TERRAVEST ANNOUNCES THE ACQUISITION OF ADVANCE ENGINEERED PRODUCTS

TORONTO, April 2, 2024 /CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest") is pleased to announce it has entered into an agreement to acquire Advance Engineered Products ("Advance" or the "Company"). Headquartered in Regina, Saskatchewan, Advance is a leading Canadian manufacturer and service provider in the tank trailer industry in Canada.

"We are extremely excited about joining the Terravest family as it presents us with unparalleled opportunities for expansion, innovation, and reaching new heights in the tanker trailer industry. Together with Terravest, I am confident that we will take Advance to the next level while continuing to create industry leading value for our outstanding employees and customers." said Mr. Zwarych, President and Chief Executive Officer of Advance.

Dustin Haw, Chief Executive Officer of TerraVest, welcomes the employees and management of Advance and looks forward to their continuing commitment to the business and its customers. "With its diverse product portfolio and extensive service platform, Advance is highly complementary to our existing tank trailer businesses. We look forward to leveraging our collective product and service offerings to enhance the Company's growth, and we're delighted to welcome the Advance employees to the TerraVest family." said Mr. Haw.

This news release contains forward-looking statements.  All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, TerraVest's plans with respect to its existing portfolio businesses and long-term acquisition strategy and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements. 

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

SOURCE TerraVest Industries Inc.