EDMONTON, Feb. 6, 2019 /CNW/ - AutoCanada Inc. ("AutoCanada" or
the "Company") (TSX:ACQ) announced that it has commenced legal proceedings against Patrick
Priestner and his holding companies, including Canada One Auto Group Ltd. Mr. Priestner was previously the Chief
Executive Officer and Chairman of AutoCanada.
AutoCanada is claiming that during Mr. Priestner's tenure with AutoCanada, he breached his fiduciary and other duties to
AutoCanada by appropriating corporate opportunities of AutoCanada to acquire dealerships privately through Canada One Auto Group
Ltd. and his other holding companies.
The remedies sought by AutoCanada from the Ontario Superior Court of Justice include an accounting of profits, damages and the
declaration of constructive trust over the dealerships acquired by the defendants resulting from Mr. Priestner's wrongful
conduct.
About AutoCanada
AutoCanada, a leading North American multi-location automobile dealership group currently operating 68 franchised dealerships,
comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT,
Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru,
Mitsubishi, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2017, our dealerships sold approximately 63,000 vehicles and
processed approximately 870,000 service and collision repair orders in our 999 service bays generating revenue in excess of
C$3 billion.
Forward Looking Statements
Certain statements contained in this press release are forward looking statements and information (collectively "forward
looking statements"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary
statements identifying important factors that could cause our actual results to differ materially from those projected in these
forward looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely
result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target",
"schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will",
"believe" and similar expressions) are not historical facts and are forward looking. Forward-looking statements involve
estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and
difficult to predict. Accordingly, actual results or outcomes may differ materially from those expressed in the forward
looking statements. Therefore, any such forward looking statements are qualified in their entirety by reference to the factors
discussed throughout this press release. The Company's Annual Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and
which are incorporated herein by reference.
Further, any forward looking statement speaks only as of the date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any forward looking statement to reflect events or circumstances after the
date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time,
and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from
those contained in any forward looking statement.
Additional information
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
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SOURCE AutoCanada Inc.
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