Latest news with #HadiAbassi
Cision Canada
4 days ago
- Business
- Cision Canada
Atlas Engineered Products Announces Acquisition of Penn-Truss MFG Inc. in Saskatchewan, Canada
, July 24, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) announced today that the Company has completed the acquisition of Penn-Truss MFG Inc. ("Penn-Truss") located in Saltcoats, Saskatchewan, Canada. Penn-Truss is a manufacturer of roof and floor trusses and a supplier of engineered wood products ("EWP"). "I am excited to announce the acquisition of our 10 th manufacturing facility and our 1 st facility in Saskatchewan. This acquisition expands our national footprint with more coverage through the Canadian Prairies," said Hadi Abassi, CEO, President and Founder of the Company. "Penn-Truss in Saskatchewan is close enough to our South Central facility in Manitoba that they can share some resources and build synergies that will increase efficiencies in the Prairie market. The market across Saskatchewan and Manitoba has picked up significantly since the beginning of 2025 and we look forward to the overall growth potential Penn-Truss will bring to the AEP group." The acquisition of Penn-Truss was completed effective July 24 th, 2025. To acquire all the issued and outstanding shares of Penn-Truss, the Company paid a purchase price of $3.8 million with a working capital adjustment to be determined and finalized within 60 days of closing date of the SPA. The purchase price will be paid for as follows: $760,000 in cash nine months post closing (subject to the working capital adjustment), up to $760,000 in cash or shares of AEP at the discretion of AEP based on the performance of Penn-Truss for fiscal 2025, and the remaining in cash at closing. The performance component will be determined based on adjusted EBITDA to be finalized within five business days of filing the Company's fiscal 2025 audited financial results, and the number of shares issued will be based on price per share equal to the greater of (i) the 10-day volume weighted average price ("VWAP") of the common shares at the time of determining the earnout amount, and (ii) market price of the common shares at the time of determining the earnout amount, provided that in no event shall such price be lower than the discounted market price (determined in accordance with the TSX Venture Exchange policies) of the common shares as of the day prior to today's date. Unaudited fiscal year ended December 31, 2024, Penn-Truss generated just over $8.7 million in revenues and non-IFRS financial measure normalized EBITDA of approximately $500,000 (see "Non-GAAP/Non-IFRS Financial Measures"). The three-year average non-IFRS financial measure normalized EBITDA was approximately $955,000, resulting in a 3.98x EBITDA for the business operations (excluding the land and buildings which were not purchased by the Company). The Company anticipates normalized EBITDA for fiscal 2025 to be closer to the three-year average. The location and equipment were key considerations in this acquisition. The site strategically broadens AEP's national presence, marking its initial entry into Saskatchewan with an established 600km delivery radius based on historical business patterns. Furthermore, an independent appraisal assessed the fair market value of all equipment at $3.1 million. Looking ahead, the Company expects to leverage its operating synergies and purchasing power to enhance Penn-Truss' operations through the integration process. The Company has also identified significant opportunities for organic growth through wall panel manufacturing and market expansion. Penn-Truss has done some wall panel manufacturing in the past, but it has not been a significant or regular part of their operation. Non-GAAP / Non-IFRS Financial Measures Certain financial measures in this news release do not have any standardized meaning under IFRS and, therefore are considered non-IFRS or non-GAAP measures. These non-IFRS measures are used by management to facilitate the analysis and comparison of period-to-period operating results and to assess whether Penn-Truss's operations are generating sufficient operating cash flow to fund working capital needs and to fund capital expenditures. As these non-IFRS measures do not have any standardized meaning under IFRS, these measures may not be comparable to similar measures presented by other issuers. The non-IFRS measures used in this news release may include "EBITDA", "adjusted EBITDA", and "normalized EBITDA". For a description of the composition of these measures as determined by the Company, please refer to AEP's Management's Discussion and Analysis for the three months ended March 31, 2025 under "Non-IFRS / Non-GAAP Financial Measures", available on AEP's website at or on SEDAR+ at 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 automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators. Company contact details: Hadi Abassi, CEO & President, Founder Atlas Engineered Products Ltd. Email: [email protected] 250-754-1400 PO Box 37036 Country Club PO Nanaimo, BC V9T 6N4 FORWARD LOOKING INFORMATION Information set forth in this news release contains forward-looking statements, including statements with respect to: AEP's ability leverage its operating synergies and purchasing power to enhance Penn-Truss' operations through the integration process; opportunities for organic growth through wall panel manufacturing and market expansion; and normalized EBITDA for fiscal 2025. 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 related to the housing market, changes in interest rates and other risks and uncertainties relating to AEP, including those described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2025. 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. SOURCE Atlas Engineered Products Ltd.
