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ADF Group Inc. Announces an Out of Court Settlement of a Litigation in Florida, Usa
ADF Group Inc. Announces an Out of Court Settlement of a Litigation in Florida, Usa ...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\n\nADF Group Inc. Announces an Out of Court Settlement of a Litigation in Florida, Usa\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTERREBONNE, QC, Oct. 9, 2019\n\n\n\nTERREBONNE, QC, Oct. 9, 2019 /CNW Telbec/ - ADF GROUP INC. (\"ADF\" or the \"Corporation\") Ticker symbol: (TSX: DRX), a North American leader in the fabrication of steel superstructures, announces an out-of-court settlement of a suit in Florida, USA.\nThis settlement ends a legal dispute opposing ADF to one of its clients with regard to a structural steel fabrication and installation contract in Florida, USA. ADF's Management and its Board of Directors, deemed it appropriate, considering all the factors involved, to settle out of court.\nThus, within the next few days, ADF should collect a total sum of $13.7 million (US$10.5 million). This settlement will however generate a pre-tax loss of $6.9 million (US$5.3 million) which will be recognized in the results for the quarter ending October 31, 2019, given the write-off of an equivalent amount under the Corporation's ″Contract Assets″ financial statement heading.\nMr. Jean Paschini, Co-Chair of the Board of Directors and Chief Executive Officer of ADF Group Inc., indicates that ″taking into account all the factors related to this litigation, and although we were confident that we would have been able to pursue the legal proceedings, we deemed it more appropriate to look forward in order to continue growing our order backlog. The significant sums we should receive in the coming days will allow us to support this growth, despite the short-term impact this settlement will have on our financial results″.\nRESULTS FOR THE THIRD QUARTER ENDED OCTOBER 31, 2019\nThe Corporation will publish the results for the third quarter ending October 31, 2019, on December 5, 2019, prior to the opening of the markets.\nAbout ADF Group Inc.\nADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including industrial coatings, and installation of complex steel structures, heavy st...