. Lakeside Steel was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
%SEDAR: 00023559E
For further information: For further information: Ron Bedard, President & Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext. 7294, Fax: (905) 735-8896, e-mail: [email protected]; Ken Hunter, Chief Financial Officer, Lakeside Steel Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: [email protected]
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