EDMONTON, March 22, 2013 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that its revolving floorplan
facility agreement with The Bank of Nova Scotia ("Scotiabank") has been
increased by $50 million to accommodate the growing inventory
requirements of its dealerships. The total amount available under the
Scotiabank facility is now $290 million. In addition to the increase,
AutoCanada is pleased to report a 50 basis point interest rate
reduction in both its new and used vehicle floorplan facilities with
Scotiabank. Under the facility, the interest rate on the new vehicle
floorplan facility has been revised to Bankers' Acceptance plus 1.30%
(currently 2.50%) from the previous rate of Bankers' Acceptance plus
1.80%.
"Management is very proud of our growing partnership with Scotiabank as
evidenced by these developments and is very appreciative of the
tremendous support provided by Scotiabank and in particular Scotiabank
Dealer Finance." stated Pat Priestner, Chief Executive Officer of
AutoCanada.
Conference Call Announcement - Annual and Fourth Quarter 2012 Results
and Discussion
AutoCanada will release its earnings report for the three month period
and year ended December 31, 2012 on Tuesday, March 26, 2013 after the
close of markets. It will also be posted on the Company's website at http://www.autocan.ca.
The Company will then host its financial analyst conference call on
Wednesday, March 27, 2013 at 11:00 a.m. Eastern Time (9:00 a.m.
Mountain Time) to discuss its fourth quarter and annual financial
results for 2012. Participants may join the call by dialing
1-647-427-7450 in Toronto or dialing 1-888-231-8191 at the scheduled
time of 11:00 a.m. Eastern Time.
Pat Priestner, Chief Executive Officer will lead the discussion and will
be accompanied by Tom Orysiuk, President and Chief Financial Officer
and Steve Rose, Executive Vice-President, Corporate Services. The
discussion will be followed by a question and answer period.
Thank you for your interest in AutoCanada and we look forward to your
participation in the conference call.
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 28 franchised dealerships in six
provinces and has over 1,100 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti,
Nissan, Hyundai, Subaru, Mitsubishi, and Volkswagen branded vehicles.
In 2011, our dealerships sold approximately 28,000 vehicles and
processed approximately 300,000 service and collision repair orders in
our 333 service bays during that time.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
Forward Looking Statements
Certain statements contained in this press release are forward-looking
statements and information (collectively "forward-looking statements"),
within the meaning of the applicable Canadian securities legislation.
We hereby provide cautionary statements identifying important factors
that could cause our actual results to differ materially from those
projected in these forward-looking statements. Any statements that
express, or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but not
always, through the use of words or phrases such as "will likely
result", "are expected to", "will continue", "is anticipated",
"projection", "vision", "goals", "objective", "target", "schedules",
"outlook", "anticipate", "expect", "estimate", "could", "should",
"expect", "plan", "seek", "may", "intend", "likely", "will", "believe"
and similar expressions are not historical facts and are
forward-looking and may involve estimates and assumptions and are
subject to risks, uncertainties and other factors some of which are
beyond our control and difficult to predict. Accordingly, these
factors could cause actual results or outcomes to differ materially
from those expressed in the forward-looking statements. Therefore, any
such forward-looking statements are qualified in their entirety by
reference to the factors discussed throughout this document.
The Company's Annual Information Form and other documents filed with
securities regulatory authorities (accessible through the SEDAR website
www.sedar.com describe the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
reference.
Further, any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by applicable
law, we undertake no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible
for management to predict all of such factors and to assess in advance
the impact of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statement.
SOURCE: AutoCanada Inc.
