BURNABY, BC, Feb. 28, 2014 /CNW/ - Taiga Building Products Ltd. (TSX:
TBL & TBL.NT), ("Taiga" or the "Company") is pleased to announce that
it has completed the sale of five of its Canadian distribution
facilities to an affiliate of Korite Capital Corporation for an
aggregate purchase price of $20,000,000. Taiga has leased each of the
facilities back from the purchaser for an initial period of 20 years
and has the option to renew each lease twice for a further five years
under each renewal.
Net proceeds of this transaction are expected to be used for strategic,
working capital, and/or general corporate purposes.
Forward-Looking Information
This news release contains forward-looking information that reflects the
current views and/or expectations of Taiga with respect to its
performance, business and future events, including statements relating
to expected use of proceeds derived from the sale and leaseback
transaction. Forward-looking information is based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about the
business and the industry and markets in which the Company operates.
Forward-looking information does not guarantee future performance and
involves risks, uncertainties and assumptions which are difficult to
predict. Investors are cautioned that all forward-looking information
involves risks and uncertainties including, without limitation, that
the Company will be required to alter its expected use of proceeds
depending on business and market conditions at the time of closing, and
other risk factors listed from time to time in the Company's public
filings. These risks, as well as others, could cause actual results and
events to vary significantly. Accordingly, readers should not place
undue reliance on forward-looking information, which are qualified in
their entirety by this cautionary statement. Taiga does not undertake
any obligation to release publicly any revisions to or updating any
voluntary forward-looking statements, except as required by applicable
securities law.
SOURCE Taiga Building Products Ltd.
regarding Taiga, please contact:
Mark Schneidereit-Hsu
CFO and VP, Finance & Administration
Tel: 604.438.1471
Email: mschneidereit@taigabuilding.com
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