(All figures in Canadian dollars unless otherwise
noted)
TORONTO, May 12, 2023
/CNW/ - Aimia Inc. (TSX: AIM) reported its financial results
for the three months ended March 31,
2023.
Q1 2023 Highlights and Recent
Events:
- Bozzetto transaction closed on May 9,
2023. Aimia invested $206.3
million(1) for an equity stake of 94% in the
Company.
- Bozzetto debt financing closed at the subsidiary level in
the amount of $139.5
million(1) with a weighted average coupon rate of
approximately 8.1%(2).
- Tufropes transaction closed on March 17,
2023, for the net purchase consideration of $239.2 million(3) for an equity stake
of 100% in the Company.
- Clear Media is seeing a sharp recovery in demand beginning in
its second quarter of 2023 as China emerges from Covid lockdowns and expects
to rapidly accelerate its digital panel conversions in 2023.
- TRADE X's enhanced, asset-light model is achieving some of the
highest gross margins to date and projects a return to becoming
EBITDA positive by the third quarter of 2023.
- Kognitiv's new AI-powered product "Kognitiv Pulse" has been met
with industry-wide excitement, as the company continues a series of
initiatives to reduce costs and increase efficiency, which is
expected to result in positive Adjusted EBITDA by year end
2023.
- Capital A (formerly AirAsia) continues to experience a strong
rebound in all four of its businesses. In the fourth quarter of
2022, Capital A recorded its first positive net profit since Covid
began.
Phil Mittleman, Chief Executive
Officer of Aimia: "We ended the quarter in a strong financial
position, with over $318 million of
cash and liquid securities and a diversified portfolio of holdings
that we believe are poised to deliver strong results in 2023. We
are pleased to have announced the successful closing of the
Bozzetto and Tufropes transactions, as well as the Bozzetto debt
financing, as we continue to execute our strategy of purchasing
cash generating businesses. These two companies will generate
significant cash flow for Aimia and we have several initiatives
underway to expand these businesses. We are excited by the strength
being exhibited by all of our current portfolio
holdings."
Q1 2023 financial highlights:
|
Three Months Ended
March 31,
|
(in millions of
Canadian dollars)
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
Operating
Segment
|
Holdings
|
Tufropes
(b)
|
Total
|
Share of net income
(loss) of equity-accounted investments
|
(5.9)
|
(6.9)
|
-
|
-
|
(5.9)
|
(6.9)
|
Net change in fair
value of investments
|
10.6
|
(12.1)
|
0.2
|
-
|
10.8
|
(12.1)
|
Interest, dividend and
other investment income
|
7.1
|
4.2
|
0.1
|
-
|
7.2
|
4.2
|
Revenue
|
0.3
|
0.5
|
1.7
|
-
|
2.0
|
0.5
|
Total Income
|
12.1
|
(14.3)
|
2.0
|
-
|
14.1
|
(14.3)
|
|
|
|
|
|
|
|
Compensation and
benefits
|
2.4
|
2.2
|
0.5
|
-
|
2.9
|
2.2
|
Professional, advisory
and service fees
|
2.2
|
1.1
|
10.1
|
-
|
12.3
|
1.1
|
Insurance, technology
and other operating expenses
|
0.8
|
0.8
|
3.2
|
-
|
4.0
|
0.8
|
Cost of materials
consumed and change in inventory of finished goods and
work-in-progress
|
-
|
-
|
1.0
|
-
|
1.0
|
-
|
Expense related to call
option and carried interest
|
-
|
-
|
10.8
|
-
|
10.8
|
-
|
Other financial
(income) expense, net
|
0.1
|
-
|
0.8
|
-
|
0.9
|
-
|
Intercompany interest
(income) expense
|
(0.5)
|
-
|
0.5
|
-
|
-
|
-
|
Depreciation and
amortization (c)
|
1.1
|
-
|
0.2
|
-
|
1.3
|
-
|
Total
Expenses
|
6.1
|
4.1
|
27.1
|
-
|
33.2
|
4.1
|
Decrease (increase) in
limited partners' capital liability
|
(0.1)
|
0.8
|
-
|
-
|
(0.1)
|
0.8
|
Earnings (loss) before
income taxes (a)
|
5.9
|
(17.6)
|
(25.1)
|
-
|
(19.2)
|
(17.6)
|
(a) The reconciliation
of the consolidated earnings (loss) before income taxes to the
consolidated net earnings (loss) for the three months ended March
31, 2023, and March 31, 2022, is presented in the consolidated
statements of operations.
