CALGARY, Alberta, Dec. 20, 2018 (GLOBE NEWSWIRE) -- Foremost Income Fund ("Foremost" or the "Fund") is pleased to announce its entry into the agricultural products market segment with the acquisition of the patents and related intellectual property for the grain bin product line formerly manufactured and sold by JTL Industries Ltd. This acquisition is a launchpad for Foremost to enter the Canadian agricultural and industrial dry-bulk storage market. Combined with the recently acquired ULC Fuel Tank product line from Steelcraft, Foremost is well-positioned with a diverse product portfolio to meet the needs of agricultural and industrial customers. Foremost intends to innovate and aggressively pursue the agricultural market with new products and services centered around a line of grain, fertilizer and dry-bulk bins with features including the patented Force Air circumferential flow aeration design.
Foremost is the leading Alberta-based fabricator of heavy equipment through its Energy and Mobile Equipment divisions and is well known for producing high quality and innovative products for the mining, energy, and construction industries. Its extensive product range includes mobile drilling rigs, vacuum trucks, storage tanks, pressure vessels and oil and gas processing equipment and we could not be more excited to add the Ag Products segment as the next step in our evolution. Foremost has successfully acquired and integrated many businesses over its 60-year history and looks forward to doing the same with these new product lines.
About Foremost
Foremost (www.foremost.ca) is one of the largest, most geographically diverse industrial manufacturers in Western Canada, specializing in oil and gas, heavy oil, mining, water well and construction equipment. With more than 640,000 square feet of manufacturing space and over 600 employees across Alberta, Foremost delivers high quality products to clients across the world.
Foremost Income Fund
[signed: Kevin Johnson]
Kevin Johnson, Foremost
FORWARD-LOOKING STATEMENT
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements include statements the Fund's intention to proceed with a Unitholders' meeting and information regarding the Trustees' views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund's expectations regarding the future availability of cash to meet redemption requests and the Trustee's expectations for redemption prices. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.
For further Investor Relations information please contact:
Mike Strilchuk, VP Energy Equipment
Tel: (403) 295-5800 or toll free 1-800-661-9190 (Canada/US) - Fax: (403) 295-5832
E-mail: info@foremost.ca - Website: www.foremost.ca