Press Releases: 2016
PICKERING, ON, March 3, 2016:
Automodular Corporation (“Automodular”) (TSXV: AM.H) reports a fourth quarter net loss of $(0.4) million or $(0.03) per share compared to earnings of $6.3 million or $0.32 per share in the same period of 2014. For the year ended December 31, 2015, Automodular reports a net loss of $(2.4) million or $(0.14) per share compared to 2014 net earnings of $14.8 million or $0.76 per share.
As previously noted, Automodular ceased operations at its Oakville facilities in December 2014 and no longer has active operations. Our focus in 2015 was the return of our Oakville facilities to the respective landlords, rationalizing our corporate cost structure and moving the General Motors litigation forward. In addition, Automodular remains committed to examining any opportunities that will leverage the Company’s cash balance and public company listing.
On the litigation front, Automodular has served and filed its Trial Record in order to set the matter down for trial. Dates for pre-trial and trial will be scheduled by the Court in due course.
Automodular will communicate with its stakeholders when it has something material to share.
Automodular’s audited consolidated financial statements and management discussion and analysis for the year ended December 31, 2015 will be filed on SEDAR on or about March 11, 2016 and the complete annual report together with the management information circular and notice of meeting will be mailed to shareholders on or about April 8, 2016.
U.S. Shareholder Information Update
Based on the results of its analysis, Automodular has concluded, for the year ended December 31, 2015, that it meets the definition of a Passive Foreign Investment Corporation (“PFIC”) as defined in the Internal Revenue Code. The U.S. tax laws regarding PFICs are extremely complex and shareholders are advised to consult their own tax advisors concerning the overall tax consequences of their respective investment in, and ownership of, shares of Automodular under United States federal, state, local and foreign law. It is Automodular’s intention to prepare and make available to U.S. shareholders a PFIC Annual Information Statement in order to allow U.S. shareholders to make certain tax elections. We expect that the information will be available on or about March 31, 2016 and that the information will be filed on SEDAR and posted on
our website at www.automodular.com.
For further information, contact:
Christopher S. Nutt
President and Chief Executive Officer
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company’s periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.