CALGARY, Alberta, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Parkland Fuel Corporation (“Parkland”) (TSX:PKI), a leading convenience store operator and one of the fastest growing independent marketers of fuel and petroleum products in the Americas, today announced the closing of its acquisition of 75% of the shares of Sol Investments Limited (“SIL” and together with its subsidiaries “Sol”). Sol is the largest independent marketer and supplier of petroleum products in the Caribbean, operating in 23 jurisdictions. As expected, this close enables Sol to effectively contribute to Parkland’s earnings for the full calendar year of 2019. Parkland will update its guidance for 2019 when it discloses its year-end results for 2018.
“The opportunity to expand to a new geography and market through a strong business platform like Sol is an exciting time for Parkland. The assets and infrastructure we have acquired are proven, well known, and will enable Parkland to extend its supply advantage into a new region,” said Bob Espey, President and Chief Executive Officer of Parkland. “I would like to welcome the Sol team to Parkland. Our two businesses are stronger together, and I look forward to the opportunities this acquisition will enable for all of us.”
Pierre Magnan, Parkland’s Vice-President of Corporate Development and former head of Supply, Trading & Refining will assume the role of President, Parkland International and will oversee the Sol business based from Grand Cayman.
“I look forward to working with the Sol team to build on Sol’s strong foundation of safe and reliable supply in the region,” said Mr. Magnan. “We are committed to investing in Sol’s people and infrastructure to grow our presence in the region.”
Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “expects”, “expected”, “will”, “anticipate”, “continue”, or similar words. Forward-looking information in this press release includes, but is not limited to, potential benefits to be realized from the business combination, Parkland’s future investment in the assets of Sol and expansion of operations in the Caribbean region. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland's annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland.
Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
ABOUT PARKLAND FUEL CORPORATION
Parkland is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
CONTACT: FOR FURTHER INFORMATION Investor Inquiries Ben Brooks Vice President, Treasury & Risk Management 403-567-2534 Ben.Brooks@parkland.ca Media Inquiries Leroy McKinnon Senior Specialist, Corporate Communications 403-567-2573 Leroy.McKinnon@parkland.caReturn to News Release Listing