VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Tree Island Steel Ltd. ("Tree Island" or the "Company") (TSX: TSL) announced today an agreement (the "Sale Agreement") by the Company to sell its Etiwanda facility located in Rancho Cucamonga, California, US ("Etiwanda Facility") for gross proceeds of US$55.3 million (the "Sale").
Tree Island Wire (USA), Inc., an indirect wholly-owned subsidiary of the Company and the registered owner of the Etiwanda Facility, entered into the Sale Agreement with Newcastle Partners, Inc. ("Newcastle") pursuant to which the Company will sell the Etiwanda Facility to Newcastle for US$55.3 million, subject to customary closing adjustments. The Sale is subject to a number of customary closing conditions for a transaction of this nature and is expected to close on or about December 17, 2021.
On closing of the Sale, the Company will lease back the Etiwanda Facility by entering into a two-year commercial lease agreement with Newcastle.
Tree Island Steel, headquartered in Richmond, British Columbia, since 1964, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction and agricultural applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island®, Halsteel®, K-Lath®, TI Wire®, Tough Strand® and ToughPanelTM brand names.
This press release includes forward-looking information with respect to Tree Island including its business, operations and strategies, completion and the terms and conditions of the Sale. The use of forward-looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading "Risk Factors" in Tree Island's most recent annual information form and management discussion and analysis.
The forward-looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Company's most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward-looking statement. Such risks and uncertainties include, but are not limited to: risks and uncertainties relating to the Sale not closing when planned or on terms and conditions set out in the Sale Agreement, the benefits of the Sale not being realized, the length of the lease of the Etiwanda Facility, general economic, market and business conditions, the COVID-19 pandemic impact on the Company, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company's liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.
This press release has been reviewed by the Company's Board of Directors and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
For further information contact: Ali Mahdavi, Investor Relations Tree Island Steel (416) 962-3300 e-mail: amahdavi@treeisland.com Website: www.treeisland.com
The Mad Money host says the virtual world will transform many industries.
When stocks fall in price, it’s frequently a signal for renewed investor interest. After all, low share prices offer a chance to live up to the old market advice, ‘buy low and sell high.’ What investors need is some way to tell the underlying reasons for a drop in share price, whether it bodes well or ill for the stock. One of the best stock signals comes from corporate insiders, the company officers who hold positions of high responsibility – to their Boards, and to their peers, and to their sh
Tesla CEO Elon Musk said he had sold "enough stock" to reach his plan to sell 10% of his shares in the world's most valuable car company, according to an interview released on Tuesday. The billionaire, who moved the company's headquarters from California to Texas this month after his personal move last year, also slammed California for "overtaxation." Tesla shares, which had hovered near record-highs, lost about a quarter of their value after Musk said on Nov. 6 he would sell 10% of his stake if Twitter users agreed.
Not every stock with big potential has shot through the roof this year.
Shares of Alibaba (NYSE: BABA) stock bounced back from yesterday's tech sell-off, gaining 6.5% through 1:25 p.m. ET Tuesday as stock market analysts debated whether the company's just-announced turnaround plan will work or not. Hong Kong-based investment bank CLSA led off with the bull argument, calling Alibaba stock "cheap" at its recent price under $123 a share. CLSA predicts that as Chinese consumer spending grows, as Alibaba expands further into international markets, and as Alibaba's own technology improves, these three "strategic engines" will propel the company's growth, reports TheFly.com.
With less than two weeks remaining in 2021, the major Wall Street firms and analysts have pulled out their crystal balls to peer through the curtains at what awaits for 2022. It’s an annual habit, and one that investors pay close attention to; while the forecasts are not always perfect, they do give a fair perspective of marketing terrain. According to investment banking firm Raymond James, there are going to be plenty of opportunities in the year ahead. The firm's stock analysts have been busy
Electric vehicle stock Nio (NYSE: NIO) rebounded sharply on Tuesday, surging 6.3% as of 12:15 p.m. ET. The broader market rebound, ever-rising demand for new energy vehicle (NEV) sales in China, the U.S. Environmental Protection Agency's (EPA) latest greenhouse gas emission standards that hugely favor EVs, and Nio's own growth plans are just some of the factors that sent the EV stock flying. Investors wanting to cash in on the EV boom seemed to have found multiple reasons to buy Nio shares today.
