Toromont Industries Ltd.
TSX : TIH

Toromont Industries Ltd.

April 15, 2011 16:41 ET

Toromont Mails Management Information Circular for Special Shareholder Meeting to Vote on Spinoff

TORONTO, ONTARIO--(Marketwire - April 15, 2011) - Toromont Industries Ltd. (TSX:TIH) today announced that it has mailed the formal notice, and accompanying management information circular, related to the special meeting of Toromont's shareholders to be held on May 16, 2011. At the meeting, shareholders will be asked to approve the proposed spinoff of Toromont's natural gas compression business, Enerflex Ltd. The Board of Directors of Toromont has unanimously approved the spinoff and recommends that shareholders vote in favour the spinoff.

A copy of these materials is also now available at www.sedar.com and at www.toromont.com/spinoff.

Completion of the spinoff will be subject to Toromont's receipt of confirmation from Canada Revenue Agency that the spinoff may be implemented on a tax-deferred basis. The plan of arrangement by which the spinoff is to be implemented will be subject to court approval and the approval of two-thirds of the shares that are voted at the special shareholder meeting. Completion of the spinoff will also be subject to the prior approval of the TSX and fulfillment of certain other customary conditions.

About Toromont Industries

Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a global leader specializing in the design, engineering, fabrication and installation of compression systems for natural gas, coal-bed methane, fuel gas and carbon dioxide in addition to process systems and CIMCO industrial and recreational refrigeration systems. Both Groups offer comprehensive product support capabilities. This press release and more information about Toromont can be found on the web at www.toromont.com.

Contact Information

  • Toromont Industries Ltd.
    Robert M. Ogilvie
    Chairman and Chief Executive Officer
    (416) 667-5554

    Toromont Industries Ltd.
    Paul R. Jewer
    Vice President Finance and Chief Financial Officer
    (416) 667-5638