|
(b)
The Tufropes segment
includes results of Tufropes since its acquisition
date on March 17, 2023. The results for the period also include
transaction costs of $11.6 million, a $2.8 million non-cash expense
related to the Paladin option to purchase up to 19.9% of Tufropes
and a $8.0 million non-cash expense related to the Paladin Carried
Interest.
|
(c) The depreciation
and amortization expense of $1.1 million in the Holdings segment is
related to the accelerated depreciation of the MIM customer
relationships intangible asset due to the decision to wind down the
MIM operations.
|
|
Bozzetto:
- Aimia closed the Bozzetto transaction on May 9, 2023. Aimia invested $206.3 million(1) for an equity stake
of 94% in the Company and completed the related financing at the
subsidiary level in the amount of $139.5
million(1) at a weighted average coupon rate of
approximately 8.1%(2).
- Given that the Bozzetto acquisition closed after March 31, 2023, the results of Bozzetto have not
been recorded in Aimia's financial statements for the first quarter
of 2023.
- Bozzetto achieved annual revenue of approximately $320.6 million(1) and Adjusted EBITDA
of $45.0 million(1) for
the fiscal year ended December 31,
2022. Including the recent Levaco Chemicals GMBH transaction
that closed at the end of the fiscal year 2022, proforma annual
revenue would be $335.3
million(1) and Adjusted EBITDA would be
approximately $47
million(1).
- The executive management team of Bozzetto, led by Roberto Curreri and Stefano Risso reinvested a material portion of
their net proceeds from the sale representing a minority position
of approximately 6%.
- Aimia sees significant opportunities to continue to grow this
business both organically and through accretive acquisitions, and
Aimia is in advanced discussions with a potential target in the
Americas.
Tufropes:
- Aimia closed the Tufropes transaction on March 17, 2023, for the net purchase
consideration of $239.2
million(3) for a 100% equity stake in the
Company.
- Since the acquisition, the leadership team has met with
customers, suppliers, and employees and has received very positive
feedback, as well as identified new potential strategic
partnerships and acquisitions.
- From the March 17, 2023
acquisition date until March 31,
2023, Tufropes reported revenue of $1.7 million and a loss before income taxes of
$25.1 million driven by transaction
costs of $11.6 million, and non-cash
costs of $10.8 million related to
Paladin's carried interest and option rights.
- For the quarter ended March 31,
2023, on a proforma basis, Tufropes reported revenues
of $25.0 million and a loss before
income taxes of $19.8 million,
including the transaction costs and non-cash costs related to
Paladin's carried interest and option rights as well as an Adjusted
EBITDA of $5.0 million.
- For the fiscal year ended March
31, 2023, on a proforma basis, Tufropes achieved
revenue of approximately $114.3
million and Adjusted EBITDA of $20.7
million. Fiscal 2023 revenues came in below expectations
partly due to a delay in shipments associated with the post-closing
transition of the business as well as timing of orders, which are
expected to be reversed over the next two quarters.
- Tufropes expects Adjusted EBITDA margins to grow above 20%
within the next two years, based on reasonable assumptions such as
operational improvement initiatives, as well as the optimization of
product mix.
- Tufropes is in discussions for a potential acquisition in the
U.S.
This quarterly earnings release should be read in conjunction
with Aimia's interim consolidated financial statements and
management discussions and analysis (MD&A) for the quarter
ended March 31, 2023, which can be
accessed on SEDAR as well as Aimia's website under Investor
Relations.
Holdings Segment Results for Q1
2023
During the first quarter of 2023, the Holdings segment reported
total income of $12.1 million, mainly
related to a positive net change in fair value of investments of
$10.6 million.
Expenses from compensation and benefits, professional, advisory
and service fees, as well as insurance, technology and other office
expenses amounted to $5.4 million, up
by $1.3 million versus the same
quarter in the prior year, mainly due to $1.0 million of advisory fees incurred in
relation to shareholder activism against the Corporation.
