VEGREVILLE, AB, Jan. 26, 2018 /CNW/ - TerraVest Capital Inc. (TSX: TVK) ("TerraVest" or the "Company") announced today that it has acquired all of the issued and outstanding shares of MaXfield Group Inc. ("MaXfield") for $21.0 million subject to a working capital adjustment. MaXfield is a privately-owned Alberta based company primarily focused on manufacturing high quality processing, storage and transportation equipment for the propane, anhydrous ammonia and oil and gas markets.
Dustin Haw, Chief Executive Officer at TerraVest, welcomes the employees of MaXfield and looks forward to their continuing commitment to the business and its customers. "MaXfield is a natural extension of TerraVest's existing operations and solidifies the Company as a leading manufacturer of equipment for the propane and anhydrous ammonia markets across Canada. In addition, MaXfield is complementary with our existing operations in Western Canada." said Mr. Haw.
TerraVest will acquire MaXfield using existing cash and credit facilities.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flow, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.
SOURCE TerraVest Capital Inc.
For further information: Dustin Haw, TerraVest Capital Inc., Chief Executive Officer, (416) 855-1928, [email protected]