Cision Canada
02-06-2025
- Business
- Cision Canada
Atlas Engineered Products Announces Acquisition of Truss-Worthy Construction Systems Inc. in Ontario, Canada
, June 2, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) announced today that the Company has completed the acquisition of Truss-Worthy Construction Systems Inc. ("Truss-Worthy") located in Colborne, Ontario, Canada. Truss-Worthy is a manufacturer of roof trusses and a supplier of engineered wood products ("EWP"). "I am excited to announce the acquisition of our 9 th manufacturing facility, especially with the strategic positioning it brings in combination with the 42 acres we purchased in December 2024. This acquisition links another piece to our national footprint with coverage on the Eastern side of Toronto," said Hadi Abassi, CEO, President and Founder of the Company. "Truss-Worthy fits nicely into our overall, long term strategic plan and we are excited to have this location join the AEP group of companies. The Company is also still anticipating closing an acquisition in Western Canada and will maintain a disciplined approach to acquiring new manufacturing facilities that fit our long-term goals." The acquisition of Truss-Worthy was completed effective May 30 th, 2025. To acquire all the issued and outstanding shares of Truss-Worthy, the Company paid a purchase price of $1.575 million with a working capital adjustment to be determined and finalized within 90 days of closing date of the SPA. Additionally, the Company is acquiring the land and buildings from the current landlord on which Truss-Worthy's facilities are located for a purchase price of $850,000. The purchase price for the business operations and the land and building was paid for with cash. Unaudited fiscal year ended January 31, 2025, Truss-Worthy generated just over $2 million in revenues, net income of over $300,000 and non-IFRS measure normalized EBITDA of approximately $355,000 (see "Non-GAAP/Non-IFRS Financial Measures"). The three-year average non-IFRS measure normalized EBITDA was approximately $730,000, resulting in a 2.16x EBITDA for the business operations, excluding the land and buildings. Moving forward, the Company anticipates being able to bring its considerable operating synergies and material buying power to Truss-Worthy's operations as well as the significant expansion possibilities. This acquisition is a small location but aligns with the Company's strategic acquisition plan and links the Company's geographical footprint with the purchase of 42 acres at 281 Purdy Road in Colborne, Ontario announced in December 2024. This strategic acquisition allows the Company to develop the market and gain customer relationships in the area ahead of further potential development at the 42-acre property. Development of the 42-acre property will greatly expand the geographical reach of the Company in the surrounding area, provinces, and the United States. Non-GAAP / Non-IFRS Financial Measures Certain financial measures in this news release do not have any standardized meaning under IFRS and, therefore are considered non-IFRS or non-GAAP measures. These non-IFRS measures are used by management to facilitate the analysis and comparison of period-to-period operating results for AEP and to assess whether AEP's operations are generating sufficient operating cash flow to fund working capital needs and to fund capital expenditures. As these non-IFRS measures do not have any standardized meaning under IFRS, these measures may not be comparable to similar measures presented by other issuers. The non-IFRS measures used in this news release may include "EBITDA", "EBITDA margin", "adjusted EBITDA", "adjusted EBITDA margin", "normalized EBITDA" and "normalized EBITDA margin". For a description of the composition of these measures, please refer to AEP's Management's Discussion and Analysis for the three months ended March 31, 2025 under "Non-IFRS / Non-GAAP Financial Measures", available on AEP's website at or on SEDAR+ at 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 automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators. Company contact details: Hadi Abassi, CEO & President, Founder Atlas Engineered Products Ltd. Email: [email protected] 250-754-1400 PO Box 37036 Country Club PO Nanaimo, BC V9T 6N4 FORWARD LOOKING INFORMATION Information set forth in this news release contains forward-looking statements. 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 related to the housing market, changes in interest rates and other risks and uncertainties relating to AEP, including those described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2025. 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. SOURCE Atlas Engineered Products Ltd.
