VANCOUVER, British Columbia, July 13, 2018 (GLOBE NEWSWIRE) -- ATLAS ENGINEERED PRODUCTS LTD.
(“Atlas” or the “Company”) (TSX-V:AEP), a leading supplier of trusses, engineered wood products and building
components, is pleased to announce that it has entered into a definitive agreement to purchase all of the issued and outstanding
shares of Satellite Truss Ltd. (“Satellite”) of Merrickville, Ontario.
Mr. Guy Champagne, President of Atlas stated, “The Satellite purchase is a positioning investment that
represents an important step in Atlas’ growth in the Eastern Ontario marketplace. Satellite has strong growth potential and
provides Atlas with a very good location from which to supply truss and building component products to progressive builders in
Ottawa, Kingston, Cornwall and surrounding areas.”
Satellite’s revenues for the fiscal year ended October 31st, 2017 were approximately $1.5 million. In
addition, Satellite owns real estate assets having an appraised value of $590,000, and equipment assets having an appraised value
of $212,000.
To acquire Satellite, Atlas has agreed to pay $1.2 million in cash on closing, subject to adjustment based on
Satellite having an expected working capital surplus of $300,000 on closing. Satellite’s general manager will agree to stay
on with the Company for a period of 3 years after closing. Closing of the Satellite acquisition remains subject to customary
closing conditions, including the satisfactory completion of Atlas’ due diligence investigations.
Key Management Team Additions
Atlas is also pleased to announce the following additions to its team: Mr. Bart Boos as VP Sales and Mr. Kent
Flint as VP Strategy, People and Culture.
Mr. Boos will design and execute Atlas’ national sales strategy as it expands geographically and broadens the
array of engineered wood products and building components it supplies its clients. He has more than 25 years of experience in
high-value capital equipment sales and has led regional and national sales teams. He was Director of Operations for Lomak Bulk
Carriers, General Manager of Mining for Wajax Equipment, and Regional General Manager and VP Sales for the SMS Equipment unit of
Sumimoto Corporation.
Mr. Flint will be responsible for corporate strategy and will oversee the acquisition integration and change
management initiatives required to support the Atlas’ aggressive acquisition program. Mr. Flint joins Atlas from Real Estate
Webmasters, a leading real estate technology firm where he was Chief Operating Officer. Previously, he was VP Human Resources at
TechInsights, a global leader in semiconductor and technology analysis,
Mr. Champagne said, “The addition of Bart and Kent is part of the Atlas strategy to build and work with the best
leadership team in the industry. Both these individuals are extremely accomplished executives and bring deep experience in their
respective areas to Atlas’ leadership team. Atlas is continuing to grow at a very rapid pace. We see this rate of growth continuing
for the foreseeable future, know how vital it is to have strong leadership, and are assembling an executive team worthy of the
company we are building.”
About Atlas Engineered Products Ltd.
Atlas Engineered Products is a leading supplier of trusses and engineered wood products. Atlas was formed over
18 years ago and operates manufacturing and distribution facilities in British Columbia, Ontario and Alberta to meet the needs of
residential and commercial builders. Atlas has expert design and engineering teams, multiple-shift state-of-the-art truss
manufacturing operations, and large inventories of engineered beam and flooring components. Atlas aims to grow its base of business
across Canada by pursuing an aggressive acquisition and consolidation and product diversification strategy. Atlas will bring its
construction industry partners across Canada unparalleled excellence in service, product, and support.
For further information please contact:
Atlas Engineered Products Ltd.
Guy Champagne, President
Phone: 1-250-754-1400
Email: info@atlasep.ca
2005 Boxwood Rd.
Nanaimo, BC V9S 5X9
www.atlasengineeredproducts.com
For investor relations please contact:
Rob Gamley
Phone: 1-604-689-7422
Email: rob@contactfinancial.com
Contact Financial Corp.
810 – 609 Granville St.
Vancouver, BC V7Y 1G5
Forward Looking Information
Readers are cautioned that the financial results of Satellite for the year ended October 31, 2017 were
prepared by management, and have not been audited or reviewed by an independent auditor.
Information set forth in this news release contains forward-looking statements. These statements reflect
management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company
cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of
material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and
uncertainties relating to the Company including those to be described in the Filing Statement filed by the Company on
www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable
securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
