VANCOUVER, May 29, 2018 /CNW/ - Grande West
Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – :
("Grande West" or the "Company"), a Canadian manufacturer of
mid-sized multi-purpose transit vehicles for sale in Canada and the
United States, is pleased to announce the addition of
Christopher Strong to the Board of
Directors.
Mr. Strong is an operationally focused senior executive with
prior CEO experience in publicly traded Canadian and U.S.
companies. Mr. Strong served as an independent director of Savanna
Energy Services from 2013 to 2015 and then as CEO until the company
was acquired by another TSX traded company in 2017. He was CEO of
Union Drilling, a NASDAQ traded oilfield service company, from 2005
until it was acquired by a private equity group in 2012. He has
over thirty years of experience with startups, acquisitions, IPOs,
turnarounds and sales. He also has a strong finance background with
previous roles as audit committee chair, CFO and numerous other
finance-related positions earlier in his career. Mr. Strong is a
former U.S. Navy Officer and received his MBA in finance from the
Wharton School of Business.
Mr. Strong stated, "Grande West
identified an underserved market in mass transit and spent years
developing multiple products with innovative engineering and design
to supply it. The company is now experiencing rapid growth in sales
and backlog as their vehicles are proving to be a reliable,
cost-effective solution to multiple transit requirements. I look
forward to working with management and the board on this new phase
of the company's evolution, which often provides a different set of
challenges that must be overcome to be successful."
Jean-Marc Landry, CEO of
Grande West commented, "We are very
fortunate to have Chris join our board as an independent and Audit
Committee Chair. We continue to strengthen the entire organization
in 2018 and Chris' experience with optimizing operational results
fits very well with our current focus on cost reductions and U.S.
sales growth. The entire Grande West
team is excited to have Chris on board."
The Company has granted Mr. Strong 250,000 stock options with a
strike price of $1.45 for his incentive plan that will
vest over a three year period. The options are exercisable
until May 30, 2023, subject to exchange approval.
About Grande West Transportation Group
Grande West is a Canadian company
that designs, engineers and manufactures mid-size multi-purpose
transit vehicles for public and commercial enterprises.
Grande West's Best-in-Class
heavy-duty Vicinity bus is available in 27.5, 30 and 35 foot models
powered by clean diesel or CNG designed with affordability,
accessibility and global responsibility in mind. It costs
significantly less than a regular 40 foot transit bus, is more
maneuverable, burns less fuel and emits less harmful emissions.
Grande West will soon be offering a
new product which will be the first Crossover Vehicle in the
transit space - a medium-duty, monocoque-designed rear engine
vehicle.
The Company has been successful in supplying Canadian municipal
transportation agencies and private operators with new buses and is
receiving follow-on orders in many Canadian transit agencies.
Grande West is compliant to Buy
America certification, and along with Alliance Bus Group ("ABG"),
its exclusive US distributor, is actively pursuing opportunities in
public and private transit fleet operations that would benefit from
Grande West's vehicles.
For further information please contact:
Grande West
Transportation
John LaGourgue
VP Corporate
Development
Ph: 1-604-607-4000
jlagourgue@grandewest.com
www.grandewest.com
Neither the TSX-V nor its Regulation Service Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding the use of proceeds from the
Private Placement, are forward-looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. Forward-looking statements involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements.
Important factors that could cause actual results to differ
materially from Grande West's
expectations include uncertainties relating to the receipt of final
approval from the TSX-V; and other risk and uncertainties disclosed
in Grande West's reports and
documents filed with applicable securities regulatory authorities
from time to time. Grande West's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. Grande West assumes no obligation to update the
forward-looking statements or beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
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SOURCE Grande West Transportation Group Inc.