CALGARY, March 10 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky Mountain" or the "Company"), a leading Canadian network of full service agricultural and construction equipment dealerships, announced today that it has entered into a letter of intent to acquire all of the issued and outstanding shares of Heartland Equipment Limited, a farm equipment dealership in Drumheller, Alberta.
Heartland Equipment Limited represents the Case IH agriculture brand, and also carries Kubota, Bourgault, and Farm King equipment. In its most recent fiscal year ended October 31, 2008, Heartland Equipment Limited reported approximate revenues of $28.1 million. The acquisition is expected to close on April 1, 2009.
Matt Campbell, Rocky Mountain's Chairman and Chief Executive Officer, said, "We are pleased to be expanding Rocky Mountain's presence in Alberta with the acquisition of Heartland Equipment. Contiguous to our Balzac store just north of Calgary, Alberta, Heartland Equipment increases our presence in the eastern portion of Alberta. Heartland Equipment has great employees and a strong customer base, and we look forward to continuing their tradition of providing excellent customer service."
About Rocky Mountain
Rocky Mountain represents one of Canada's largest agriculture and construction equipment dealerships with a total of 21 dealership branches throughout Alberta, Saskatchewan and Manitoba. Rocky Mountain sells, rents and leases new and used construction and agriculture equipment, including the Case Construction and Case IH Agriculture brands, as well as offering product support and finance and insurance products to its customers.
FORWARD LOOKING INFORMATION
This press release contains forward looking information, and in particular states that the acquisition is expected to close on April 1, 2009. It is important to note that no firm agreement has been entered into and there is no assurance that the proposed transaction will actually close or that it will close on April 1, 2009.
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