EDMONTON, Feb. 6, 2019 /PRNewswire/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX:ACQ) announced that it has
commenced legal proceedings against Patrick
Priestner and his holding companies, including Canada One
Auto Group Ltd. Mr. Priestner was previously the Chief
Executive Officer and Chairman of AutoCanada.
AutoCanada is claiming that during Mr. Priestner's tenure with
AutoCanada, he breached his fiduciary and other duties to
AutoCanada by appropriating corporate opportunities of AutoCanada
to acquire dealerships privately through Canada One Auto Group Ltd.
and his other holding companies.
The remedies sought by AutoCanada from the Ontario Superior
Court of Justice include an accounting of profits, damages and the
declaration of constructive trust over the dealerships
acquired by the defendants resulting from Mr. Priestner's wrongful
conduct.
About AutoCanada
AutoCanada, a leading North American multi-location automobile
dealership group currently operating 68 franchised dealerships,
comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees.
AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa
Romeo, Chevrolet, GMC, Buick,
Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi,
Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI,
Volvo, Toyota, Lincoln and Honda
branded vehicles. In 2017, our dealerships sold approximately
63,000 vehicles and processed approximately 870,000 service and
collision repair orders in our 999 service bays generating revenue
in excess of C$3 billion.
Forward Looking Statements
Certain statements contained in this press release are forward
looking statements and information (collectively "forward looking
statements"), within the meaning of the applicable Canadian
securities legislation. We hereby provide cautionary statements
identifying important factors that could cause our actual results
to differ materially from those projected in these forward looking
statements. Any statements that express, or involve discussions as
to, expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"will continue", "is anticipated", "projection", "vision",
"goals", "objective", "target", "schedules", "outlook",
"anticipate", "expect", "estimate", "could", "should", "plan",
"seek", "may", "intend", "likely", "will", "believe" and similar
expressions) are not historical facts and are forward
looking. Forward-looking statements involve estimates and
assumptions and are subject to risks, uncertainties and other
factors some of which are beyond our control and difficult to
predict. Accordingly, actual results or outcomes may differ
materially from those expressed in the forward looking statements.
Therefore, any such forward looking statements are qualified in
their entirety by reference to the factors discussed throughout
this press release. The Company's Annual Information Form and
other documents filed with securities regulatory authorities
(accessible through the SEDAR website at www.sedar.com) describe
the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
reference.
Further, any forward looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any forward
looking statement to reflect events or circumstances after the date
on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it
is not possible for management to predict all of such factors and
to assess in advance the impact of each such factor on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward looking statement.
Additional information
Additional information about AutoCanada Inc. is available at
www.sedar.com and the Company's website at www.autocan.ca.
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SOURCE AutoCanada Inc.