EDMONTON,
June 5, 2014 /PRNewswire/ -
AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ)
announced today an upward revision to its acquisition guidance to
complete an additional 8 to 10 dealership acquisitions over the
coming 12 months. Commenting upon this revised acquisition
guidance, Pat Priestner, Chairman
and CEO of AutoCanada stated, "The deal pipeline continues to be
strong, and for that reason Management is confident that it shall
be able to add 8 to 10 dealerships over the coming 12 months. These
acquisitions are in addition to the three dealership acquisitions
we closed in March and April of this year and the purchase
agreements for eight dealerships, including a group (of which
Canbec BMW/Mont Royal MINI were included), which we announced on
29 April 2014."
AutoCanada additionally announced the extension
of Mr. Priestner's employment agreement to 31 May 2019. Commenting on this extension, Mr.
Priestner, Chairman and CEO of AutoCanada noted, "I am very pleased
to extend my current employment agreement to 31 May 2019. I am privileged to have a very
strong management team whose efforts give me great confidence in
the future of this Company, and with the deal pipeline remaining
strong I look forward to continuing to lead the Company as it looks
to take advantage of these opportunities."
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 35 franchised dealerships in
eight provinces and has over 1,800 employees. AutoCanada currently
sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC,
Buick, Cadillac, Infiniti, Nissan,
Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, BMW and MINI branded
vehicles. In 2013, our dealerships sold approximately 36,000
vehicles and processed approximately 364,000 service and collision
repair orders in our 381 service bays during that time.
Additional information about AutoCanada Inc. is
available at www.sedar.com and the Company's website at
www.autocan.ca.
Forward-Looking Statements
Certain statements contained in this press
release are forward-looking statements and information
(collectively "forward-looking statements"), within the meaning of
the applicable Canadian securities legislation. We hereby
provide cautionary statements identifying important factors that
could cause our actual results to differ materially from those
projected in these forward-looking statements. Any statements
that express, or involve discussions as to, expectations, beliefs,
plans, objectives, acquisition guidance, assumptions or future
events or performance are not historical facts and are
forward-looking and may involve estimates and assumptions and are
subject to risks, uncertainties and other factors some of which are
beyond our control and difficult to predict. Accordingly,
these factors could cause actual results or outcomes to differ
materially from those expressed in the forward-looking
statements. Therefore, any such forward-looking statements
are qualified in their entirety by reference to the factors
discussed throughout this release and as contained in the Company's
Annual Information Form dated March 20,
2014 which is accessible through the SEDAR website at
www.sedar.com.
SOURCE AutoCanada Inc.