EDMONTON, Aug. 23, 2019
/CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ)
is pleased to announce that it has completed a sale-leaseback
transaction for two properties on which three of its dealerships
are located with Capital Automotive Real Estate Services Inc.
AutoCanada will lease the properties from Capital Automotive under
long-term triple net leases.
The transaction provides for proceeds of approximately
$20 million which will be used to
repay the Company's credit facility. In addition, Capital
Automotive has agreed to fund approximately $1.8 million for capital construction
requirements in respect of one of the dealerships.
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 64 franchised dealerships,
comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees.
AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa
Romeo, Chevrolet, GMC, Buick,
Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi,
Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo,
Toyota, Lincoln, and Honda branded
vehicles. In 2018, our dealerships sold approximately 66,000
vehicles and processed approximately 915,000 service and collision
repair orders in our 1,157 service bays generating revenue in
excess of $3 billion.
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, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"will continue", "is anticipated", "projection", "vision", "goals",
"objective", "target", "schedules", "outlook", "anticipate",
"expect", "estimate", "could", "should", "plan", "seek", "may",
"intend", "likely", "will", "believe" and similar expressions) are
not historical facts and are forward looking. Forward-looking
statements 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, actual results or
outcomes may 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 press release. The Company's Annual
Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website at
www.sedar.com) describe the risks, material assumptions and other
factors that could influence actual results and which are
incorporated herein by reference.
Further, any forward looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any forward
looking statement to reflect events or circumstances after the date
on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it
is not possible for management to predict all of such factors and
to assess in advance the impact of each such factor on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward looking statement.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.