EDMONTON, July 4, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that further to its prior
announcements on April 29, 2014, June 16, 2014 and June 20, 2014
AutoCanada confirms that it has completed the acquisition of six
dealerships and one exclusive right to build and operate a Nissan motor
vehicle dealership on a designated property in Southeast Calgary, from
the Hyatt Automotive Group Inc. or its affiliates,. The Hyatt
Dealerships are known by their trade names: Hyatt Mitsubishi, Fish
Creek Nissan, Calgary Hyundai, Northland Volkswagen, Hyatt Infiniti and
Crowfoot Hyundai.
Commenting on the transaction, Pat Priestner, Chairman and CEO of
AutoCanada stated, "We are very pleased about the joining of two great
families into one strong partnership which adds greatly to our Calgary
platform. We would like to thank Nissan Canada, Infiniti Canada,
Volkswagen Canada, Hyundai Canada and Mitsubishi Motors Canada and all
of their employees who worked very hard supporting our efforts to
expand our offerings of these highly desirable brands which we believe
will continue to grow in market share. We would also like to thank and
welcome Steven and Perry Itzcovitch, Johnathan Robins, Mike Hofer, Ron
Anderson, Ken Brown, Darren McNeil and Rick Field, along with all of
the Hyatt dealership employees, to the AutoCanada family, with whom we
look forward to building a strong and lasting relationship. We are
very excited that Steven, Perry, Johnathan, Mike, Ron, Ken, Darren and
Rick have agreed to remain with AutoCanada."
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 42 franchised dealerships in
eight provinces and has approximately 2,000 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 belief that the AutoCanada dealerships will continue to grow their
market share. These forward-looking statements and information are
based on certain key expectations and assumptions made by AutoCanada,
including the assumption that market conditions will favor continued
growth in sales. 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,
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.
