WELLAND, ON, Jan. 30, 2012 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside" or the "Company") announced today that Vic Alboini is no longer the Chairman and Chief Executive Officer of the Company. He will continue as a director of the Company. Norman Findlay has been appointed as Interim Chairman of the Board. Mr. Findlay has been an independent director since September 29, 2008 and is also a member of the Audit Committee and the Compensation Committee of the Board. Ron Bedard will continue to serve in his role as President and Chief Operating Officer of the Company and President and Chief Executive Officer of Lakeside Steel Corporation and will report directly to the Board.
On January 25, 2012, the Company and JMC Steel Group, Inc. ("JMC Steel") announced that they had entered into a definitive arrangement agreement pursuant to which JMC Steel, through a wholly-owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Lakeside at a price of $0.2983 per share in cash pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario). Further information about the proposed transaction will be provided in a management information circular to be sent to shareholders in connection with a special meeting of shareholders for the purpose of considering the transaction. Information about the meeting will follow at such time as it becomes available.
About Lakeside Steel Inc.
Lakeside is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating facilities located in Welland, Ontario, Thomasville, Alabama, and Corpus Christi, Texas, and two processing facilities currently being constructed in Thomasville, Alabama. Lakeside is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list of customers includes large oil and gas end users as well as distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe manufacturer with end-finishing and heat treat capabilities strategically situated in the southern United States on successful completion of construction of the new facilities in Thomasville, Alabama. Construction of the Alabama facilities is currently underway.
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, Annual Information Form 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, except as required by law.
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 was recognized as a TSX Venture 50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
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President and Chief Operating Officer
Lakeside Steel Inc.
Lakeside Steel Inc.