OKOTOKS, AB, March 12, 2014 /CNW/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") today announced that its Audit Committee has completed a review process in relation to its audit service provider. The process was undertaken with the primary objectives of evaluating the expertise available to the Board of Directors of Mullen Group and the market cost of Mullen Group's audit services.
The Audit Committee conducted this review over the past several months and assessed a proposal for audit services from one of Canada's largest audit firms against its existing auditor's audit plan for the year ended 2013. Both firms have significant experience and local, national and international expertise. At the conclusion of the process, the Board of Directors, on the recommendation of the Audit Committee, has unanimously determined to commence the process of changing Mullen Group's auditor to PricewaterhouseCoopers LLP.
Mullen Group's existing auditors, KPMG LLP, had been Mullen Group's auditors since 1993. KPMG LLP has completed its audit and related filings for Mullen Group's financial year ended December 31, 2013. PricewaterhouseCoopers LLP is being proposed for appointment as auditor at Mullen Group's upcoming annual shareholders' meeting. There were no disagreements with KPMG LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure for the period in which KPMG LLP provided auditing services, including any "reportable event", as defined in National Instrument 51-102 - Continuous Disclosure Obligations. Indeed, the relationship with KPMG LLP has been very positive and professional over the years.
"This process is consistent with our philosophy of cost discipline. Our relationship with PricewaterhouseCoopers LLP is expected to benefit the Board, management and Mullen Group's shareholders," stated Mr. Murray K. Mullen, Chairman and Chief Executive Officer. "This process required the entire Audit Committee to invest a significant amount of their time and expertise, for which we are grateful," added Mr. Mullen.
The Audit Committee, on behalf of the Board of Directors, would like to thank KPMG LLP for its services and contributions to Mullen Group and its shareholders.
Mullen Group is a company that owns a network of independently operated businesses. Mullen Group provides a wide range of specialized transportation and related services to the oil and natural gas industry in western Canada and is one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen Group has strong business relationships and industry leadership. Mullen Group provides management and financial expertise, technology and systems support to its independent businesses.
Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.
SOURCE: Mullen Group Ltd.
For further information:
Mr. Murray K. Mullen - Chairman of the Board and Chief Executive Officer
Mr. Stephen H. Lockwood - Co-Chief Executive Officer and President
Mr. P. Stephen Clark - Chief Financial Officer
121A - 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3