Lakeside Provides Update on Non-Binding Transaction Proposal
January 20 2012 - 8:40AM
PR Newswire (Canada)
WELLAND, ON, Jan. 20, 2012 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") today announced that the extended period in which
the Company has agreed to negotiate exclusively with the potential
purchaser regarding an acquisition or similar transaction has been
extended until 9:00 a.m. on Monday, January 23, 2012 in order to
allow the parties to finalize definitive transaction agreements.
Since the previous announcement by the Company on January 10, 2012,
the potential purchaser has completed all material due diligence
inquiries. The proposed acquisition remains subject to certain
conditions including the execution of a definitive transaction
agreement between the Company and the purchaser as well as the
execution of support agreements with directors of the Company and
certain significant shareholders. There is no assurance that
definitive transaction agreements will be executed by the parties
or that the proposed acquisition will be consummated. About
Lakeside Steel Inc. Lakeside is a 2011 TSX Venture Exchange 50
company and the parent company of Lakeside Steel Corporation,
Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside
has operating facilities located in Welland, Ontario, and Corpus
Christi, Texas, and three facilities currently being constructed in
Thomasville, Alabama. Lakeside is a diversified steel pipe and
tubing manufacturer with a focus on manufacturing and upgrading Oil
Country Tubular Goods. Lakeside's list of customers includes large
oil and gas end users as well as distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe
manufacturer with end-finishing and heat treat capabilities
strategically situated in the southern United States on successful
completion of construction of the new facilities in Thomasville,
Alabama. Construction of the Alabama facilities is currently
underway. This press release may contain forward-looking statements
with respect to the Company, its operations, strategy, financial
performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion, and Analysis, Annual Information Form and
Filing Statement of the Company which are available at
www.sedar.com. The cautionary statements qualify all
forward-looking statements attributable to the Company and persons
acting on their behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the Company has no obligation to update such
statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Lakeside was recognized as a TSX Venture
50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX
Inc. and is used under license. Lakeside Steel Inc. CONTACT: Ron
Bedard Ken Hunter President and Chief Operating Officer Chief
Financial OfficerLakeside Steel Inc. Lakeside Steel IncFAX:
(905)735-9069 FAX: (905)735-9069e-mail:
ron.bedard@lakesidesteelcorp.ca
e-mail:ken.hunter@lakesidesteelcorp.ca
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