TORONTO, Aug. 20, 2021 /CNW/ - TerraVest Industries Inc.,
(TSX: TVK) ("TerraVest" or the "Company") announces today that it
has acquired all the issued and outstanding shares of ECR
International Corp. ("ECR" or the "Company"). ECR,
head-quartered in Utica New York,
is a privately-owned manufacturing company that produces heating
and cooling products under a family of brand names in North America, including the Dunkirk, Utica and Olsen brands, among others.
Dustin Haw, Chief Executive
Officer of TerraVest, welcomes the employees of ECR and looks
forward to their continuing commitment to the business and its
customers. "ECR International is a strong business with a portfolio
of successful brands, and we're delighted to welcome its employees
to the TerraVest family. ECR fits within our portfolio of
businesses perfectly and we look forward to nurturing its growth
and further strengthening our position in the North American
heating market." said Mr. Haw.
TerraVest will acquire ECR 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.