CALGARY, ALBERTA--(Marketwired - Oct. 6, 2014) - Superior Plus Corp. ("Superior" or the "Corporation") (TSX:SPB) announces that, after completion of its strategic review process, which involved the review, assessment and negotiation of formal offers for the sale of its Construction Products Distribution business ("CPD"), it has concluded that it is not in the shareholders' best interests to proceed with a sale of CPD at this time. Superior intends to continue with its previously announced business transformation project to fully integrate CPD's commercial and industrial insulation and gypsum specialty distribution operations which had been placed on hold during the strategic review of CPD.
Luc Desjardins, President and Chief Executive Officer stated, "Based upon my experience and our business transformation success at Propane Canada ("Propane") and U.S. Refined Fuels ("USRF"), we see excellent growth for our shareholders as we continue to improve the operations of all of our businesses, including CPD. The CPD business has excellent short-term and long-term growth opportunities, and I am confident in Superior's ability to continue to effectively grow in all three of our current businesses. Superior remains committed to achieving the financial targets we set out as part of Destination 2015 and are on track to reach our targeted total debt to EBITDA leverage ratio of 3.0x to 3.5x by December 31, 2015."
About the Corporation
Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates, providing fixed-price energy services, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to completion of the CPD business transformation project, future growth prospects and future leverage ratios. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Non-IFRS Financial Measure
EBITDA represents earnings before taxes, depreciation, amortization, finance expense and certain other non-cash expenses, and is used by Superior to assess its consolidated results and those of its operating segments. EBITDA is not a defined performance measure under IFRS. Superior's calculation of EBITDA may differ from similar calculations used by comparable entities.