Normal Course Issuer Bid (NCIB)
In support of its $100 million
return of capital commitment, Aimia has executed $36.5 million in open market share repurchases
(since 2022). Aimia expects to renew its NCIB in June 2023 and it is estimated to allow the
repurchase of approximately 6 million shares, based on currently
available float. Additional repurchases will utilize other buyback
mechanisms.
Equity-accounted Investment
Performance Summary
Kognitiv
Aimia owns a 48.9% equity stake in Kognitiv as of March 31, 2023. Kognitiv inspires lifetime
loyalty by helping brands build deeper relationships with their
customers. Their intelligent, omnichannel SaaS platform delivers
data-driven personalization across the entire customer lifecycle,
enabling superior marketing effectiveness and consumer engagement.
Kognitiv's revenues are derived from platform subscriptions and
commerce activity to global clients across the financial services,
media, telecom, travel and hospitality and retail industries.
Kognitiv continues to accelerate its cost cutting efforts, and
under the leadership of its new CEO, Tim
Sullivan, its new AI-powered product "Kognitiv Pulse" has
been met with industry-wide praise and excitement.
In addition, Kognitiv is securing additional sources of
financing through divestitures of non-core assets.
Kognitiv's new AI-powered product "Kognitiv Pulse" has been met
with industry-wide excitement, as the company continues a series of
initiatives to reduce costs and increase efficiency, which is
expected to result in positive Adjusted EBITDA by year end
2023.
Customer retention at Kognitiv continues to be high and it has
renewed contracts with major brands such as Avis and two of its
large financial institution clients. Kognitiv has also secured the
business of one of the largest quick service restaurant companies
in the world.
The table below summarizes the performance of Kognitiv for the
three months ended March 31, 2023,
and 2022. A detailed analysis of its performance is available in
the MD&A:
Kognitiv (millions
of Canadian dollars)
|
Q1
|
Q1
|
|
2023
|
2022
|
Revenue(a)
|
11.5
|
12.1
|
Net loss
|
(10.3)
|
(13.5)
|
Adjusted
EBITDA(a)(b)
|
(5.6)
|
(9.6)
|
|
|
|
(a) Kognitiv's
financial results are presented on a continuing operations
basis.
|
|
|
|
(b) A non-GAAP measure.
Non-GAAP financial measures are defined and reconciled to the most
directly comparable GAAP measures in the section "Non-GAAP
Financial Measures and Reconciliation to Comparable GAAP Measures"
of this earnings release. See caution regarding Non-GAAP financial
measures at the end of this earnings release.
|
|
Other Investments
Clear Media
Aimia owns 10.85% of Clear Media as of March 31, 2023. Clear Media is the largest
operator of bus shelter advertising panels in China, with leading market shares of more than
70% in top-tier cities, including Shanghai, Guangzhou and Beijing, and broad presence in fast growing
cities across the country. Clear Media provides one-stop solutions
for nationwide advertising campaigns to their customers, through a
network of more than 72,000 panels covering twenty-four cities, and
573 digital panels as of March 31,
2023.
As of March 31, 2023, the fair
value of the indirect investment in Clear Media has been estimated
at $54.5 million. Aimia recognized an
unrealized fair value loss of $0.2
million during the quarter ended March 31, 2023.
Clear Media is seeing a sharp recovery in demand beginning in
its second quarter of 2023 as China emerges from Covid lockdowns and expects
to rapidly accelerate its digital panel conversions in 2023.
TRADE X
Aimia owns a 11.9% fully diluted equity stake in TRADE X as of
March 31, 2023. With headquarters in
Canada and a presence in multiple
countries globally, TRADE X is the first global vehicle marketplace
to aggregate cross-border supply and demand for car dealers, fleet
owners, rental companies, mobility solution providers, importers,
and exporters, opening new trading corridors to buy and sell
vehicles.
Preferred shares
As of March 31, 2023, the fair
value of the preferred shares has been estimated at $40.1 million (US$ 29.6
million) and Aimia recorded unrealized fair value loss of
$0.1 million during the three months
ended March 31, 2023, for this
investment.
Convertible note
As of March 31, 2023, the fair
value of the convertible note has been estimated at $37.0 million (US$27.3
million). The Corporation has accrued interest of
$0.7 million, as well as recorded an
unrealized net fair value gain of $1.4
million during the three months ended March 31, 2023 for this investment.
TRADE X generated gross vehicle sales of approximately
$156.7 million in the first quarter
of 2023, a significant decrease from the same period last year,
mainly the result of refocusing the business on its enhanced
asset-light, higher-margin model.