Cision Canada
27-05-2025
- Business
- Cision Canada
Atlas Engineered Products Reports First Quarter 2025 Financial and Operating Results, Including YoY Revenue Increase of 21%
, May 27, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce its financial and operating results for the three months ended March 31, 2025. All amounts are presented in Canadian dollars. Financial and Operating Highlights Revenue of $11M, representing an increase of 21% year-over-year Wall Panel revenue increased by 42% year-over-year Engineered Wood Products revenue increased by 30% year-over-year Adjusted EBITDA of $586,666, representing an increase of 137% year-over-year Hadi Abassi, President and CEO of AEP, commented: "I continue to be proud and impressed with the effort and results that the team at AEP have accomplished. Despite the housing start statistics and convoluted political and economic climates, the Company delivered a 21% increase in revenue over last year and worked diligently to drive organic growth in wall panels and engineered wood products, in addition to increasing production on roof trusses. I am encouraged by the start of 2025 to continue our organic growth initiatives across Canada and strategic acquisitions that will further strengthen our geographical footprint." Revenue for the three months ended March 31, 2025 was $11,010,715 compared to revenue of $9,121,059 for the three months ended March 31, 2024. Revenue has increased due to significant progress on the integration of LCF. LCF increased revenues by 56% compared to the prior year through organic growth by expanding into the wood frame commercial building market. Additionally, the Company has seen a 30% increase in engineered wood product sales for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The Company has been able to expand its supply of engineered wood products to the multi-family building sector due to the expansion of our salesforce, skill of our design team, and buying power with our national supplier. Gross margin remained consistent at 16% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The Company generally sees lower margins during the first fiscal quarter when the seasonality of the construction industry is the worst. The Company needs to maintain key skilled labour even though revenues are typically lower than during the rest of the year. Additionally, the quieter first quarter is the best time to perform maintenance and repairs on all vehicles and manufacturing equipment to ensure the best efficiency and reduce downtime during the busier construction season in summer and fall. Net loss after taxes was $846,331 for the three months ended March 31, 2025 compared to net loss after taxes of $993,436 for the three months ended March 31, 2024. Net loss after taxes has reduced compared to the prior period due to the increase in revenues. The change was offset a bit by non-cash items such as depreciation and amortization and share-based payments which resulted in an increase in operating expenses. These amounts are added back for adjusted and normalized EBITDA. Non-IFRS measure adjusted EBITDA for the three months ended March 31, 2025 was $586,666 with an adjusted EBITDA margin of 5%. Adjusted EBITDA for the three months ended March 31, 2024 was $247,738 with an adjusted EBITDA margin of 3%. These increases were mainly due to increased sales. While net loss for the period did not increase at the same rate, this was due to non-cash items of depreciation and amortization and share-based payments, which are added back for adjusted EBITDA. Selected Financial Results Outlook for 2025 The Company is continuing to see strong quoting volumes in comparison to 2024, previously reporting a 25% increase in quoting volume year over year. With an additional month completed, the Company sees this trend continuing as the first four months of 2025 resulted in a 29% increase in quoting volume compared to the first four months of 2024. Orders have remained stagnant with small increases for the first four months. However, since the federal election in Canada has concluded, the Company has seen significantly more orders being placed and looks forward to this trend continuing with further political and economic stability, along with strong government support of the construction industry. AEP continues to work at delivering organic growth through increased wall panel manufacturing and supply of engineered wood products. This organic growth will continue to help insulate the Company to potential effects of a recession by allowing for increased sales volume potential per order. While industry volumes are largely driven by macroeconomic and political factors beyond the Company's control, AEP will leverage its scale, agility and strong balance sheet to further gain market share. The Company plans to build capacity during the busy construction season by adding automation and completing projects ahead in the winter months. As of March 31, 2025, finished goods and inventories have increased compared to December 31, 2024, due to this strategy. Projects built in the first quarter will be shipped in the second and third quarters when locations are typically at full production capacity and would have difficulties finding enough labour to handle a significant increase. AEP believes that the future of the industry will be in significantly automated manufacturing facilities that can produce higher volumes at a lower cost. The new automation facility in Ontario is continuing with the completion of the steel framing and commencement of cladding