NANAIMO,
BC, June 6, 2024 /CNW/ - Atlas Engineered
Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF)
is pleased to announce that it has accepted proposals for the
installation of robotic automation equipment at three of its
locations and that it has made initial deposits to secure the
installation of this advanced equipment.
AEP has engaged House of Design to supply and install truss
manufacturing robotic automation equipment at locations in
British Columbia, Ontario, and New
Brunswick over the next two years. The robotics installation
is expected to have a total cost of just over US $7 million for all three of these locations. This
robotic automation is anticipated to double the board foot ("bdft")
output of roof truss manufacturing while providing potentially
significant cost savings.
"We are excited to take this step to advanced robotics to
support our ability to manufacture roof trusses and be prepared to
meet the anticipated demand that will be required to resolve
Canada's housing shortage," said
Hadi Abassi, CEO and President of the Company. "The labour we are
saving on the truss manufacturing side can then be used to continue
our organic growth goals by increasing the labour available to
support wall panel manufacturing and other staffing requirements
that will be needed for the future growth."
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new automated technologies, giving us a unique
opportunity to consolidate a fragmented industry of independent
operators.
FORWARD LOOKING INFORMATION
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. Although AEP believes that
the expectations reflected in the forward looking statements are
reasonable, there is no assurance that such expectations will prove
to be correct, or that such future events will occur in the
disclosed time frames or at all. AEP 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 AEP's control. Such factors include,
among other things: risks related to delays in installation due to
the unavailability of equipment or personnel, risks of cost
overruns and other risks and uncertainties relating to AEP,
including those described in the Management's Discussion and
Analysis ("MD&A") for AEP's three months ended March 31, 2024. 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, AEP 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.
SOURCE Atlas Engineered Products Ltd.