The Dow Jones and the Nasdaq rallied. President Joe Biden hinted at a Build Back Better deal with Joe Manchin. Nike stock popped.
In this article, we discuss 10 tech to buy according to billionaire Philippe Laffont. If you want to skip our detailed analysis of these stocks, go directly to 5 Tech Stocks to Buy According to Billionaire Philippe Laffont. Philippe Laffont is the founder and portfolio manager of Coatue Management, which is a privately held investment […]
(Bloomberg) -- Bitcoin mining company TeraWulf Inc. will buy 15,000 computers from Bitmain Technologies Ltd. for about $169 million and install the machines at a facility it’s building in upstate New York.Most Read from BloombergFDA Expected to Authorize Pfizer and Merck Covid Pills This WeekModerna’s Third Dose Boosts Antibodies Against OmicronIsrael to Offer Fourth Shots; N.Y. Cancels Exams: Virus UpdateExtreme Bidding Wars Are Raging in One of World’s Riskiest Housing MarketsOmicron Becomes D
The stock market rallied on omicron Covid headlines, but will that booster last? Micron, AMD and travel stocks led.
Yahoo Finance's Julie Hyman and Brian Sozzi discuss Micron's strong earnings and forecasted high chip demand.
Good things normally come to those who wait. But you might not want to hold off selling some of 2021's top S&P 500 stocks, analysts say.
Shares of Carnival Corporation (NYSE: CCL) jumped another 8.1% in Tuesday trading, followed by Norwegian Cruise Line Holdings (NYSE: NCLH), up 5.8%, and Royal Caribbean (NYSE: RCL), up 5%, as cruise stock investors continued to react to Carnival Corporation's fourth-quarter earnings report yesterday. And it admitted that despite a revival in cruising, it's still burning cash at the rate of more than half a billion dollars per month.
BlackBerry Ltd. shares rose in the extended session Tuesday after the cybersecurity and IoT company's quarterly results came in better than expected.
Shares of Rivian Automotive (NASDAQ: RIVN) jumped 7.6% on Tuesday, halting the recent plunge in its stock price. Rivian's shares, like that of many premium-priced growth stocks, had been hit hard in recent weeks as investors responded to the prospect of higher inflation and corresponding rate hikes by the Federal Reserve. Investors tend to value future earnings less when interest rates rise.
Is it time to load up on Lucid Group (LCID) stock? That very much depends on who you ask. On Monday, Guggenheim analyst Ali Faghri initiated coverage of the electric-car maker, and gave the stock a Neutral (i.e. Hold) rating. This is not to say that Faghri is unimpressed with Lucid -- the contrary would be more accurate. (To see Faghri's track record, click here) "We have a positive long-term view on EV adoption, driven by tightening global emission regulations, increased commitments by legacy a
Despite being one of the most recognizable wireless carriers in the U.S., AT&T stock has had a rough year. But it does have some perks.
Omicron is spreading, lockdowns are coming, and consumer spending is trending down. That's the upshot of a pair of new reports out from investment bank Wedbush -- and the reason that Wedbush's 5-star analyst Moshe Katri cut his price target on PayPal (PYPL) stock to $220 a share (from $240). "Heading into CY2022, we believe results/sentiment will continue to be driven by the pandemic's impact on consumer spending, as well as travel," opines Katri. "Uninspiring" Black Friday and Cyber Monday sale
(Bloomberg) -- Tsinghua Unigroup Co.’s chairman has vowed to “fight to the end” a secretive fund’s takeover proposal, amplifying an unusually public dispute over the troubled chipmaker’s $9 billion rescue plan.Most Read from BloombergFDA Expected to Authorize Pfizer and Merck Covid Pills This WeekIsrael to Offer Fourth Shots; N.Y. Cancels Exams: Virus UpdateExtreme Bidding Wars Are Raging in One of World’s Riskiest Housing MarketsModerna’s Third Dose Boosts Antibodies Against OmicronOmicron Beco