AirBoss Announces Grand Opening of New R&D Technical Centre in Kitchener, Ontario
NEWMARKET, Ontario, Nov. 14, 2019 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (the “Company” or “AirBoss”) today announced the grand opening of its new R&D Technical Centre and Laboratory at its flagship Rubber Solutions manufacturing facility located in Kitchener, Ontario. The R&D Technical Centre is located in a new administrative building and houses a laboratory, state-of-the art technical and testing equipment and collaboration space. The grand opening ceremony takes place at 11:00 am today and will be attended by customers, local dignitaries, employees, management and members of the Company’s board of directors.
The new R&D Technical Centre will allow for enhanced collaborative development opportunities with AirBoss’ current and future customers and is expected to further grow AirBoss’ reputation for having one of the most advanced rubber compound development laboratories in North America. The existing laboratory in Kitchener has been accredited to the internationally recognized ISO 17025 laboratory standard since 2003 by the American Association of Lab Accreditation (A2LA).“This new facility emphasizes our commitment to advanced innovation that is directed towards the success of our customers as they compete in their individual product segments,” said Chris Bitsakakis, President and Chief Operating Officer of AirBoss. “A significant portion of our 2019 capital expenditure budget was allocated to the Kitchener facility, with investments designed to support improved capacity, an expanded product offering and enhanced collaboration with our customers. AirBoss currently employs more than 250 people at our Kitchener facility and this investment is expected to create a number of new jobs over the next several years, attracting a skilled industrial workforce to the heart of downtown Kitchener’s technology corridor.”Originally opened in 1914, AirBoss acquired the Kitchener plant in 1996. Located on 18 acres in downtown Kitchener, the million square foot manufacturing facility is core to the Company’s Rubber Solutions business. Since its acquisition, the plant has supported steady growth and employed a dedicated workforce delivering class-leading compounding solutions and customer service and has processed billions of pounds of rubber. These factors have supported AirBoss’ evolution into the second largest custom rubber compounder in North America.AirBoss of America Corp.AirBoss of America Corp. is a group of complementary businesses using compounding technology and engineering expertise to create value for its customers. With a capacity to process over 450 million turn pounds of rubber annually, AirBoss Rubber Solutions is one of North America’s largest custom rubber compounding companies and a leading supplier of essential calendered and extruded products for a broad range of applications. AirBoss Engineered Products is a world leader in the supply of life saving products for the military and a leading supplier of innovative anti-vibration solutions to the North American automotive market. The Company’s shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com.Chris Bitsakakis, President or Gren Schoch, Chairman and CEO at 905-751-1188.AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMERCertain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “is expected to”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.