STRONGCO CORPORATION COMPLETES ARRANGEMENT WITH NORS S.A.
MISSISSAUGA, Ontario, March 18, 2020 (GLOBE NEWSWIRE) — Strongco Corporation (“Strongco”) (TSX:SQP) announced today that it has completed a previously announced court approved statutory plan of arrangement (the “Arrangement”) pursuant to which a wholly-owned subsidiary of Nors S.A. (“Nors”) acquired all of the issued and outstanding common shares of Strongco (“Strongco Shares”) for cash consideration of CAD$3.15 per Strongco Share, or CAD$42,120,914.85 in the aggregate.The Strongco Shares are expected to be delisted from the Toronto Stock Exchange effective as of the close of trading on or about March 19, 2020. Strongco has also applied to cease to be a reporting issuer in all provinces of Canada. Further details regarding the Arrangement are included in the proxy circular of Strongco dated February 11, 2020, a copy of which is available under Strongco’s issuer profile on SEDAR at www.sedar.com.About NorsFollowing completion of the Arrangement, Strongco is expected to carry on its existing business activities as an indirect, wholly-owned subsidiary of Nors. Nors is a multi-line distributor of equipment used in diverse industries, including commercial, construction, environmental, and agriculture. The registered and head office of Nors is located at Rua Manuel Pinto de Azevedo, 711, 1º, 4149-010 Porto, Portugal. A copy of Nors’ early warning report will appear on Strongco’s profile on SEDAR at www.sedar.com and may also be obtained by contacting Luísa Neto at +351 226 150 320.About StrongcoStrongco Corporation is a major multiline mobile equipment dealer with operations across Canada. Strongco sells, rents and services equipment used in diverse sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. The Company has approximately 500 employees serving customers from 26 branches in Canada. Strongco represents leading equipment manufacturers with globally recognized brands, including Volvo Construction Equipment, Case Construction, Manitowoc Crane, including National and Grove, Terex Cedarapids, Terex Trucks, Fassi, Sennebogen, Konecranes and SDLG. Strongco is listed on the Toronto Stock Exchange under the symbol SQP.Forward-Looking StatementsThis press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements.Forward-looking statements include words or expressions such as “will”, “may”, “shall”, “if”, “subject to”, “in the event”, “expected”, and other similar words or expressions. Although Strongco believes that the expectations reflected in these forward-looking statements are reasonable, Strongco cannot give assurance that these expectations will prove to have been correct. Accordingly, investors and others are cautioned that undue reliance should not be placed on any forward-looking statements.Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, without limitation; economic, competitive, political and social uncertainties (including the current COVID-19 pandemic); the state of capital markets; risks relating to (i) the ability of the parties to complete post-closing matters of the Arrangement, (ii) unforeseen challenges in integrating the businesses of Nors and Strongco, (iii) failure to realize the anticipated benefits of the Arrangement, (iv) the business, operational and/or financial performance or achievements of Strongco and Nors may be materially different from that currently anticipated, (v) other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and (vi) other factors ultimately being inaccurate or irrelevant. In particular, the benefits anticipated in respect of the Arrangement are based on the current business, operational and financial position of each of Strongco and Nors, which are subject to a number of risks and uncertainties. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. Consequently, the reader is cautioned not to place undue reliance on the forward-looking statements and information contained in this press release. The forward-looking statements in this press release reflect the expectations of the parties on the date hereof and are subject to change thereafter. Strongco disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.You can find further information with respect to these and other risks in filings made by Strongco with the Canadian securities regulatory authorities and available at www.sedar.com.Information Contact