CALGARY, Jan. 11, 2017 /CNW/ - Mosaic Capital
Corporation ("Mosaic") (TSX-V Symbols: M,
M.PR.A and M.DB) is pleased to announce that
Place-Crete Systems LP ("Place-Crete"), a 75% subsidiary of Mosaic, has
successfully completed the acquisition of the business being
carried on by Associated Asbestos Abatement Ltd. Based in
Saskatchewan, Associated Asbestos
Abatement Ltd. is involved in the remediation of asbestos, mold and
other related substances in Regina
and surrounding areas. Associated Asbestos Abatement Ltd.
will provide Place-Crete with additional exposure in the growing
Saskatchewan market. The
acquisition, funded by way of cash and a vendor note, was below
Mosaic's usual valuation range.
Place-Crete supplies, applies
and finishes a variety of cement based toppings in the residential
and commercial construction markets and provides waterproofing
solutions to the civil infrastructure market. Products include
gypsum floor underlayments used mainly in residential and
commercial construction and waterproofing membranes which are
applied to bridges, bridge approaches, plaza decks and parkades in
both the new and restoration construction.
Troy Pearce, Chief Operating
Officer of Mosaic, commented "We are always looking for
opportunities to acquire smaller existing businesses that fit the
Mosaic portfolio. Associated Asbestos Abatement Ltd.'s solid
market niche and marketing team will fit well with Place Crete's
strong business model."
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of
established businesses which span a diverse range of industries and
geographies. Mosaic's strategy is to create long-term value for its
shareholders through accretive acquisitions, long-term portfolio
ownership, sustained cash flows and organic portfolio growth.
Mosaic achieves its objectives by maintaining financial discipline,
acquiring businesses at attractive valuations, performing extensive
acquisition due diligence, utilizing optimal transaction
structuring and working closely with subsidiary businesses after
acquisition.
FORWARD-LOOKING INFORMATION:
This news release may contain forward-looking information and
statements within the meaning of applicable Canadian securities
laws (herein referred to as "forward-looking statements") that
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. All information and statements in this news release
which are not statements of historical fact may be forward-looking
statements. The words "believe", "expect", "intend", "estimate",
"anticipate", "project", "scheduled", and similar expressions, as
well as future or conditional verbs such as "will", "should",
"would", and "could" often identify forward-looking statements. In
particular, forward-looking statements in this news release
include, but are not limited to: statements with respect to the
terms of the acquisition by Place-Crete of a 100% interest in the
business carried on by Associated Asbestos Abatement Ltd. and
management's belief that Place-Crete has substantial growth
potential in the Saskatchewan
market. Such statements or information are only predictions and
reflect the current beliefs of management with respect to future
events and are based on information currently available to
management. Actual results and events may differ materially from
those contemplated by these forward-looking statements due to these
statements being subject to a number of risks and
uncertainties.
Undue reliance should not be placed on these forward-looking
statements as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature forward-looking statements involve assumptions and known and
unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions and other
forward-looking statements will not occur. Some of the assumptions
made by Mosaic, upon which such forward-looking statements are
based include, but are not limited to: the business operations of
Associated Asbestos Abatement Ltd. will continue on a basis at
least consistent with prior years and future market conditions for
Associated Asbestos Abatement Ltd. will not be materially different
than anticipated by Mosaic.
A number of factors could cause actual results to differ
materially from those expressed or implied by the forward-looking
statements, including, but not limited to: general business and
economic conditions in geographic areas where Associated Asbestos
Abatement Ltd. has operations; pricing pressures and other
competitive factors; third parties failing to honour their
contractual obligations with Associated Asbestos Abatement Ltd.;
procurement and pricing issues with suppliers; unforeseen cost
overruns on Associated Asbestos Abatement Ltd.'s projects;
legislative or regulatory developments; the continued availability
and cost of qualified labour; the continued strength of the
industries within which customers of Associated Asbestos Abatement
Ltd. operate; and the continued ability to secure new business.
Should any of the risks or uncertainties facing Mosaic and its
subsidiaries materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results,
performance, activities or achievements could vary materially from
those expressed or implied by any forward-looking statements
contained in this news release. Readers are cautioned that the
foregoing list of risks is not exhaustive. Additional information
on these and other factors that could affect the operations or
financial results of Mosaic and its subsidiaries are included in
Mosaic's annual information form for the year ended December 31, 2015, a copy of which is available
under Mosaic's profile on SEDAR (www.sedar.com).
Although Mosaic believes that the expectations represented by
any forward-looking statements contained herein are reasonable
based on the information available to it on the date of this news
release, management cannot assure investors that actual results,
performance or achievements will be consistent with these
forward-looking statements. Any forward-looking statements herein
contained are made as of the date of this news release and Mosaic
does not assume any obligation to update or revise them to reflect
new information, events or circumstances, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MOSAIC CAPITAL CORPORATION