Montréal, Québec, December 22, 2023 – LOGISTEC Corporation (TSX: LGT.A and LGT.B) (“LOGISTEC” or the “Corporation”) is pleased to announce that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement under the provisions of the Québec Business Corporations Act involving LOGISTEC and 1443373 B.C. Unlimited Liability Company, an entity owned by certain funds managed by Blue Wolf Capital Partners LLC, with preferred equity financing provided by Stonepeak.
The parties to the arrangement intend to complete the arrangement during the week of January 8, 2024, subject to the satisfaction of customary closing conditions.
About LOGISTEC
LOGISTEC 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 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 (TSX) under the ticker symbols LGT.A and LGT.B. For more information can be obtained on the Corporation’s website at www.logistec.com.
Forward-Looking Statements
This press release contains forward-looking information, within the meaning of applicable securities legislation, relating to the anticipated timing of completion of the proposed arrangement. These forward-looking statements express, as of the date of this press release, the estimates, predictions, projections, expectations, or opinions of the Corporation about future events or results, including the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the proposed arrangement. 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 possibility that the proposed arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to satisfy, in a timely manner or otherwise, conditions to the closing of the proposed arrangement or for other reasons. The reader of this press release 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.
For further information:
Carl Delisle, CPA auditor
Chief Financial Officer
LOGISTEC Corporation
cdelisle@logistec.com
(514) 985-2390