NANAIMO,
BC, June 21, 2022 /CNW/ - Atlas Engineered
Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF)
announces that its President and Chief Executive Officer,
Hadi Abassi, has terminated the
automatic securities disposition plan (the "ASDP") previously
announced in the Company's press release dated May 31, 2022.
The ASDP was established by Mr. Abassi for personal and family
financial planning purposes. Rather than continuing to sell
shares through the ASDP, Mr. Abassi decided to complete a block
trade of 1,500,000 shares at a price of $0.47 per share. Having completed the sale of a
sufficient number of shares to meet the purpose of the ASDP, Mr.
Abassi and the Company have agreed to terminate the ASDP in
accordance with the terms of the Company's Insider Trading
Policy. Mr. Abassi was not in possession of material
non-public information at the time the block trade was completed,
or at the time the effecting securities broker was provided with
notice to terminate the ASDP. In accordance with its
provisions, termination of the ASDP will become effective 30 days
following the date of this news release. Until such time,
shares will continue to be sold under the ASDP in accordance with
its terms.
Mr. Abassi continues to hold a significant equity interest in
the Company following the block trade and the sales previously made
under the ASDP.
About Atlas Engineered Products
Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.