Attention Business/Financial Editors:
AADCO Announces Capital Transaction and Management Appointment
AA: TSX - Venture Exchange
BRAMPTON, ON, March 8 /CNW/ - As part of its undertaking of strategic opportunities in the market, AADCO Automotive Inc. announces additions to its management team and a new financing facility. These actions are the next stage in AADCO’s strategy following the restructuring that has taken place in the past 18 months.
The company is pleased to announce the appointment of Mr. William (Bill) Baynton as Chief Operating Officer and Mrs. Nancy Ng has been promoted to VP Sales. Mr. Baynton has led eight companies as CEO or President, and has significant corporate marketing leadership and change agent experience. Bill founded his business advisory firm, providing services relating to turnarounds, business planning, financing, and mergers & acquisitions. He has an MBA from the University of Western Ontario and is a Professional Engineer. Mrs. Ng joined AADCO Automotive in August 2005. Most recently Nancy managed her own sales and marketing business as a consultant to a number of companies including a Hong Kong and main land China based group. Nancy has a long sales and relationship building career including involvement in her family’s car repair and auto-racing businesses.
To support the development of the next stage of the strategy AADCO has arranged Phase 1, of a multi-phased M&A rollup funding facility of $600,000. The facility is being provided by 858642 Alberta Ltd. a company owned and controlled by Mr. Robert L. Hodgkinson, a director and the largest shareholder of AADCO, and Quorum Secured Equity Trust, managed by the Quorum Group of companies. The loan facility carries interest of 8% per annum and an obligation to issue a maximum of 2,400,000 common shares to the lenders.
As Mr. Charles Hodgkinson, President and CEO of AADCO notes “The management appointments provide us with additional experience and depth, and the funding demonstrates Mr. Robert Hodgkinson’s and Quorums continued support for AADCO and its strategic initiative.”
About AADCO
About AADCO Automotive Inc. -- AADCO supplies recycled OEM automotive parts to collision repair businesses, mechanical shops, other recyclers, and consumers throughout the Greater Toronto Area ("GTA"). The Company is headquartered in Brampton, Ontario and is listed on the TSX Venture Exchange - AA.V.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This press release includes forward-looking statements, including statements relating to the Company's marketing strategy, future sales growth, profitability, competitive position, and release of new products. The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The Company does not undertake to review or update these forward-looking statements.
For further information: AADCO Automotive Inc., (905) 789-9313, Charles Hodgkinson, CEO, chodgkinson@aadco.ca
