SOURCE: WesternOne Inc.

WesternOne Inc.

May 02, 2017 13:18 ET

WesternOne Inc. Announces Closing of Sale of its Canadian Modular Manufacturing Operations and Schedules Q1 2017 Financial Results Conference Call

VANCOUVER, BC--(Marketwired - May 02, 2017) - WesternOne Inc. ("WesternOne") (TSX: WEQ) (TSX: WEQ.DB) is pleased to announce the closing of the previously announced sale of WesternOne's Canadian modular manufacturing assets and liabilities to Triple M Modular Ltd., an investee company of TriWest Capital Partners (the "Transaction").

WesternOne received cash consideration of $2.5 million at closing and under the terms of the agreement of sale, the Transaction is subject to post-closing adjustments relating to working capital and up to an additional $2.5 million contingent on earnings from the business sold for the 12-month period following the close of the Transaction.

The Transaction marks the completion of WesternOne's exit from the modular manufacturing and rental businesses, in addition to the completion of the sales of its modular space rental business and modular manufacturing operations in the United States announced on March 6, 2017.

"We are very pleased to have completed the sales process for the Britco business division in a timely manner, allowing us to focus on our WesternOne Infrastructure Services platform business in 2017 and beyond," commented Peter Blake, CEO of WesternOne. "We are now well positioned as we pursue growth opportunities in our construction heat and aerial rental business platform across the construction, infrastructure, film and television industries in Western Canada."

Q1 2017 Conference Call

WesternOne also announced the scheduling of its Q1 2017 Financial Results Conference Call. Peter Blake, CEO and the management team will host a conference call at 11:00 a.m. (Eastern time) or 8:00 a.m. (Pacific time), on Friday, May 12, 2017, to review the financial results and corporate developments for the period ended March 31, 2017.

To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the WesternOne conference call.

Dial in numbers: Toll Free 1-888-390-0546
  International or Local Toronto 1-416-764-8688

Conference Call Replay

If you cannot participate on May 12, 2017, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference two hours after the meeting end time, and the replay will be available until May 19, 2017. Please enter the Replay ID number 319116 followed by the # key.

Replay Dial-In: Toll Free 1-888-390-0541
  International or Local Toronto 1-416-764-8677

Forward-looking Information

Certain statements in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information may be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to: the determination of post-closing working capital adjustments arising from the Transaction; future amounts payable to WesternOne pursuant to the earn-out provision in relation to the Transaction; WesternOne's intention to focus on the WesternOne Infrastructure Services platform business in 2017 and beyond; WesternOne's intention to pursue growth opportunities in our construction heat and aerial rental business platform across the construction, infrastructure, film and television industries in Western Canada; and timing of WesternOne's Q1 2017 Financial Results Conference Call. Actual events or results may differ materially.

Forward-looking information contained in this news release is based on certain key expectations and assumptions made by WesternOne, including, without limitation: the impact of the current economic climate in Western Canada and the United States on WesternOne's operations will remain consistent with WesternOne's current expectations; and the supply and demand for WesternOne's products and services and the related impact on the pricing on such products and services will remain consistent with WesternOne's current expectations and management's assessment of future plans and operations. Although the forward-looking information contained in this news release is based upon what WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this news release. Such information involves 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 information, including, but not limited to unknown liabilities arising under the Transaction and current economic conditions. Should any of the risks or uncertainties facing WesternOne materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance, activities or achievements could vary materially from those expressed or implied by any forward-looking information contained in this news release. Readers are cautioned that the foregoing list of risks is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of WesternOne can be found under "Risk Factors" in WesternOne's Annual Information Form dated March 30, 2017 and Management's Discussion & Analysis dated March 30, 2017, which are both available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this news release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne

WesternOne Inc. seeks to acquire and grow businesses in the construction and infrastructure services sectors in Western Canada. Its primary business platform, WesternOne Infrastructure Services, is a leading provider of construction heat services and aerial equipment rentals to businesses in the construction, infrastructure, film and television industries in Western Canada.

Additional Information

Additional information relating to WesternOne and other public filings, is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.

Trading Symbols

Toronto Stock Exchange: WEQ and WEQ.DB

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Contact Information

  • For investor relations information, please contact:

    Andrew Greig
    Manager of Investor Relations
    WesternOne Inc.
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 678-4042
    E-mail: agreig@weq.ca