NANAIMO, BC , June 2, 2020 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (AEP.V) (OTC Markets: APEUF) announced today that the Company is expanding its product offering on Vancouver Island to include pre-manufactured wall panels for the residential, multi-residential and commercial building industry.
Custom designed and pre-manufactured wall panels can be used in small residential buildings, as well as large commercial projects such as retail centers, light industrial buildings, factories, hotels, etc. Pre-manufactured wall panels provide a cost-effective alternative to framing on-site. This product utilizes less labour on-site during installation, while giving builders greater control of quality and integration of building components. Starting in the second half of June 2020, the Company's subsidiary, Atlas Building Systems in Nanaimo BC , will introduce pre-manufactured wall panels as part of its full product mix as it continues to penetrate new markets across Vancouver Island.
"The new machinery and sophisticated design software that we implemented last year has allowed us to offer our clients customized I-Joists, LVL options, open web floors, and now also pre-manufactured wall panels," explained AEP CEO , Dirk Maritz . "The expansion of our product line in BC has been extremely well received, contributing to significant revenue and marketshare gains. We are extremely excited to be adding pre-manufactured wall panels to that product mix. Introduced by us in eastern and central Canada in 2019, we continue to see substantial interest for our wall panel technology. The expansion of its products and services has transformed Atlas Building Services into a true turn-key solutions provider, supplying every building component to lock-up – floors, walls, windows, doors and roofs."
"Our customers are excited, and enquiries for this new product are starting to coming in from across Vancouver Island," said Hadi Abassi, AEP Executive Vice President, Business Development. "It makes sense that we expand into an area that has increased demand for new products and services. In fact, the use of pre-manufactured wall panels will make it easier for our customers to continue their projects during periods such as COVID-19. It is super fast and requires much less on-site labour in comparison to traditional stick framing, helping to address social distancing challenges at the construction site."
AEP expects its newly installed and commissioned plant to be ready for the first wall panel products by the last two weeks of June 2020 .
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control. Such factors include, among other things: Risks and uncertainties relating to AEP, including those to be described in the Management's Discussion and Analysis ("MD&A") for AEP's year ended December 31 , 2019. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
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SOURCE Atlas Engineered Products Ltd.
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