(All amounts are in Canadian dollars unless otherwise
noted.)
TERREBONNE, QC, June 7, 2022 /CNW Telbec/ - The management of
ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a
North American leader in the fabrication of steel superstructures,
is pleased to announce the signing of new major contracts in the
automotive sector in the U.S. Midwest region, worth a total of
$90.0 million.
These new orders consist in the fabrication, including the
supply of raw materials (steel) and industrial coating, as well as
the design and engineering of connections and the delivery of steel
structures used in the construction of new large surface industrial
facilities.
Fabrication work on these new high tonnage projects will begin
in the coming weeks at ADF's Terrebonne plant, and is scheduled to extend
until the first quarter of the fiscal year ending January 31, 2024.
Mr. Jean Paschini, Chairman of
the Board of Directors and Chief Executive Officer, pointed out
that these new projects are subject to very aggressive completion
schedules, and added "recently commissioned at ADF's Terrebonne plant, our brand new fully robotic
fabrication line, which is unique in its kind in North America, will be the focal point in the
fabrication process of these new steel structures, in interaction
with our expert production and engineering teams."
Mr. Paschini, added that "new robotics and increased automation
are unequivocally the next logical step in our future development,
and for this, I would like to the underline the contribution of the
members of our Board of Directors who share our vision for the
future and know the importance of investing in our infrastructure,
for ADF Group's sustainable development. The signing of these new
contracts reflects the relevancy of our $30
million investment program, which aims to further increase
our productivity level, our annual fabrication capacity, and
strengthen our competitive position. With the support of our Board
of Directors, we have taken concrete and necessary steps to be able
to achieve our long-term growth objectives."
The Corporation's backlog stood at $373.1
million as at January 31,
2022, excluding the new contracts announced today.
Disclosure of the results for the
first quarter ended April 30, 2022
and Conference Call
The Corporation will publish the results for its first quarter
ended April 30, 2022, on June 8, 2022 at 7:00 a.m.
(EST).
In addition, an investor conference call will be held on
June 8, 2022 at 10 a.m. (EST) to discuss results for the first
quarter ended April 30, 2022.
To take part in the conference call, dial 1 (888) 390-0620 a few
minutes prior to the conference call scheduled start time.
A replay of this conference call will be available from
1:00 p.m. on June 8, 2022, until midnight on Wednesday, June 15, 2022, by dialing 1 (888)
259-6562, followed by access code 613618 #.
The conference call (audio) will also be available at
www.adfgroup.com. Members of the media are invited to listen
in.
ANNUAL GENERAL MEETING OF
SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2022
ADF Group Inc. will hold its Annual General Meeting of
Shareholders via live webcast, on Wednesday,
June 8, 2022, at 11 a.m. (EST) available at
https://produceredition.webcasts.com/starthere.jsp?ei=1535918&tp_key=d894e14b3b
Shareholders are encouraged to vote on the matters before the
meeting by proxy and to view the meeting online by way of a live
webcast. Shareholders will be able to submit questions to
management of the Corporation through the webcast at any time and
at the conclusion of the Meeting. To this end, a dialogue box will
be available at the bottom of the screen allowing registered
shareholders to write their questions.
About ADF Group Inc. | ADF Group Inc. is a North American
leader in the design and engineering of connections, fabrication,
including the application of industrial coatings, and installation
of complex steel structures, heavy steel built-ups, as well as in
miscellaneous and architectural metals for the non-residential
infrastructure sector. ADF Group Inc. is one of the few players in
the industry capable of handling highly technically complex mega
projects on fast-track schedules in the commercial, institutional,
industrial and public sectors. The Corporation operates two
fabrication plants and two paint shops, in Canada and in the
United States, and a Construction Division in the United States, which specializes in the
installation of steel structures and other related products.
Forward-Looking Information | This press release contains
forward-looking statements reflecting ADF's objectives and
expectations. These statements are identified by the use of verbs
such as "expect" as well as by the use of future or conditional
tenses. By their very nature these types of statements involve
risks and uncertainty. Consequently, reality may differ from ADF's
expectations.
SOURCE ADF Group Inc.