TRADE X is generating its highest gross margins to date and
projects a return to becoming EBITDA positive by the third quarter
of 2023. Eric Gosselin, currently
the COO, will become the CEO on June 1,
2023, as founder Ryan
Davidson focuses on business development.
Balance Sheet and Liquidity
As of March 31, 2023, Aimia had
cash and cash equivalents of $244.4
million. In addition, Aimia had a liquid portfolio of
equities and money-market funds which had a market value of
$74.2 million. In total, Aimia
had $318.6 million in cash, cash
equivalents and liquid securities.
Available Tax Losses
Tax losses approximated $660
million as of March 31, 2023,
comprised of $260 million in capital
losses and $400 million in net
operating losses.
Aimia utilized approximately $130
million of net capital losses to mitigate capital gains on
the repatriation of proceeds from foreign affiliates in the fourth
quarter 2022.
Dividends
Dividends of $3.2 million were
paid for the first quarter ended March 31,
2023, on the two series of outstanding preferred shares.
On May 11, 2023, the Board of
Directors of Aimia declared quarterly dividends of $0.300125 per Series 1 preferred share and
$0.375688 per Series 3 preferred
share, in each case payable on June 30,
2023, to shareholders of record on June 16, 2023.
(1)
|
Based on EUR/CAD of
1.4685 as of May 9, 2023.
|
(2)
|
Subject to change
semi-annually with reference to the Euribor six-month interest
rate. As of May 8, 2023, the Euribor six-month interest rate was
3.605%.
|
(3)
|
The purchase price for
the acquisition amounted to $257.0 million (₹15,280.0 million) on a
cash-free and debt-free basis, and was subject to customary
adjustments related to net debt and working capital at closing. The
transaction closed on March 17, 2023, for a purchase consideration
of $239.2 million, net of a favorable preliminary working capital
adjustment of $17.8 million.
|
|
|
Subsidiary Wind Down
Due to the termination of its Chief Investment Officer,
Mittleman Investment Management, LLC is in the process of being
wound down.
Quarterly Conference Call and Audio
Webcast Information
Aimia will host a conference call to discuss its first quarter
2023 financial results at 8:30 a.m.
EDT on May 12, 2023. The call
will be webcast at the following URL link:
https://app.webinar.net/N3kX7xWLGqK. A slide presentation intended
for simultaneous viewing with the conference call and an archived
audio webcast will be available for 90 days following the original
broadcast available at:
https://www.aimia.com/investor-relations/events-presentations/
Aimia's first quarter 2023 Financial Statements, MD&A, and
Financial Highlights Presentation will be filed on SEDAR.com around
7:00 a.m. EDT on May 12, 2023, as well as on Aimia's website under
Investor Relations.
This earnings release was reviewed by Aimia's Audit Committee
and was approved by Aimia's Board of Directors, on the Audit
Committee's recommendation, prior to its release.
About Aimia
Aimia Inc. (TSX: AIM) is a holding company with a focus on
making long-term investments in private and public companies, on a
global basis, through controlling or minority stakes. The company
owns a portfolio of investments which include: 100% ownership of
Tufropes, a global leader in the manufacturing of high-performance
synthetic fiber ropes and netting solutions for global aquaculture,
maritime, and other various industrial customers, 94% ownership of
Bozzetto Group, one of the world's largest ESG-focused providers of
specialty sustainable chemicals, a 10.85% stake in Clear Media
Limited, one of the largest outdoor advertising firms in
China, a 48.9% equity stake in
Kognitiv, a global SaaS company inspiring customer loyalty through
data-driven personalization, as well as an 11.9% equity stake in
TRADE X, a global B2B cross-border automotive trading platform.
For more information about Aimia, visit www.aimia.com.
About Bozzetto
Founded in 1919 and headquartered in Filago, Italy, Bozzetto is one of the world's largest
ESG-focused providers of specialty sustainable chemicals, offering
sustainable textile, water and dispersion chemical solutions with
applications in several end-markets including the textile, home and
personal care, plasterboard and agrochemical markets. Bozzetto has
over 1,500 long-standing clients in over 90 countries, an
exceptionally vast portfolio of over 2,000 products and a global
production footprint with 6 manufacturing facilities and over 500
employees worldwide.
