The Week in Canadian Press Releases: 10 Stories You Need to See

A roundup of the most newsworthy press releases from Cision Distribution this week

TORONTO, July 26, 2024 /CNW/ - With thousands of press releases published each week, it can be difficult to keep up with everything on Cision. To help journalists and consumers stay on top of the week's most newsworthy and popular releases, here's a recap of some major stories from the week that shouldn't be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Cision Canada - The Weekly Round-Up (PRNewsfoto/Cision Canada)

1. A&W Revenue Royalties Income Fund and A&W Food Services of Canada Announce Strategic Combination 
   A&W Revenue Royalties Income Fund (TSX: AW.UN) (the "Fund") and A&W Food Services of Canada Inc. ("A&W Food Services") today announced that they have agreed to a strategic combination (the "Transaction") that will create a leading publicly traded growth-focused QSR franchisor ("A&W Food Services NewCo"). Following closing, A&W Food Services NewCo will provide converting unitholders with full and direct access to significantly greater growth and capital appreciation potential and expects to pay attractive quarterly dividends at the same annualized rate as the current monthly distributions paid to the Fund's unitholders (currently equal to $1.92 per unit).
2. ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 8,695,652 COMMON SHARES 
   The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 32.8 million shares, representing approximately 3.5% of Couche-Tard's total shares outstanding. "This transaction is consistent with our opportunistic approach regarding our share repurchase program and broader capital allocation priorities and represents a distinct opportunity to create shareholder value. Our healthy balance sheet and strong financial position, highlighted by our leverage ratio in line with our customary financial discipline, allows us to be well-positioned for opportunities like this to deploy excess cash on-hand" said Filipe Da Silva, Chief Financial Officer.
3. Canfor Announces Leadership Transition 
   Today, Canfor is also announcing the appointment of Susan Yurkovich as the Company's next Chief Executive Officer. Currently serving as Canfor's Senior Vice President of Global Business Development, Ms. Yurkovich brings three decades of experience working in the natural resources sector to the role, 12 of those years with Canfor. She has served in executive roles in both forestry and energy including as President and CEO of the BC Council of Forest Industries and Executive Vice President at BC Hydro. Ms. Yurkovich's appointment as CEO will take effect January 1, 2025. Mr. Kayne will continue in an advisory capacity through 2025.
4. JNF Canada Files Legal Appeal 
   Throughout this multi-year process JNF Canada has demonstrated its willingness to work with the CRA.  When the CRA raised concerns, JNF Canada made changes to its operations in the spirit of collaboration even though it does not agree with CRA's positions and those positions have not been tested in court. JNF Canada also sought alternatives to the revocation prior to launching its legal challenge. JNF Canada remains deeply concerned with the CRA's decision to revoke its charitable status and its failure to provide a fair due process, thereby undermining a basic fundamental right for all Canadians. At the same time, JNF Canada emphasized that it remains open to liaising with the CRA in the hope of  reaching  a resolution outside  of the legal process.
5. Sleep Country to be Acquired by Fairfax 
   "We have concluded that this transaction is in the best interests of Sleep Country and is fair to our shareholders. Following a comprehensive assessment and our extensive negotiations with Fairfax, we are pleased to have reached an agreement that provides certainty of significant and immediate value to shareholders" said Christine Magee, Chair of the special committee of independent directors of Sleep Country that oversaw the negotiation of the Transaction (the "Special Committee"). The Transaction will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the "Arrangement") and is expected to close in the fourth quarter of 2024.
6. NEW GOLD REPORTS FATALITY AT THE RAINY RIVER MINE
   New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) deeply regrets that early this morning, July 24^th, 2024, an employee operating a piece of equipment in the open pit was fatally injured at the Rainy River Mine in northwestern Ontario. The health, safety and wellbeing of our employees is our top priority. The Company is working closely with local authorities and an investigation is underway. Operations have been voluntarily suspended. The thoughts of management are with the family, friends and colleagues who have been impacted by this tragic incident. The Company will provide additional information as appropriate.
7. Air Canada Provides Second Quarter 2024 Preliminary Results and Updates Full Year 2024 Guidance 
   Operating revenues of about $5.5 billion, on 6.5% increased operated capacity year-over-year, as compared to about $5.4 billion in Q2 2023 - Operating income of $466 million, with an operating margin of 8.4%, as compared to $802 million in Q2 2023 -Adjusted EBITDA* of $914 million, as compared to about $1.2 billion in Q2 2023. All 2024 second quarter figures reported in this news release are preliminary estimates. Air Canada's interim unaudited condensed consolidated financial statements for the second quarter of 2024 are not yet complete and results for second quarter 2024 may vary from these preliminary estimates upon completion of closing procedures and finalization of the interim unaudited condensed consolidated financial statements. 
8. Tim Hortons and Ryan Reynolds team up to celebrate the release of Marvel Studios' "Deadpool & Wolverine," only in theatres July 26 
   Tim Hortons is excited to be teaming up with Marvel Studios Canada and Ryan Reynolds to celebrate the launch of the most-anticipated movie of the summer, Marvel Studios' "Deadpool & Wolverine," which opens exclusively in theatres across the country this Friday. "Like Tims, this movie is so Canadian in so many ways – the Deadpool character is from Saskatchewan and Wolverine is from Alberta, and the movie is directed by Montreal-native Shawn Levy ­– and we all thought we could have some fun bringing Canada's favourite coffee and Canada's favourite Super Hero together." Tim Hortons is also proud to be sponsoring tonight's Canadian special screening of "Deadpool & Wolverine" in Toronto.
9. $500M Settlement Reached with George Weston Limited and Loblaw Companies Limited in Packaged Bread Price-Fixing Class Action 
   Strosberg Wingfield Sasso LLP, Orr Taylor LLP, Renno & Vathilakis Inc., LPC Avocats, CFM Lawyers LLP, and Boudreau Law announced today, on behalf of the plaintiffs, that they have entered into binding minutes of settlement with George Weston Limited ("George Weston") and Loblaw Companies Limited ("Loblaw") to settle George Weston and Loblaw's involvement in nationwide class action lawsuits related to industry-wide price fixing for certain packaged bread products. The plaintiffs allege that the defendants participated in a 14-year industry-wide price fixing conspiracy leading to an artificial increase in packaged bread prices. The $500M settlement is the largest anti-trust settlement in Canadian history. The settlement is subject to finalizing a formal settlement agreement between the parties and court approval. 
10. WestJet announces record-level investments across Saskatchewan this winter 
    Airline underscores commitment to boosting domestic, transborder and leisure connectivity across the province through increased convenience and added frequencies. "We are proud to expand Saskatchewan's domestic service and forge new critical connections across the country, as we further solidify our position as the province's leading air carrier," said John Weatherill, WestJet Executive Vice-President and Chief Commercial Officer. "As the only airline offering non-stop connectivity from Saskatchewan to transborder and international destinations this winter, while providing Regina and Saskatoon with the most domestic connectivity, our investments will further stimulate business and leisure travel opportunities as we continue to execute on our growth strategy."

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SOURCE Cision Canada

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