"We appreciate the hard work and support of the Hewitt team in helping us reach this milestone and in preparing for the transition, while continuing to operate Hewitt's day-to-day business and serve its customers. We look forward to continuing to work closely with the Hewitt team to ensure a smooth integration of the businesses following closing," said
Until closing, it will be business as usual for both independent businesses. It is expected that the work completed to date, will lead to a smooth transition. After closing, customers and other stakeholders should expect to see uninterrupted service delivery as Toromont begins to rebrand and integrate operations.
Hewitt is the authorized Caterpillar Dealer for the province of
This press release contains forward-looking statements about the closing of the proposed acquisition by
Numerous risks and uncertainties could cause the actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: business cycles, including general economic conditions in the countries in which Toromont operates; commodity price changes, including changes in the price of precious and base metals; changes in foreign exchange rates, including the Cdn$/US$ exchange rate; the termination of distribution or original equipment manufacturer agreements; equipment product acceptance and availability of supply; increased competition; credit of third parties; additional costs associated with warranties and maintenance contracts; changes in interest rates; the availability of financing; potential environmental liabilities of the business to be acquired and changes to environmental regulation; failure to attract and retain key employees; damage to the reputation of Caterpillar, product quality and product safety risks which could expose Toromont to product liability claims and negative publicity; new, or changes to current, federal and provincial laws, rules and regulations; and any requirement of Toromont to make contributions to the registered funded defined benefit pension plans, postemployment benefits plan or the multi-employer pension plans in which it participates or will participate upon assuming Hewitt's obligations thereunder in excess of those currently contemplated. Readers are cautioned that the foregoing list of factors is not exhaustive.
Any of the above mentioned risks and uncertainties could cause or contribute to actual results that are materially different from those expressed or implied in the forward-looking statements included in this press release. For a further description of certain risks and uncertainties and other factors that could cause or contribute to actual results that are materially different, see the risks and uncertainties set out in the "Risks and Risk Management" and "Outlook" sections of Toromont's most recent annual or interim Management Discussion and Analysis, as filed with Canadian securities regulators at www.sedar.com or at www.toromont.com. Other factors, risks and uncertainties not presently known to Toromont or that Toromont currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
There can be no assurance that the proposed acquisition will occur on time or at all. The proposed acquisition remains subject to the fulfillment of certain conditions, and there can be no assurance that any such conditions will be met. The proposed acquisition could be modified, restructured or terminated. There can be no assurance that debt financing for the proposed acquisition will be completed.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Toromont's expectations only as of the date of this news release. Toromont disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Toromont Industries Ltd. Paul R. JewerExecutive Vice President and Chief Financial Officer (416) 514-4790 www.toromont.com Source: Toromont Industries Ltd.
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