Find out more at www.bozzetto-group.com.
About Tufropes
Founded in 1992, Tufropes is a global leader in the
manufacturing of high-performance synthetic fiber ropes and netting
solutions for global aquaculture, maritime, and other various
industrial customers. Tufropes' products are known for their unique
combination of design and performance characteristics (including
resistance to UV radiation and abrasion, high strength vs. weight).
The Company is uniquely positioned to serve the global maritime
sector across a huge range of SKUs (>35,000), a global network
of sales distributors, 60+ sales employees, 70+ countries with
distributors, and at unprecedented scale (manufacturing capacity of
~70,000 MT p.a.).
Find out more at www.tufropes.com.
Non-GAAP Financial Measures and
Reconciliation to Comparable GAAP Measures
"GAAP" means Canadian Generally Accepted Accounting Principles
(which are in accordance with the International Financial Reporting
Standards).
Aimia does not present Non-GAAP financial measures for its
consolidated results. However, in order to complement the analysis
of the financial performance of its investments, certain Non-GAAP
measures are presented. A reconciliation to these investments' most
comparable GAAP measure is provided in this earnings release in
this section "Non-GAAP Financial Measures and Reconciliation to
Comparable GAAP Measures".
Kognitiv Adjusted
EBITDA
Adjusted EBITDA for Kognitiv ("Kognitiv Adjusted EBITDA") is
earnings before net financial income (expense) and net income tax
expense adjusted to exclude depreciation, amortization,
shared-based compensation, restructuring expenses, business
acquisition/disposal related expenses and impairment charges
related to non-financial assets. Kognitiv Adjusted EBITDA is not a
measure based on GAAP, is not considered an alternative to net
earnings in measuring profitability, does not have a standardized
meaning and is not comparable to similar measures used by other
issuers. Kognitiv Adjusted EBITDA is used by Aimia and Kognitiv's
management to evaluate performance. Aimia and Kognitiv's management
believe Adjusted EBITDA assists investors in comparing Kognitiv's
performance on a consistent basis excluding depreciation,
amortization, impairment charges related to non-financial assets,
share-based compensation, which are non-cash in nature and can vary
significantly depending on accounting methods as well as
non-operating factors such as historical cost. Aimia and Kognitiv's
management believe that the exclusion of restructuring and business
acquisition/disposal related expenses assists investors by
excluding expenses that are not representative of the run-rate cost
structure of Kognitiv.
A reconciliation of Adjusted EBITDA to Loss before net financial
income and income tax expense (GAAP) is presented below:
|
Three Months
Ended
March 31,
|
(in millions of
Canadian dollars)
|
2023
|
2022
|
Loss before net
financial income and income tax expense (b)
|
(6.1)
|
(10.6)
|
Depreciation and
amortization
|
0.1
|
0.1
|
Share-based
compensation
|
0.2
|
0.9
|
Restructuring
expenses
|
0.2
|
-
|
Kognitiv's Adjusted
EBITDA (a)(b)
|
(5.6)
|
(9.6)
|
(a) A non-GAAP
measure.
|
(b) Loss before net
financial income and income tax expense as well as Kognitiv's
Adjusted EBITDA are presented on a continuing operations basis,
excluding discontinued operations.
|
|
Bozzetto
Reference to (i) "Adjusted EBITDA" is the unaudited earnings of
Bozzetto before interest, taxes, depreciation and amortization, and
(ii) "Adjusted EBITDA margins" is Bozzetto's Adjusted EBITDA
divided by its revenue. Adjusted EBITDA and Adjusted EBITDA margins
are non-standardized financial measures that are not calculated or
presented in accordance with GAAP. Accordingly, it may not be
possible to compare Bozzetto's Adjusted EBITDA and Adjusted EBITDA
margins with Adjusted EBITDA, Adjusted EBITDA margins or other
financial measures of other companies having the same or similar
businesses.
Tufropes
Reference to (i) "Adjusted EBITDA" is earnings (losses) before
income taxes adjusted to exclude interest income, interest
expenses, depreciation, amortization, impairment charges related to
non-financial assets, foreign exchange gain/(loss) on intercompany
loans, expenses related to call option and carried interest as well
as transaction costs related to business acquisitions, and (ii)
"Adjusted EBITDA margins" is Tufropes' Adjusted EBITDA divided by
its revenue. Accordingly, it may not be possible to compare
Tufropes' Adjusted EBITDA and Adjusted EBITDA margins with Adjusted
EBITDA and Adjusted EBITDA margins or other financial measures of
other companies having the same or similar businesses.
