AQM Automotive Corporation Announces Going Private Transaction.Business Editors BRAMPTON, Ontario--(BUSINESS WIRE)--March 29, 2001 AQM AQM Active Queue Management AQM Air Quality Management AQM Acquisition Management AQM Assistant Quartermaster (Civil War) AQM Additive Quark Model AQM Analog Quadrature Modulator AQM Acenaphthenequinone Monoxime AUTOMOTIVE CORPORATION (CDNX CDNX See Canadian Venture Exchange (CDNX). :AQV AQV Anticoncepcion Quirurgica Voluntaria (voluntary surgical contraception) .)(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AQMaf) 2001 Q1 Sales and Earnings Released AQM Automotive Corporation ("AQM") announced today that its board of directors has approved the terms of a letter agreement which contemplates a "going private transaction" to be completed by way of an amalgamation involving AQM and AQM Acquisition Corp., a corporation controlled by Leslie Leib, Gerry Kaminsky and Tim Nigh nigh adv. nigh·er, nigh·est 1. Near in time, place, or relationship: Evening draws nigh. 2. Nearly; almost: talked for nigh onto two hours. , senior officers and the control group of AQM (the "Management Group"). Pursuant to the proposed transaction, holders of common shares of AQM (other than the Management Group) will receive $0.25 for each common share of AQM currently held. The transaction is subject to execution of a definitive agreement and is expected to be put to shareholders for consideration at AQM's annual and special meeting scheduled for Wednesday, May 23, 2001. In order for the transaction to proceed, it will need to be approved by a majority of the minority shareholders of AQM. The Board of Directors of the Corporation has appointed, from among its members, an independent committee (the "Special Committee") to consider the proposed transaction. The Special Committee, based upon its own independent investigations, will advise the Board of Directors whether, in the Special Committee's opinion, the proposed transaction is fair to the minority shareholders and in the best interests of AQM and whether or not it should be recommended to the shareholders of AQM. The Corporation has also agreed to retain Klein Valuation Services Inc. of Toronto, Ontario, to conduct an independent formal valuation of the Corporation. AQM Automotive Corporation also announced its consolidated financial and operating results for the first quarter of 2001, ended February 29, 2001. Reflecting reduced purchase levels by all major customers, sales dropped by 13% from the 1st quarter of 2000. Gross profit decreased by 7%, to $763,214. Net income for the quarter was $31,000 (0.3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ), decreasing by 37% from the 1st quarter of 2000.
First Quarter Ended
29-Feb-00 28-Feb-01
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Sales 3,338,687 3,829,169
Gross Profit 763,214 827,647
Gross Profit Margin 22.9% 21.6%
EBITDA 105,547 149,243
Net Income 31,000 48,867
EDITDA per share 1.0 cents 1.4 cents
Net Income Per Share 0.3 cents 0.5 cents
Finally, the Company announced that the Annual and Special Meeting of Shareholders of the Company will be held at 3:00 p.m. on Wednesday May 23rd 2001, at the Company's offices on 50 Precidio Court, in Brampton, Ontario Brampton (IPA: ˈbræmptən, ˈbræmtən) is a city in the GTA of Ontario, Canada and the seat of Peel Region. As of the 2006 census, Brampton's population stood at 433,806. . The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release shall not constitute an offer to sell, nor the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy, the securities in any jurisdiction. |
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