Strongco Finalizes Fort McMurray Land Purchase for New Branch Construction
Expansion into Fort McMurray positions company for greater market share in Alberta's oil and gas sector
MISSISSAUGA, ONTARIO--(Marketwire - Jan 30, 2013) - Strongco Corporation (SQP.TO) is pleased to announce it has completed the purchase of six acres of land that will be used to build its new branch in Fort McMurray, Alberta.
As previously announced, the new branch will carry the full line of products from Volvo Construction Equipment and complementary brands as well as Manitowoc, National and Grove crane products. Construction on the 23,000 square foot facility is scheduled to begin in the Spring and is slated for completion in the Spring of 2014.
"Strongco''s expansion into Fort McMurray is an important step for us as it further builds on our growing presence in Alberta and gives us higher visibility in the key markets in the province," said Bob Dryburgh, President and Chief Executive Officer of Strongco. "This development also extends our growth strategy by establishing well located branches capable of providing timely product support and services to our customers."
The new Fort McMurray branch will involve a total capital cost of $18.5 million, for which financing was arranged with Strongco''s current bank.
About Strongco Corporation
Strongco Corporation is one of Canada''s largest multiline mobile equipment dealers and operates in the northeastern United States through Chadwick-BaRoss, Inc. Strongco sells, rents and services equipment used in sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. Strongco has approximately 640 employees serving customers from 26 branches in Canada and five in the United States. Strongco represents leading equipment manufacturers with globally recognized brands, including Volvo Construction Equipment, Case Construction, Manitowoc Crane, National, Grove, Terex Cedarapids, Terex Finlay, Ponsse, Fassi, Allied Construction, Taylor, ESCO, Dressta, Sennebogen, Jekko, Takeuchi, Link-Belt and Kawasaki. Strongco is listed on the Toronto Stock Exchange under the symbol SQP.
Forward-Looking Statements
This news release contains "forward-looking" statements within the meaning of applicable securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strongco or industry results, to be materially different from any future results, events, expectations, performance or achievements expressed or implied by such forward-looking statements. All such forward-looking statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. Forward-looking statements typically contain words or phrases such as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events.
