TORONTO, ONTARIO--(Marketwired - Jun 20, 2017) - Today, AlarmForce (AF.TO) announces the completion of the previously disclosed sale of its US subscriber base to Lancaster PA based Select Security for a total consideration of US$11.6 million (approximately CAD$15.3 million). Following the second quarter the Company commenced discussions regarding the sale of its US subscription base. As previously discussed, part of our long-term strategy involved the departure from the US market as the performance metrics were not consistent with parallel opportunities in the Canadian market.
"I believe that this is a great outcome for all involved as it moves these subscribers to a company who is well positioned to invest in growing that network in the many markets in which they operate. For the balance of our Canadian operations, this change allows us to focus our efforts in Canada where our brand is incredibly well recognized," said Graham Badun, CEO of AlarmForce Industries Inc. "We will continue to make investments in our existing direct to consumer model and will be exploring other areas of growth and reinvestment."
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and the United States. More information about the company's products and services can be found at alarmforce.com.
Certain statements contained in this press release constitute forward-looking statements or information (collectively forward-looking statements) within the meaning of applicable securities legislation. Forward-looking statements are often identified by words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue" and similar expressions. Forward-looking statements contained or referred to in this press release includes, but may not be limited to, the Company's expectation that its focus on the Canadian markets will continue to yield encouraging results.
The forward‐looking statements in this press release reflect the current expectations, assumptions and/or beliefs of AlarmForce about future events based on information currently available to AlarmForce. In connection with the forward‐looking statements contained in this press release, AlarmForce has made assumptions about, among other things: the quality of its subscriber base will improve through a focus on the Canadian markets; the ability to collect the proceeds of the balance of the sale of its US subscriber base as scheduled, no significant events occur outside of AlarmForce's normal course of business; general economic conditions; the Company's business plans; hiring and labour trends and conditions; timing and payment of dividends; treatment under governmental regulatory regimes and tax laws; and currency, exchange and interest rates.
Although AlarmForce believes that the expectations reflected in the forward‐looking statements contained in this press release, and the assumptions on which such forward‐looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward‐looking statements included in this press release, as there can be no assurance that the plans, intentions or expectations upon which the forward‐looking statements are based will occur. By their nature, forward‐looking statements involve risks, uncertainties and other factors that could cause actual events, results, liabilities and financial results in future periods to differ materially from those expressed or implied by such forward‐looking statements. These risks and uncertainties include, among other things: the Company may be unsuccessful in improving the quality and the size of its subscriber base, the ability to collect the proceeds of the balance of the sale of its US subscriber base as scheduled, and other risks, and the risks discussed in the "Risk Factors" section of the Company's Annual Information Form and the "Risks and Uncertainties" section of the Company's MD&A, copies of which may be obtained at www.sedar.com.
The forward-looking statements contained in this press release speak only as of the date of this press release. Except as may be required by applicable securities laws, AlarmForce disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise.