MONTRÉAL, May 19, 2023
/CNW/ - LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) ("LOGISTEC"
or the "Corporation") today made the following announcement.
LOGISTEC's principal shareholder, Sumanic Investments Inc.
("Sumanic"), has informed the board of directors of the Corporation
of its interest in considering the sale of all or part of its
shares in the Corporation and desire for the Corporation to
initiate a process to pursue a strategic transaction in the best
interest of all stakeholders, in order to maximize shareholder
value.
At Sumanic's request, the board of directors of the Corporation
has formed a special committee of independent directors to consider
Sumanic's request to review the strategic alternatives available to
the Corporation, including a potential sale transaction, and make
recommendations in that regard to the board of directors.
TD Securities Inc. has been engaged as financial advisors to the
Corporation.
LOGISTEC has not set a definitive schedule to complete the
review of strategic alternatives, and no decision has been made at
this time whether to pursue a transaction or maintain the status
quo. Further, there can be no assurances or guarantees that the
evaluation of strategic alternatives will result in any transaction
or, if a transaction is undertaken, that such transaction would
close. The Corporation does not intend to make any further
announcements or comments unless the circumstances so warrant.
About LOGISTEC
LOGISTEC Corporation is based in Montréal (QC) and provides
specialized services to the marine community and industrial
companies in the areas of bulk, break-bulk and container cargo
handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine
transportation services geared primarily to the Arctic coastal
trade as well as marine agency services to shipowners and operators
serving the Canadian market. Furthermore, the Corporation operates
in the environmental industry where it provides services to
industrial, municipal and other governmental customers for the
renewal of underground water mains, dredging, dewatering,
contaminated soils and materials management, site remediation, risk
assessment, and manufacturing of fluid transportation products.
The Corporation has been profitable and has paid regular
dividends since becoming public and payments have grown steadily
over the years. A public company since 1969, LOGISTEC's shares are
listed on the Toronto Stock Exchange under the ticker symbols LGT.A
and LGT.B. More information can be obtained on the Corporation's
website at www.logistec.com.
Forward-Looking
Statements
For the purpose of informing shareholders and potential
investors about the Company's prospects, sections of this document
may contain forward-looking statements, within the meaning of
securities legislation, about the Company's activities, performance
and financial position and, in particular, hopes for the success of
the Company's efforts in the development and growth of its
business, the review of strategic alternatives available to the
Corporation and the potential outcome thereof. These
forward-looking statements express, as of the date of this
document, the estimates, predictions, projections, expectations, or
opinions of the Corporation about future events or results.
Although the Corporation believes that the expectations produced by
these forward-looking statements are founded on valid and
reasonable bases and assumptions, these forward-looking statements
are inherently subject to important uncertainties and
contingencies, many of which are beyond the Corporation's control,
such that the Corporation's performance may differ significantly
from the predicted performance expressed or presented in such
forward-looking statements. The important risks and uncertainties
that may cause the actual results and future events to differ
significantly from the expectations currently expressed include the
risk that the strategic review process may not result in a
transaction on suitable terms, or at all, as well as the additional
risks and uncertainties examined under business risks in the
Corporation's 2022 annual report which include (but are not limited
to) the impact of the COVID-19 pandemic on the Corporation's
business and results of operations, the performances of domestic
and international economies and their effect on shipping volumes,
weather conditions, labour relations, pricing and competitors'
marketing activities. The reader of this document is thus cautioned
not to place undue reliance on these forward-looking statements.
The Corporation undertakes no obligation to update or revise these
forward-looking statements, except as required by law.
SOURCE Logistec Corporation