Business
Garneau Inc. announces cessation of manufacturing business
Garneau Inc. announces cessation of manufacturing business
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\nDec. 21, 2009 (Canada NewsWire Group) -- NISKU, AB, Dec. 21 /CNW/ -- Garneau Inc. (\"Garneau\" or the \"Corporation\") (GAR.H: NEX) announces that the Corporation will cease active business operations of its manufacturing business located at Nisku, Alberta. The large majority of the employees from the manufacturing business have either been terminated effective immediately or have been provided with working notice that their employment with Garneau will terminate February 28, 2010.The decision to cease the operations of the manufacturing business and reduce staff was brought forward as a result of the process undertaken by the Special Committee of Directors (the \"Special Committee\") and the Board of Directors in connection with their continuing efforts to preserve shareholder value in the face of insufficient work orders to maintain a profitable business. The Special Committee will continue in its review of strategic alternatives for Garneau, including the possible sale of the Corporation's manufacturing equipment, real property and buildings, which are situated in a prime industrial location in Nisku, Alberta.Forward-Looking Information---------------------------Certain information in this press release contains forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as \"seek\", \"anticipate\", \"plan\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"predict\", \"potential\", \"targeting\", \"intend\", \"could\", \"might\", \"should\", \"believe\", \"would\" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Garneau's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas service operations; product dem...