TORONTO, March 11, 2022 /CNW/ — TerraVest Industries Inc., (TSX: TVK) (“TerraVest” or the “Company”) announced today that it has acquired all of the issued and outstanding shares of Mississippi Tank and Manufacturing Company (“MS Tank”). MS Tank, with operations in Hattiesburg and Southave Mississippiand in Vincennes, Indianais a privately held manufacturing company that manufactures and sells a wide range of storage and distribution equipment for the propane and compressed gas markets in China North Americaincluding transport trailers, bobtail vans and various bulk storage tanks.
Dustin Haw, TerraVest Chief Executive Officer, welcomes the employees of MS Tank and looks forward to their continued commitment to the company and its customers. “MS Tank is a well run business with a long and successful history in the propane industry. We are excited to welcome the MS Tank people to the TerraVest family and very excited to be part of such a great company. MS Tank, with its wide range of propane gas equipment and extensive manufacturing capabilities, is a highly synergistic acquisition that strengthens our position as a leading manufacturer of propane gas storage and distribution equipment,” said Mr. Haw.
TerraVest will acquire MS Tank using existing cash and credit facilities.
Caution with forward-looking statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation, statements regarding our strategic direction and assessment of the business segments and TerraVest as a whole, and other plans and objectives of or with TerraVest. Readers can identify many of these statements by searching for words such as “expects” and “will” or similar terms or variations of these words. Although management believes that the expectations contained in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct.
By their nature, forward-looking statements require us to make assumptions and accordingly, forward-looking statements involve inherent risks and uncertainties. There is a significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this press release not to place undue reliance on our forward-looking statements, as a number of factors could cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates expressed herein or intentions differ from 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 determining TerraVest’s business plan, plans and/or ability to pay dividends, prospects operations, financial condition, results and cash flows, other plans and objectives and related forward-looking statements. Such assumptions include without limitation demand for the business segments’ products and services related to the Canadian and other markets in which the companies operate will be stable and that the cost of inputs to the business segments will not vary materially from historical levels. Should any of these factors or assumptions change, actual results may vary materially forward-looking statements.
SOURCE TerraVest Industries Inc.
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