for the facility. The building is still anticipated to be completed later in 2025. In addition to the Company's organic growth strategies, the Company is evaluating acquisition opportunities across North America. In September, the Company announced due diligence completion for a future acquisition in Western Canada which was anticipated to close in early Spring of 2025. This closing is still anticipated for Spring of 2025. Conference Call AEP will host a conference call to discuss the results today, May 27, 2025 at 11:00am EST (8:00am PST). The call will be hosted by Hadi Abassi, CEO & President, Founder, and Melissa MacRae, CFO. Details to join this conference call are below. Date: Tuesday, May 27, 2025 Time: 11:00am EST (8:00am PST) Webinar Link: Uto2fU4WDv Meeting ID: 286 831 885 522 3 Passcode: ha9sM76k Non-GAAP / Non-IFRS Financial Measures Certain financial measures in this news release do not have any standardized meaning under IFRS and, therefore are considered non-IFRS or non-GAAP measures. These non-IFRS measures are used by management to facilitate the analysis and comparison of period-to-period operating results for AEP and to assess whether AEP's operations are generating sufficient operating cash flow to fund working capital needs and to fund capital expenditures. As these non-IFRS measures do not have any standardized meaning under IFRS, these measures may not be comparable to similar measures presented by other issuers. The non-IFRS measures used in this news release may include "EBITDA", "EBITDA margin", "adjusted EBITDA", "adjusted EBITDA margin", "normalized EBITDA" and "normalized EBITDA margin". For a description of the composition of these measures, please refer to AEP's Management's Discussion and Analysis for the three months ended March 31, 2025 under "Non-IFRS / Non-GAAP Financial Measures", available on AEP's website at or on SEDAR at 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. Company contact details: Hadi Abassi, CEO & President, Founder Atlas Engineered Products Ltd. Email: [email protected] 250-754-1400 PO Box 37036 Country Club PO Nanaimo, BC V9T 6N4 FORWARD LOOKING INFORMATION Information set forth in this news release contains forward-looking statements. 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 related to the housing market, changes in interest rates and other risks and uncertainties relating to AEP, including those described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2025. 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. SELECTED FINANCIAL INFORMATION Except as noted below, the financial information provided in this news release is derived from the AEP's audited financial statements for the three months ended March 31, 2025 and the related notes thereto as prepared in accordance with International Financial Reporting Standards ("IFRS") and related IFRS Interpretations Committee ("IFRICs") as issued by the International Accounting Standards Board ("IASB"). A copy of AEP's financial statements for the three months ended March 31, 2025 and the related Management's Discussion and Analysis is available on AEP's website at or on SEDAR at Financial information for AEP's acquisitions are included in AEP's unaudited financial statements from the date of acquisition. Financial information for acquired businesses for periods prior to the date of acquisition were prepared by management and have not been reviewed or audited by independent auditors. SOURCE Atlas Engineered Products Ltd.
Cision Canada
21-05-2025
- Business
- Cision Canada
Atlas Engineered Products Announces Q1 2025 Financial Results Conference Call
TSX.V: AEP OTC: APEUF NANAIMO, BC, May 21, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce that the Company will issue a news release regarding its financial results for the three months ended March 31, 2025, before markets open on Tuesday, May 27, 2025. AEP will host a conference call to discuss the results on May 27, 2025, at 11:00am EST (8:00am PST). The call will be hosted by Hadi Abassi, CEO & President, Founder, and Melissa MacRae, CFO. Related earnings release materials will be available on the Company's SEDAR+ profile at and the Company's website at Webinar Details: Date: Tuesday, May 27, 2025 Time: 11:00am EST (8:00am PST) Webinar Link: Meeting ID: 286 831 885 522 3 Passcode: ha9sM76k 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 automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators. 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.
Yahoo
21-05-2025
- Business
- Yahoo
Atlas Engineered Products Announces Q1 2025 Financial Results Conference Call
TSX.V: AEP OTC: APEUF NANAIMO, BC, May 21, 2025 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce that the Company will issue a news release regarding its financial results for the three months ended March 31, 2025, before markets open on Tuesday, May 27, 2025. AEP will host a conference call to discuss the results on May 27, 2025, at 11:00am EST (8:00am PST). The call will be hosted by Hadi Abassi, CEO & President, Founder, and Melissa MacRae, CFO. Related earnings release materials will be available on the Company's SEDAR+ profile at and the Company's website at Webinar Details: Date: Tuesday, May 27, 2025 Time: 11:00am EST (8:00am PST) Webinar Link: Meeting ID: 286 831 885 522 3 Passcode: ha9sM76k 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 automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators. 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. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
