The CRA Notices relate to certain write downs in 2015 for bad debt and capital account losses related to intercompany loans provided by TII to its direct and indirect wholly-owned subsidiaries,
The Company believes that the CRA Notices are unfounded and intends to vigorously contest the CRA Notices by filing notices of objection to start the appeals process. However, there can be no assurance regarding the outcome of the appeals process or when a resolution may be reached.
In connection with the appeals process, the Company, on behalf of TII, is currently in discussions with the CRA on the timing and form of a payment for 50% of the CRA Liability, or approximately
About
Forward-Looking Statements
This press release includes forward-looking information with respect to
The forward-looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Company's most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward-looking statement. Such risks and uncertainties include, but are not limited to: risks and uncertainties relating to the appeals process including the Company not being successful in its appeal, general economic, market and business conditions, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company's liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, intellectual property risks, energy costs,
This press release has been reviewed by the Company's Board of Directors and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
For more information, please contact:
Investor Relations & Capital Markets
(416) 962-3300
email: amahdavi@treeisland.com
Website: www.treeisland.com
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