Business
Shawcor Ltd. and Garneau Inc. announce delay in closing of plan of arrangement
Shawcor Ltd. and Garneau Inc. announce delay in closing of plan of arrangement.
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\n\n(TSX: SCL.A, SCL.B)\n\nTORONTO, Aug. 3 /CNW/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) and GARNEAU INC.\n(TSX: GAR) have been advised that the Competition Bureau is continuing its\ncomprehensive review of the proposed acquisition of Garneau Inc. by ShawCor\nLtd. As a result, closing will not occur by August 8, 2006. There is no\nassurance that this acquisition will ultimately receive the necessary\nclearance to proceed.\n\nCaution on Forward Looking Statements\n\nThis news release contains certain \"forward looking statements\" which are\nsubject to certain risks and uncertainties that could cause actual results to\ndiffer materially from those reflected in the forward looking statements.\nReference should be made to the Annual Information Form for the year ended\nDecember 31, 2005 of each of ShawCor Ltd. and Garneau Inc. for a discussion of\nthe risks and uncertainties impacting on ShawCor Ltd. and Garneau Inc.,\nrespectively, which Annual Information Forms are available at www.sedar.com.\n\nShawCor Ltd. is a growth-oriented, global energy services company that\noperates through six divisions which focus on technology-based products and\nservices for the pipeline and pipe services and the petrochemical and\nindustrial markets with manufacturing and service facilities located in over\ntwenty countries around the world.\n\nGarneau Inc.'s primary business is the application of high performance\nprotective coatings and linings for oil and gas pipeline protection.\nAdditionally, Garneau Inc. designs and fabricates oilfield equipment for both\ndomestic and international markets. During more than 30 years of operating\nexperience, Garneau Inc. has developed significant expertise and innovative\ntechnology, and has maintained a long-term focus on continuously improving the\npipe coating process with cost-effective, quality coatings. A talented and\neffective management team provides the vision and experience for long-term\nprofitable growth and increasing shareholder value. The company's Website can\nbe accessed at: http://www.garneau-inc.com.\n\n\n","length":2113,"tagName":"div"}]