Armtec Infrastructure Inc.

Armtec Infrastructure Inc.

January 30, 2012 09:51 ET

Armtec Infrastructure Inc. Announces James R. Newell Resigns as Chief Financial Officer

GUELPH, ONTARIO--(Marketwire - Jan. 30, 2012) - Armtec Infrastructure Inc. (TSX:ARF)(TSX:ARF.DB) ("Armtec" or the "Company") today announced that James R. Newell has resigned as Chief Financial Officer of the Company effective immediately in order to pursue another interest. The Board of Directors wishes Mr. Newell every success in his future endeavors.

Malcolm Buxton-Forman will assume the position of Interim Chief Financial Officer of the Company effective immediately. Mr. Buxton-Forman joined Armtec in July, 2011 and held the position of Vice President, Finance of the Company with responsibility for the operational finance function. He has been instrumental in the development and execution of the Company's recently announced Turnaround Plan.

Mr. Buxton-Forman has over 20 years of progressive financial experience in the consumer goods industry in South Africa, Canada and the US, as well as 6 years public company experience in the telecommunications industry in Canada. During his years at various companies in the Cadbury Schweppes Group, Mr. Buxton-Forman lead major SAP systems implementations, integrated newly acquired businesses into existing operations and developed new finance teams. Mr. Buxton-Forman has a Bachelor of Commerce degree and a Certificate in the Theory of Accounting from the University of Cape Town and is a Chartered Accountant.


Armtec is a leading manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Operating through its network of regional offices and production facilities across the country, Armtec's broad range of engineered solutions include products for drainage, bridge applications, soil retention, rehabilitation and water management systems including corrugated high-density polyethylene, corrugated steel and concrete pipe; an array of architectural and structural precast and pre-stressed concrete products from steps, paving stones, slabs and wall panels to highly engineered structural components designed and installed for projects such as bridges, sports venues and parking garages; and a full suite of noise barriers, acoustic enclosure and wall systems along with associated retaining wall and traffic barrier systems.


This news release may contain "forward-looking" statements within the meaning of applicable securities legislation, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, events, performance or achievements of Armtec or industry results, to be materially different from any future results, events, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements typically contain such words or phrases as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. Forward-looking statements reflect current expectations regarding future results, events, performance and achievements and are based on information currently available to Armtec's management, anticipated operating and financial results of Armtec, and current and anticipated market conditions.

Forward-looking statements involve numerous assumptions and should not be read as guarantees of future results, events, performance or achievements. Such statements will not necessarily be accurate indications of whether or not such future results, events, performance or achievements will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Armtec, could cause actual results, events, performance or achievements to differ materially from the results, events, performance or achievements discussed in the forward-looking statements, including, but not limited to the factors discussed in Armtec's materials filed with the Canadian securities regulatory authorities from time to time. Although the forward-looking statements contained in this news release are based upon what management of Armtec believes are reasonable assumptions, Armtec cannot assure investors that actual results, events, performance or achievements will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable law, Armtec assumes no obligation to update or revise them to reflect new events or circumstances.


Armtec is subject to certain risks and uncertainties that could have a material adverse effect on Armtec's results of operations, business prospects, financial condition, dividends to shareholders and the trading price of Armtec's shares. These uncertainties and risks include, but are not limited to: industry cyclicality; competition; acquisition and expansion risk; capital and liquidity risk; current economic conditions; reduction in demand for products; information management; credit risk; relationships with suppliers; lack of long-term agreements; expiration of rights under license and distribution arrangements; availability and price volatility of raw materials; product liability; intellectual property; reliance on key personnel; labour markets; environmental; collective bargaining; pension plans; currency fluctuations; interest rates; uninsured and underinsured losses; operating hazards; existing legal proceedings; risk of future legal proceedings; securities laws compliance and corporate governance standards; income tax and other taxes; geographical risk; seasonality and adverse weather; change management and geopolitical. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Armtec Infrastructure Inc. with the securities regulatory authorities, available at

Contact Information

  • Armtec Infrastructure Inc.
    Mark D. Anderson
    President & Chief Executive Officer
    (519) 822-0210
    (519) 822-8894 (FAX)

    Armtec Infrastructure Inc.
    Carrie Boutcher
    Vice President, Investor Relations & Treasurer
    (519) 822-0210
    (519) 822-8894 (FAX)