Armtec Infrastructure Inc. Announces James R. Newell Resigns as Chief Financial Officer
Guelph, Ontario, January 30, 2012 - Armtec Infrastructure Inc. (TSX: ARF and ARF.DB) ("Armtec" or the "Company") today announced that James R. Newell has resigned as Chief Financial Officer of the Company effective immediately in order to pursue another interest. The Board of Directors wishes Mr. Newell every success in his future endeavors.
Malcolm Buxton-Forman will assume the position of Interim Chief Financial Officer of the Company effective immediately. Mr. Buxton-Forman joined Armtec in July, 2011 and held the position of Vice President, Finance of the Company with responsibility for the operational finance function. He has been instrumental in the development and execution of the Company's recently announced Turnaround Plan.
Mr. Buxton-Forman has over 20 years of progressive financial experience in the consumer goods industry in South Africa, Canada and the US, as well as 6 years public company experience in the telecommunications industry in Canada. During his years at various companies in the Cadbury Schweppes Group, Mr. Buxton-Forman lead major SAP systems implementations, integrated newly acquired businesses into existing operations and developed new finance teams. Mr. Buxton-Forman has a Bachelor of Commerce degree and a Certificate in the Theory of Accounting from the University of Cape Town and is a Chartered Accountant.
ABOUT ARMTEC INFRASTRUCTURE INC.
Armtec is a leading manufacturer and marketer of a
comprehensive range of infrastructure products and
engineered construction solutions for customers in a
diverse cross-section of industries that are located in
every region of Canada, as well as in selected markets
globally. These markets include Canada's national and
regional public infrastructure markets and private sector
markets in agricultural drainage, commercial building,
residential construction and natural resources. Operating
through its network of regional offices and production
facilities across the country, Armtec's broad range of
engineered solutions include products for drainage, bridge
applications, soil retention, rehabilitation and water
management systems including corrugated high-density
polyethylene, corrugated steel and concrete pipe; an array
of architectural and structural precast and pre-stressed
concrete products from steps, paving stones, slabs and wall
panels to highly engineered structural components designed
and installed for projects such as bridges, sports venues
and parking garages; and a full suite of noise barriers,
acoustic enclosure and wall systems along with associated
retaining wall and traffic barrier systems.
FORWARD-LOOKING STATEMENTS
This news release may contain "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, events, performance or achievements of Armtec or
industry results, to be materially different from any
future results, events, performance or achievements
expressed or implied by such forward-looking statements.
Forward-looking statements typically contain such words or
phrases as "may", "outlook",
"objective", "intend",
"estimate", "anticipate",
"should", "could", "would",
"will", "expect", "believe",
"plan" and other similar terminology suggesting
future outcomes or events. Forward-looking statements
reflect current expectations regarding future results,
events, performance and achievements and are based on
information currently available to Armtec's management,
anticipated operating and financial results of Armtec, and
current and anticipated market conditions.
Forward-looking statements involve numerous assumptions and should not be read as guarantees of future results, events, performance or achievements. Such statements will not necessarily be accurate indications of whether or not such future results, events, performance or achievements will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Armtec, could cause actual results, events, performance or achievements to differ materially from the results, events, performance or achievements discussed in the forward-looking statements, including, but not limited to the factors discussed in Armtec's materials filed with the Canadian securities regulatory authorities from time to time. Although the forward-looking statements contained in this news release are based upon what management of Armtec believes are reasonable assumptions, Armtec cannot assure investors that actual results, events, performance or achievements will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable law, Armtec assumes no obligation to update or revise them to reflect new events or circumstances.
RISKS AND UNCERTAINTIES
Armtec is subject to certain risks and uncertainties that
could have a material adverse effect on Armtec's
results of operations, business prospects, financial
condition, dividends to shareholders and the trading price
of Armtec's shares. These uncertainties and risks
include, but are not limited to: industry cyclicality;
competition; acquisition and expansion risk; capital and
liquidity risk; current economic conditions; reduction in
demand for products; information management; credit risk;
relationships with suppliers; lack of long-term agreements;
expiration of rights under license and distribution
arrangements; availability and price volatility of raw
materials; product liability; intellectual property;
reliance on key personnel; labour markets; environmental;
collective bargaining; pension plans; currency
fluctuations; interest rates; uninsured and underinsured
losses; operating hazards; existing legal proceedings; risk
of future legal proceedings; securities laws compliance and
corporate governance standards; income tax and other taxes;
geographical risk; seasonality and adverse weather; change
management and geopolitical. Further information about
these and other risks and uncertainties can be found in the
disclosure documents filed by Armtec Infrastructure Inc.www.sedar.com.
For more information, please contact:
Mark D. Anderson
President & Chief Executive Officer
Armtec Infrastructure Inc.
Tel: (519) 822-0210
Fax: (519) 822-8894
Carrie Boutcher
Vice President, Investor Relations & Treasurer
Armtec Infrastructure Inc.
Tel: (519) 822-0210
Fax: (519) 822-8894
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