VANCOUVER, BC--(Marketwired - May 13, 2015) - Premium Brands Holdings Corporation (TSX: PBH) announced today that it has entered into an agreement (the "Agreement") with the Canada Revenue Agency ("CRA") regarding the CRA's objection to the tax consequences associated with its conversion from an income trust into a corporation in July 2009.
The Agreement will not give rise to any cash outlay by the Company for prior taxation years but will result in a non-cash charge to earnings in the second quarter of 2015 as the Company derecognizes certain of its deferred tax assets. Details on the non-cash charge and the impact of the Agreement on the Company's tax attributes will be outlined in the Company's financial statements and the accompanying management's discussion and analysis for the second quarter of 2015.
"We are very pleased to have resolved this issue and the uncertainty associated with it," said Mr. George Paleologou, President and CEO. "Furthermore, this settlement will help to ensure that our focus remains on our goal of becoming one of North America's leading specialty food companies."
About Premium Brands
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, Ohio and Washington State. The Company services a diverse base of customers located across North America and its family of brands and businesses include Grimm's, Harvest, McSweeney's, Bread Garden Go, Hygaard, Hempler's, Quality Fast Foods, Direct Plus, Harlan Fairbanks, Creekside Bakehouse, Stuyver's Bakestudio, Centennial Foodservice, B&C Food Distributors, Shahir, Wescadia, Duso's, Maximum Seafood, Ocean Miracle, SK Food Group, OvenPride, Hub City Fisheries, Audrey's, Deli Chef, Piller's and Freybe.
Forward Looking Statements
This release contains forward looking statements with respect to the Company, including its business operations, strategy and financial performance and condition. These statements generally can be identified by the use of forward looking words such as "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations.
Although management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of May 13, 2015, such statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.
Unless otherwise indicated, the forward looking information in this document is made as of May 13, 2015 and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this document.