MONTRÉAL, May 19, 2023 /CNW/ - LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) ("LOGISTEC" or the "Corporation") today made the following announcement.
LOGISTEC's principal shareholder, Sumanic Investments Inc. ("Sumanic"), has informed the board of directors of the Corporation of its interest in considering the sale of all or part of its shares in the Corporation and desire for the Corporation to initiate a process to pursue a strategic transaction in the best interest of all stakeholders, in order to maximize shareholder value.
At Sumanic's request, the board of directors of the Corporation has formed a special committee of independent directors to consider Sumanic's request to review the strategic alternatives available to the Corporation, including a potential sale transaction, and make recommendations in that regard to the board of directors.
TD Securities Inc. has been engaged as financial advisors to the Corporation.
LOGISTEC has not set a definitive schedule to complete the review of strategic alternatives, and no decision has been made at this time whether to pursue a transaction or maintain the status quo. Further, there can be no assurances or guarantees that the evaluation of strategic alternatives will result in any transaction or, if a transaction is undertaken, that such transaction would close. The Corporation does not intend to make any further announcements or comments unless the circumstances so warrant.
LOGISTEC Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to shipowners and operators serving the Canadian market. Furthermore, the Corporation operates in the environmental industry where it provides services to industrial, municipal and other governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.
The Corporation has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, LOGISTEC's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained on the Corporation's website at www.logistec.com.
For the purpose of informing shareholders and potential investors about the Company's prospects, sections of this document may contain forward-looking statements, within the meaning of securities legislation, about the Company's activities, performance and financial position and, in particular, hopes for the success of the Company's efforts in the development and growth of its business, the review of strategic alternatives available to the Corporation and the potential outcome thereof. These forward-looking statements express, as of the date of this document, the estimates, predictions, projections, expectations, or opinions of the Corporation about future events or results. Although the Corporation believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Corporation's control, such that the Corporation's performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed include the risk that the strategic review process may not result in a transaction on suitable terms, or at all, as well as the additional risks and uncertainties examined under business risks in the Corporation's 2022 annual report which include (but are not limited to) the impact of the COVID-19 pandemic on the Corporation's business and results of operations, the performances of domestic and international economies and their effect on shipping volumes, weather conditions, labour relations, pricing and competitors' marketing activities. The reader of this document is thus cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to update or revise these forward-looking statements, except as required by law.
SOURCE Logistec Corporation
Carl Delisle, CPA auditor, Chief Financial Officer, LOGISTEC Corporation, [email protected], (514) 985-2390
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