LAVAL, QC, Dec. 15 /CNW/ - Savaria Corporation (TSX: SIS), one of North
America's leading accessibility companies, that facilitates and ensures
mobility for the physically challenged, is pleased to advise that it has
completed its previously-announced private placement of 2.5 million common
shares at a price of $2.10 per share, for gross proceeds to Savaria of
$5.25 million.
The placement was made through a syndicate of underwriters led by GMP
Securities L.P., and including Acumen Capital Finance Partners Limited and
Octagon Capital Corporation.
Savaria will use the net proceeds from the offering for the continued
strategic development of its business.
Savaria has obtained an advance income tax ruling from Revenu QuDebec
confirming that its common shares qualify under the SME Growth Stock Plan
("rDegime Actions-croissance PME"). The common shares issued in the offering
therefore constitute eligible shares for purposes of the SME Growth Stock
Plan, providing a 100% deduction for Quebec income tax purposes to eligible
individual investors, provided certain conditions are met.
As a result of the placement, there are 29,703,246 common shares of
Savaria issued and outstanding.
Forward-Looking Statements
Certain statements in this press release may be forward-looking.
Forward-looking statements involve known and unknown risks, uncertainties or
other factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Savaria Corporation (www.savaria.com) is Canada's leader and the second
largest accessibility company in North America. The Company designs,
manufactures and distributes products, meeting the needs of people with
mobility challenges, including stairlifts, converted and adapted vehicles for
the physically disabled, vertical and inclined platform lifts and elevators
for residential use. Savaria's products, sold through a network of over
400 retailers in North America, generate sales exceeding $60 million. The
Company records over 50% of its sales outside Canada and employs close to
400 people.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), or any state securities
laws and may not be offered or sold within the United States or to United
States Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
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