AIMIA REACHES SETTLEMENT WITH THE CANADA REVENUE AGENCY
Aimia expects to use the proceeds from the CRA refund to support its 2025-2026 normal course issuer bid and for general working capital purposes.
Aimia completed the sale of Aeroplan Inc. to Air Canada in January 2019. Under the terms of the purchase agreement, Aimia agreed to indemnify Air Canada for pre-closing income tax liabilities and put $100 million from the sale proceeds into an escrow account for such purposes. In 2019, Aimia remitted $32.9 million from the escrow account to the CRA and the provincial tax agency, Revenu Québec, upon receipt of a notice re-assessment for the 2013 tax audit. In July 2020, the balance of the escrow account, $67.1 million, was released to Aimia.
With its tax dispute with the CRA now resolved, Aimia will seek recourse from Revenu Québec for the remaining $6 million portion of the 2013 tax audit. Aimia anticipates that a similar resolution is likely.
About Aimia
Aimia Inc. (TSX: AIM) is a diversified company focused on enhancing the value of its two core global businesses, Bozzetto, a sustainable specialty chemicals company, and Cortland International, a rope and netting solutions company. Headquartered in Toronto, Aimia's priorities include reducing its holding company costs, reducing the discount of its share price to the intrinsic value of its net assets and efficiently utilizing its loss carry-forwards to create shareholder value.
For more information about Aimia, visit www.aimia.com
Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon our current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements are typically identified by the use of terms such as "expects" and "expected". Forward-looking statements in this press release include, but are not limited to, statements with respect to our current and future plans, expectations and intentions.
Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statements will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to us can be found in our current Management Discussion and Analysis and Annual Information Form, each of which have been or will be filed on SEDAR and can be accessed at www.sedar.com. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and we disclaim any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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