– Company to Report Second Quarter Results After Market Close on August 13 and Host Conference Call on August 14 at 10:00 a.m. ET –
WINNIPEG, Aug. 4, 2015 /CNW/ - Legumex Walker Inc. (TSX: LWP) (the "Company") today confirmed that its previously announced strategic review process, initiated in March of this year, is ongoing and is not dependent on the recently announced notice of demand for repayment by a key lender of all amounts due under the senior credit facility of its 84% owned Pacific Coast Canola, LLC ("PCC") subsidiary or the resulting possibility that PCC will cease operations.
As announced in its news release of March 16, 2015, the Company established a Special Committee composed of independent directors to oversee the strategic review, which is intended to identify and consider strategic and financial alternatives available to the Company with the ultimate goal of maximizing shareholder value. Such strategic and financial alternatives may include a transaction, as well as the continued execution of its business plan.
The Special Committee expects to provide an update in the coming weeks as the process nears its completion.
Although the Company has initiated a strategic review process, there is no certainty that any transaction or alternative will be undertaken. The Company has not set a definitive schedule to complete its evaluation and, notwithstanding the above-mentioned alternatives, no decision on any particular alternative has been reached at this time. The Company does not intend to make further announcements or disclose developments with respect to this process unless the evaluation has been completed and the Board has approved a definitive transaction and the Company has entered into a definitive agreement or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.
Second Quarter Conference Call Details
The Company also announced that it will host a conference call on Friday, August 14, 2015 at 10:00 a.m. ET to discuss its second quarter 2015 financial results. The Company expects to report its financial results after market close on August 13, 2015.
To access the conference call by telephone, dial (647) 427-7450 or (888) 231-8191. Please connect approximately 10 minutes prior to the start of the call to ensure access. A recording of the conference call will be archived for replay by telephone until Friday, August 21, 2015 at midnight. To access the archived conference call, dial 1-855-859-2056 and enter the reservation number 86398623.
A live audio webcast of the conference call will be available at http://www.legumexwalker.com/investors-presentations.php. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.
About Legumex Walker Inc.
LWI is a growth-oriented processor and merchandiser of pulses and other special crops, and with the completion of the PCC canola seed processing facility in Washington State, canola products. The Company derives its revenue from sourcing, processing, marketing and distributing special crops, canola products and associated healthy, specialty food ingredients to a global customer base. The Company operates processing facilities in the Canadian Prairies, American Midwest, the Pacific Northwest, and China. LWI has an 84 percent interest in Pacific Coast Canola LLC ("PCC"), a canola oilseed processing facility in the State of Washington, the largest commercial-scale canola oilseed processing facility west of the Rocky Mountains.
Cautionary Note on Forward-looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws which may include, but is not limited to, statements relating to expectations, intentions and plans contained in this press release that are not historical fact, including those relating to strategic alternatives and value maximization. When used in this press release, the words "anticipate", "expect", "will", "may", and similar expressions generally identify forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risk that no strategic transaction will be undertaken by the Company and that even if it does that the Company will be unable to realize any increase in value. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
SOURCE Legumex Walker Inc.