AIRDRIE, ALBERTA--(Marketwired - March 17, 2017) -
(Not for Dissemination to the U.S or to U.S. Newswires)
Vitreous Glass Inc. ("Vitreous") (TSX VENTURE:VCI) reports that it has experienced a shortfall in supply of waste glass in December 2016, February 2017 and thus far in March 2017 (the "Shortfall"). The Shortfall is in the order of 15-20% below the same months of the prior year, and below expected supply volumes. In January 2017, supply of waste glass was approximately as expected.
The Shortfall has resulted in introduction of stricter customer rationing for upcoming months in order to maintain a satisfactory level of reserve raw material going into the 2017-18 Fall and Winter seasons.
Consistent with the nature of its business, Vitreous accepts waste glass from its suppliers as they have it available. Vitreous has no ability to control or predict the quantity of waste glass it will receive. It is possible that supply in ensuing months will return to higher levels than the months of December, February and March, but there is no certainty that this will occur. If the supply of waste glass does not recover to previous levels, Vitreous will be required to make a concomitant reduction in its level of production and sales, which in turn will reduce earnings and reduce cash flow from operations available for dividends.
Disclaimer: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: Certain statements contained in the press release constitute forward-looking statements. These statements relate to future events or future performance. The use of any of the words "Intend", "may", "will", "expect" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on management's current beliefs or assumptions as to the outcome and timing of such future events. Actual future events may differ materially. In particular, this press release contains forward-looking information with respect to the Shortfall and future supply of waste glass. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Vitreous. The forward-looking information contained in this press release is made as of the date hereof and Vitreous is not obligated to update o revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.