Tornado Global Hydrovacs Reports Second Quarter 2016 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/26/16 -- Tornado Global Hydrovacs Ltd. ("Tornado" or the "Company") (TSX VENTURE: TGH) is pleased to announce that,
Summary of the Second Quarter 2016 results
Empire Industries Ltd. successfully spun its Tornado Hydrovac Truck Division out by way of a Plan of Arrangement to form a new public company named Tornado Global Hydrovacs Ltd. (TSX VENTURE: TGH) at the end of Q2 2016. This occurred concurrent with a Chinese strategic investor injecting $7 million of equity and a commitment to invest an additional $2.5 million of subordinate debt into Tornado after a wholly owned subsidiary is incorporated in China. Empire shareholders own 54.5% of Tornado and the Chinese strategic investor will own 45.5%.
Although management believes the medium and long term outlook for Tornado is positive, they recognize that 2016 will be a transition year and 2017 will be a building year for the Company. As a result, the results for the next several quarters will be affected by the following:
"We are very pleased to have a fresh start with an injection of assets and cash totaling $20 million. This will allow Tornado to execute a much more aggressive strategy, leveraging our new and improved, patents pending, hydrovac truck technology, both here in North America and in the new market of China. We were restricted in our growth plans before and now have an opportunity to execute our growth strategy," said Bill Rollins, CEO of Tornado Global Hydrovacs Ltd.
About Tornado Global Hydrovacs Ltd.
The Company designs, manufactures and sells hydrovac trucks for excavation service providers to the oil and gas industry and the municipal markets. Hydrovac trucks use high pressure water to pulverize soil and turn it into mud, and then vacuum up the resulting mud into its tank. Tornado currently operates in North America and intends to expand its hydrovac business into China.
For more information about Tornado, visit .
Advisory
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words "may", "expected", "believes", "anticipates" and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the anticipated benefits of the spin out of Tornado from Empire, the market for hydrovac trucks, and anticipated effect of Tornado''s newly designed hydrovac truck. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, receipt of requisite regulatory approvals, and other factors, many of which are beyond the control of Tornado. The forward-looking statements contained in this news release represent Tornado''s expectations as of the date hereof, and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Contacts:Tornado Global Hydrovacs Ltd.Bill RollinsChief Executive Officer(403) 204-6333Tornado Global Hydrovacs Ltd.Connie PingCFO and Vice President Administration(204) 204-6392
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.08.2016 - 10:32 Uhr
Sprache: Deutsch
News-ID 1454753
Anzahl Zeichen: 4593
contact information:
Contact person:
Town:
CALGARY, ALBERTA
Phone:
Kategorie:
Trucks
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 331 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Tornado Global Hydrovacs Reports Second Quarter 2016 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Tornado Global Hydrovacs Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
