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NANAIMO, BC, June 21, 2022 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) announces that its President and Chief Executive Officer, Hadi Abassi, has terminated the automatic securities disposition plan (the "ASDP") previously announced in the Company's press release dated May 31, 2022.
The ASDP was established by Mr. Abassi for personal and family financial planning purposes. Rather than continuing to sell shares through the ASDP, Mr. Abassi decided to complete a block trade of 1,500,000 shares at a price of $0.47 per share. Having completed the sale of a sufficient number of shares to meet the purpose of the ASDP, Mr. Abassi and the Company have agreed to terminate the ASDP in accordance with the terms of the Company's Insider Trading Policy. Mr. Abassi was not in possession of material non-public information at the time the block trade was completed, or at the time the effecting securities broker was provided with notice to terminate the ASDP. In accordance with its provisions, termination of the ASDP will become effective 30 days following the date of this news release. Until such time, shares will continue to be sold under the ASDP in accordance with its terms.
Mr. Abassi continues to hold a significant equity interest in the Company following the block trade and the sales previously made under the ASDP.
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 and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
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