Key Performance Indicator
TRADE X Gross Vehicle Sales
Gross Vehicle Sales represents sales income generated from
wholesale transactions and transaction fees from the platform.
TRADE X Gross Vehicle Sales is not a measure based on GAAP and does
not have a standardized meaning and is not comparable to similar
measures used by other issuers. TRADE X Gross Vehicle Sales is used
by Aimia and TRADE X's management to evaluate performance. Aimia
and TRADE X's management believe Gross Vehicle Sales assists
investors in comparing TRADE X growth performance to other
comparable businesses.
Presentation of Financial
Information
The financial information of Aimia, Bozzetto and Kognitiv
referred to in this press release have been prepared in accordance
with GAAP. Tufropes results for the period March 17 to March 31, 2023 and for the quarter
ended March 31, 2023 have been
prepared in accordance with GAAP. Tufropes proforma results for the
full year ended March 31, 2023 are
unaudited and have been provided by Tufropes' management team.
Tufropes proforma results for the full year ended March 31, 2023 were prepared in accordance with
Indian Generally Accepted Accounting Principles ("Indian
GAAP").
The financial information of TRADE X referred to in this press
release is unaudited and has been provided by TRADE X's management
team. Certain of the financial information of TRADE X
referred in this press release is preliminary and subject to TRADE
X closing procedures and based on a number of assumptions and are
not necessarily indicative of results to be expected for any future
period as a result of various factors. During the course of
the TRADE X's financial closing procedures, adjustments to the
preliminary estimates may be identified, and such adjustments maybe
material.
Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking information" within the meaning of Canadian
securities laws ("forward-looking statements"), which are based
upon our current expectations, estimates, projections, assumptions
and beliefs. All information that is not clearly historical in
nature may constitute forward-looking statements. Forward-looking
statements are typically identified by the use of terms or phrases
such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would" and
"should", and similar terms and phrases, including references to
assumptions.
Forward-looking statements in this press release include, but
are not limited to, statements with respect to the recovery of
Clear Media post zero-COVID policy in China; the results in 2023 of our portfolio of
holdings; Aimia's current and future strategic initiatives and
investment opportunities; the use of Aimia's tax losses; the
working capital adjustment at closing of the Tufropes acquisition;
Tufropes' revenue and Adjusted EBITDA margins for the year ending
March 31, 2023; the growth of
Tufropes' Adjusted EBITDA margins; new employees joining the
Tufropes' management team; reinvestment by the Bozzetto's
management team; acquisitions by Bozzetto; renewal of the NCIB,
including TSX approval and the total number of common shares
available for repurchase thereunder; the expectations and
intentions with respect to the NCIB and Aimia's repurchases
thereunder or under any other buyback mechanisms; the debt
financing with respect to the Bozzetto and the Tufropes
acquisitions; Kognitiv's series of initiatives to reduce costs and
drive efficiency; TRADE X's growth; payment of dividends; Aimia's
ability to source and execute on acquisitions on terms acceptable
to it.
Forward-looking statements, by their nature, are based on
assumptions and are subject to known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the forward-looking statement will not occur. The
forward-looking statements in this press release speak only as of
the date hereof and reflect several material factors, expectations
and assumptions. While Aimia considers these factors, expectations
and assumptions to be reasonable, actual events or results could
differ materially from the results, predictions, forecasts,
conclusions or projections expressed or implied in the
forward-looking statements. Undue reliance should not be placed on
any predictions or forward-looking statements as these may be
affected by, among other things, changing external events and
general uncertainties of the business. A discussion of the material
risks applicable to us can be found in our current Management
Discussion and Analysis and Annual Information Form, each of which
have been or will be filed on SEDAR and can be accessed at
www.sedar.com. Aimia cautions that the list of risk factors
included in such Management Discussion and Analysis is not
exhaustive. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and we disclaim any intention and assume no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
For more information, please contact:
Media, Analysts and Investors
Albert Matousek, MBA, CFA
Head, Investor Relations and Communications
albert.matousek@aimia.com
SOURCE Aimia Inc.