TORONTO, March 11, 2022 /CNW/ - TerraVest Industries Inc.,
(TSX: TVK) ("TerraVest" or the "Company") announces today that it
has acquired all the issued and outstanding shares of Mississippi
Tank and Manufacturing Company ("MS Tank"). MS Tank, with
operations in Hattiesburg and
Southaven Mississippi, and in
Vincennes Indiana, is a
privately-owned manufacturing company that produces and distributes
a broad range of storage and distribution equipment for the propane
and compressed gas markets in North
America, including transport trailers, bobtail delivery
trucks, and various bulk storage tanks.
Dustin Haw, Chief Executive
Officer of TerraVest, welcomes the employees of MS Tank and looks
forward to their continuing commitment to the business and its
customers. "MS Tank is a well-run business with a long and
successful history in the propane industry. We are delighted
to welcome the employees of MS Tank to the TerraVest family and
very excited to be a part of such a great business. MS Tank, with
its broad offering of propane equipment and extensive manufacturing
capabilities, is a highly synergistic acquisition that strengthens
our position as a leading manufacturer of propane storage and
distribution equipment." said Mr. Haw.
TerraVest will acquire MS Tank using existing cash and credit
facilities.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements.
All statements other than statements of historical fact contained
in this news release are forward-looking statements, including,
without limitation, statements regarding our strategic direction
and evaluation of the business segments and TerraVest as
a whole, and other plans and objectives of or
involving TerraVest. Readers can identify many of these
statements by looking for words such as "expects" and "will" or
similar terms or variations of these words. Although management
believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance
of TerraVest as a whole and its business segments, the
markets in which the business segments compete and the prospects
and values of the business segments are considered in setting the
business plan for TerraVest, plans and/or ability to pay
dividends, outlook for operations, financial position, results and
cash flows, other plans and objectives and in making related
forward-looking statements. Such assumptions include, without
limitation, demand for products and services of the
business segments in respect of the Canadian and other markets in
which the businesses are active will be stable, and that input
costs to business segments do not vary significantly from levels
experienced historically. Should any of these factors
or assumptions vary, actual results may differ materially from
the forward-looking statements.
SOURCE TerraVest Industries Inc.