Coast Wholesale Appliances Inc.

Coast Wholesale Appliances Inc.

September 04, 2012 08:00 ET

Coast Wholesale Appliances Inc. Appoints Gordon Howie as CFO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2012) - Coast Wholesale Appliances Inc. (Coast or the company) (TSX:CWA) today announced that Gordon Howie has joined the company as Chief Financial Officer, effective immediately, replacing Jack Peck, who has retired from the position.

A Chartered Accountant, Mr. Howie has more than 25 years of financial and operational management experience with a focus on retail consumer products and supply chain management. His background includes 16 years as a member of the senior leadership team at Rogers Communications Inc., where he ultimately held the position of Vice President, Finance, Sales and Administration. Mr. Howie also previously served as Director of Finance and Administration at Nintendo of Canada Limited and Chief Financial Officer of Eye Masters / Lens Crafters Canada Limited. Most recently, he was Chief Financial Officer at Coastal Contacts Inc.

"Gordon Howie's strong financial background is complemented by a broad base of expertise, encompassing strategic planning, information technology, mergers and acquisitions, and business and sales process," said Maurice Paquette, President, CEO and a director of Coast. "He brings public company experience to his new position and has the ability to contribute to Coast's business at a very high level, not only financially, but also from an operations management perspective."

"We are very pleased to welcome Gordon and look forward to his participation in the future growth of our business," continued Paquette. "At the same time, we thank Jack Peck for his substantial contributions over the past seven years and extend our best wishes for his retirement."

Paquette added that Mr. Peck will act in a consulting capacity for Coast to ensure a smooth and orderly transition.

Coast Profile

Coast is a leading independent supplier of major household appliances and accessories to builders and developers of multi-family and single-family housing, and to retail customers. Founded in 1978, Coast currently operates 15 stores across the four western provinces and one store in the Greater Toronto Area of Ontario, as well as a network of warehouse distribution centres strategically situated to serve these locations.

Forward-looking Statements

This news release may include forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", "expect", "may", "plan", "will", and similar terms and phrases, including references to assumptions. Such statements may involve, but are not limited to, comments with respect to the sustainability of Coast's dividends to shareholders, economic performance in Canada and its sales expectations.

These forward-looking statements reflect current expectations of Coast's management regarding future events and operating performance as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to: sensitivity to general economic conditions; changes in consumer confidence in the economy; maintenance of profitability and management of changes to the company's business; competition; increases to interest rates; reliance on suppliers and their ability to supply product for sale on a timely basis; changes in consumer preferences; changes in the mix of product sales; fluctuations in fuel and commodity pricing; usage of extended warranty programs and the costs to deliver these services; changes to planning and supply chain processes; lack of long-term supplier agreements; reliance on key personnel; and foreign exchange rates as they relate to imported products.

Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Coast cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements reflect management's current beliefs and are based on information currently available to Coast. They speak only as of the date of this news release, and reflect current assumptions regarding future events and operating performance. These assumptions include, without limitation: slow economic growth through the balance of 2012 in both Western Canada and the GTA, Coast's current markets; continued fluctuations in exchange rates with the Canadian dollar trading near par with the US dollar; continued low interest rates through 2012; continuing cautious credit markets for Coast's major builder customers to obtain financing; weak consumer confidence due to the slow economic recovery; and no significant change to total housing starts recorded in 2012 compared to 2011. These forward-looking statements are made as of the date of this news release and Coast assumes no obligation to update or revise them to reflect new events or circumstances, other than as required by law.

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