MONTRÉAL, QUÉBEC–(Marketwired – Nov. 9, 2017) – Martin Schwartz, President and Chief Executive Officer of Dorel Industries Inc. (“Dorel“) (TSX:DII.B)(TSX:DII.A), announces that on November 9, 2017, he received 223,080 Class “A” Multiple Voting Shares and 18,689 Class “B” Subordinate Voting Shares of Dorel by way of bequest from his late mother, Mrs. Laura Schwartz.
Immediately prior to the transfer of shares described above, Martin Schwartz held 765,600 Class “A” Multiple Voting Shares, representing 18.27% of Dorel's issued and outstanding Class “A” Multiple Voting Shares, and 526,842 Class “B” Subordinate Voting Shares, representing 1.87% of Dorel's issued and outstanding Class “B” Subordinate Voting Shares.
Immediately after the transfer of shares described above, Mr. Schwartz holds 988,680 Class “A” Multiple Voting Shares, representing 23.59% of Dorel's issued and outstanding Class “A” Multiple Voting Shares, and 545,531 Class “B” Subordinate Voting Shares, representing 1.93% of Dorel's issued and outstanding Class “B” Subordinate Voting Shares.
As a result of the transfer of shares described above, Mr. Schwartz's holdings of Dorel's Class “A” Multiple Voting Shares increased to 23.59% from 18.27% and his holdings of Dorel's Class “B” Subordinate Voting Shares increased to 1.93% from 1.87%.
In accordance with applicable securities laws, Mr. Schwartz may, from time to time and at any time, acquire additional Dorel shares and/or other equity, debt or other securities or instruments (collectively, “Securities“) of Dorel in the open market or otherwise, and Mr. Schwartz reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Dorel and other relevant factors.
A copy of an early warning report filed by Mr. Schwartz in connection with the transfer described above is available on SEDAR under Dorel's profile. This news release is issued under the early warning provisions of Canadian securities legislation.
To obtain a copy of the early warning report filed by Martin Schwartz, please contact:
|John Paikopoulos, CPA, CGA|
|Dorel Industries Inc.|
|1255 Greene Avenue|
|Westmount, Québec H3Z 2A4|
|Telephone: (514) 934-3034|
Dorel Industries Inc. (TSX:DII.B)(TSX:DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel's strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile's powerfully branded products include global brands Safety 1st, Quinny, Maxi-Cosi and Tiny Love, complemented by regional brands such as Cosco, Bébé Confort and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse and SUGOI. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US$2.6 billion and employs approximately 10,000 people in facilities located in twenty-five countries worldwide.
Caution Regarding Forward-Looking Statements
Certain statements included in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits Dorel will derive from them. Forward-looking statements are provided in this press release for the purpose of giving information about Management's current expectations and plans and allowing investors and others to get a better understanding of Dorel's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from Dorel's expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channels; foreign currency fluctuations; customer and credit risk, including the concentration of revenues with small number of customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets; and there being no certainty that Dorel's current dividend policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel's annual Management Discussion and Analysis and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously-mentioned documents are specifically incorporated herein by reference.
Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on Dorel's business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
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