NANAIMO,
BC, Feb. 22, 2023 /CNW/ - Atlas Engineered
Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF)
is pleased to announce its preliminary financial results for the
three months and and full year ended December 31, 2022.
Preliminary Financial Highlights for Q4 & Year End
2022:
The Company has continued to carry the strong momentum generated
in the first nine months into the fourth quarter of 2022. The
Company expects to recognize revenues of approximately $14.9 million for the three months ended
December 31, 2022, expected to
represent a 7% increase from the three months ended December 31, 2021 during which the Company
reported revenues of just under $13.9
million. It should be noted that the Company's fourth
quarter is traditionally a slower quarter due to weather conditions
in most of the Company's markets. For the fiscal year ended
December 31, 2022, the Company
expects to recognize revenues of approximately $61.8 million compared to revenues of just under
$55 million reported by the Company
for the year ended December 31, 2021,
expected to represent an increase of $6.8
million or 12%.
These results are still pending external audit completion and
may change by the time final fiscal 2022 results are reported and
filed. Full audited 2022 year end financial results are expected to
be released before the end of April
2023.
TSX Venture 50:
AEP is also pleased to announce it has been named 2nd
top performing Company on the TSX Venture over the last year in the
Diversified Industries sector. Visit money.tmx.com/en/venture50 to
view our video and the entire list of top performers. "AEP has
worked hard over the last few years and being a top performer on
the TSX Venture 50 helps validate all that hard work and we can't
wait to deliver on our future performance goals" says CEO &
President Hadi Abassi.
About Atlas Engineered Products
Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
Forward Looking
Information
Information set forth in this news release contains
forward-looking statements. Forward-looking statements often, but
not always, are identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", "targeting"
and "intend" and statements that an event or result "may", "will",
"should", "could", or "might" occur or be achieved and other
similar expressions. Forward-looking statements included in
this news release include statements with respect to expected
revenues for the full quarter and year ended December 31, 2022. These statements reflect
management's current estimates, beliefs, intentions and
expectations; they are not guarantees of future performance.
Although AEP believes that the expectations reflected in the
forward looking statements are reasonable, there is no assurance
that such expectations will prove to be correct, or that such
future events will occur in the disclosed time frames or at all.
AEP cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond AEP's
control. Such factors include, among other things: Risks and
uncertainties relating to AEP, including those to be described in
the Management's Discussion and Analysis ("MD&A") for AEP's
three and nine months ended September
30, 2022. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable
securities legislation, AEP undertakes no obligation to publicly
update or revise forward-looking information.
Forward-looking statements in this news release also include
future-oriented financial information and financial outlook
information ("FOFI") regarding AEP and its prospective revenues,
financial results and components thereof. The FOFI contained in
this news release is subject to the same assumptions, risk factors,
limitations and qualifications set forth in this news release
relating to other forward-looking statements. The FOFI contained in
this news release is provided for the purpose of providing
information regarding management's assessment of the Company's
anticipated business operations and may not be appropriate for
other purposes.
Except as required under applicable securities legislation,
AEP undertakes no obligation to publicly update or revise
forward-looking information.
NEITHER THE 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.
SOURCE Atlas Engineered Products Ltd.