NANAIMO,
BC, Dec. 17, 2024 /CNW/ - Atlas
Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC
Markets: APEUF) is pleased to announce that the Company has
acquired 42 acres of land at 281 Purdy Road, Colborne Ontario, which has been secured to
provide a new Greenfield location to support truss and panelization
automation. The total purchase price for the land was $2.8M, including all fees and the transaction
closed on December 12, 2024. This
land package sits just South of the 401 Highway and enables AEP to
serve the Ontario, Western Quebec and cross border U.S. markets.
Automated faciltiies are operating in the U.S. and Euorpean
markets, with proven capability of increasing capacity by 100-200%,
depending on numbers of shifts, and at a >50% reduction in
operating costs.
Hadi Abassi, President and CEO of AEP, commented: "We are
preparing for a future in automation and this is a strategic
acquisition for the Company. While Clinton, Ontario will be our first hub to
serve surrounding markets for trusses, Colborne will be critical in providing both
trusses and wall panels to the market. Both truss and panelization
automation are proven economic models in the U.S. and across
Europe. We are engaged with
vendors in Europe that have been
executing on automation in our industry for several years. The
competitive landscape in Canada is
about to change and we are leading the charge in reducing exposure
to labour unavailablity, improving efficieinces and increasing
output. In the meantime, our quote book for 2025 continues to grow,
setting up for a healthy 2025. These are the early signs of a
recovery following consecutive 50 bps rate cuts in
Canada and pave the road to
closing the structural supply gap in the Country".
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 technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
Company contact details:
Hadi Abassi, CEO &
President, Founder
Atlas Engineered Products Ltd.
Email: info@atlasep.ca
250-754-1400
PO Box 37036 Country Club PO
Nanaimo, BC V9T 6N4
www.atlasengineeredproducts.com
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 and uncertainties related to the housing
market, changes in interest rates and other risks and uncertainties
relating to AEP, including those described in the Management's
Discussion and Analysis ("MD&A") for AEP's three and nine
months ended September 30, 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.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in
this news release is derived from the AEP's audited financial
statements for the three and nine months ended September 30, 2024 and the related notes thereto
as prepared in accordance with International Financial Reporting
Standards ("IFRS") and related IFRS Interpretations Committee
("IFRICs") as issued by the International Accounting Standards
Board ("IASB"). A copy of AEP's financial statements for the
three and nine months ended September 30,
2024 and the related Management's Discussion and Analysis is
available on AEP's website at www.atlasengineeredproducts.com
or on SEDAR at www.sedar.com.
Financial information for AEP's acquisitions are included in
AEP's unaudited financial statements from the date of acquisition.
Financial information for acquired businesses for periods prior to
the date of acquisition were prepared by management and have not
been reviewed or audited by independent auditors.
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.