EDMONTON, June 16, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that further to its prior
announcement on April 29, 2014 regarding the proposed acquisition of a
dealer group, AutoCanada confirms that it has signed agreements to
purchase from the Hyatt Automotive Group Inc. or its affiliates, six
dealerships comprised of Infiniti, Nissan, Volkswagen, Mitsubishi and
two Hyundai dealerships, all of which are located in Calgary, Alberta.
The completion of the transaction remains subject to various conditions,
including the consent of the applicable OEMs. AutoCanada has received
manufacturer approval for two of the dealerships and is looking forward
to receiving approval for the remaining four dealerships in the near
future. AutoCanada will make further announcements regarding the
transaction once final approvals have been obtained. The transactions
are expected to close during the period of June 23, 2014 to July 3,
2014.
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 35 franchised dealerships in
eight provinces and has approximately 1,800 employees. AutoCanada
currently sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC,
Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi,
Volkswagen, BMW and MINI branded vehicles. In 2013, our dealerships
sold approximately 36,000 vehicles and processed approximately 364,000
service and collision repair orders in our 381 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
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. All statements other than statements of historical fact contained
in this press release may be forward-looking statements and
forward-looking information. In particular, forward-looking information
and statements in this press release include, but are not limited to,
the completion of the proposed dealership group acquisition and the
dealerships to be acquired pursuant to the transaction. These
forward-looking statements and information are based on certain key
expectations and assumptions made by AutoCanada, including the
assumption that all necessary conditions will be satisfied and all
necessary approvals will be obtained. Although AutoCanada believes that
the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and information
as AutoCanada cannot give any assurance that they will prove to be
correct. Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the risk that OEM
approval will not be obtained for the acquisition and the acquisition
will not be completed as proposed or at all and general economic,
market and business conditions. Readers are cautioned that the
foregoing list of risks and uncertainties is not exhaustive. Additional
information on these and other risk factors that could affect
AutoCanada's operations, financial results and the completion of the
proposed acquisition are included in AutoCanada's annual information
form and the other disclosure documents filed by AutoCanada with
securities regulatory authorities which may be accessed through the
SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press
release are made as of the date hereof and AutoCanada does not
undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE AutoCanada Inc.
