MONTRÉAL, March 26, 2020 /CNW Telbec/ - LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) (the "Company"), a marine and environmental services provider, wishes to inform all its stakeholders of the measures LOGISTEC is taking further to the COVID-19 situation in both Canada and the United States.
Health and Safety of our Employees
Protecting the health and safety of our people on the docks, in the terminals and on worksites is our top priority. Our HSE and operations teams are working closely with the key agencies and public health organizations, and are adhering to their guidelines and measures to ensure everyone's safety. We will continue to reinforce the authorities' recommendations. Daily guidelines and updates are sent out to all of our employees, both on the front lines and those working remotely, and the employees' wellness is a top concern for management.
LOGISTEC has rolled out its business continuity plan for its operations that are deemed essential services by the government authorities in Canada and the United States.
LOGISTEC's marine operations are considered essential services and, as such, our terminal operations across our North American network will remain open and functional. While adopting increased operating procedures around ensuring the safety of all, our team of dedicated experts will continue to safely keep things moving in support of the economy and global supply chain.
On the environmental side, we are, as every year, affected by the seasonality of our operations and most activities cannot be performed in the winter season. This includes site remediation and rehabilitation of water mains. COVID-19 has nonetheless affected some of these activities, causing delays in certain projects. However, as we perform essential services to maintain and upgrade critical infrastructure, we expect to move forward with a number of them in the weeks to come. Our manufacturing of woven hoses, which are both essential in providing communities with drinking water and fighting forest fires, remain operational.
LOGISTEC's financial position remains solid. LOGISTEC recently increased credit facilities to $300 million, on which $115 million was drawn as of December 31, 2019, whichgives us comfort to get through more challenging months, given COVID-19. LOGISTEC generated $82 million in discretionary cash flows in 2019.
"LOGISTEC's Senior Executive team is closely monitoring the COVID-19 situation. We will adapt and respond as things evolve, while ensuring the safety of our people and providing the necessary support to our customers, our partners, and the communities in which we operate," said Madeleine Paquin, President and CEO. "I want to thank our employees for their dedication and resilience in these trying times."
LOGISTEC Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 34 ports and 60 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial, municipal and other governmental customers for the rehabilitation of underground water mains, soils and materials management, site remediation, risk assessment, and manufacturing of woven hoses.
The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, LOGISTEC's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained on the Company's website at www.logistec.com.
For the purpose of informing shareholders and potential investors about the Company's prospects, sections of this document may contain forward-looking statements, within the meaning of securities legislation, about the Company's activities, performance and financial position and, in particular, hopes for the success of the Company's efforts in the development and growth of its business. These forward-looking statements express, as of the date of this document, the estimates, predictions, projections, expectations or opinions of the Company about future events or results. Although the Company believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Company's control, such that the Company's performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed are examined under "Business Risks" in the Company's annual report and include (but are not limited to) the performances of domestic and international economies and their effect on shipping volumes, weather conditions, labour relations, pricing and competitors' marketing activities. The reader of this document is thus cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise these forward-looking statements, except as required by law.
SOURCE Logistec Corporation
For further information: Jean-Claude Dugas, CPA, CA, Chief Financial Officer, Logistec Corporation, [email protected], (514) 985-2345