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NPT Plaintree Systems Inc

0.09
-0.015 (-14.29%)
27 Sep 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Plaintree Systems Inc CSE:NPT CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -14.29% 0.09 0.09 0.105 0.095 0.09 0.095 40,000 20:59:49

Plaintree Systems Inc. Announces the Creation of Arnprior Fire Trucks Corp.

23/11/2010 1:00pm

Business Wire


Plaintree Systems (CSE:NPT)
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Plaintree Systems Inc. (CNSX: NPT) today announced the creation of its new business to be operated by a new wholly-owned subsidiary, Arnprior Fire Trucks Corp., to be located in Arnprior, Ontario, Canada. The new business will involve the manufacture of high end fire trucks and emergency vehicles to be sold to municipalities with a target market being North America.

“We are excited about this new business for Plaintree. While Arnprior Fire Trucks is a newly created business and a new area for Plaintree, we have been fortunate to be able to acquire experienced employees that formerly worked for Almonte Firetrucks Corporation. Almonte Fire Trucks was originally founded in 1978 and was one of the top manufacturers of high end fire trucks in Canada. In fact, it was only after analyzing the decades of skill sets and excellent reputation that these former Arnprior Fire Trucks employees represented that we decided to pursue this new venture. This new business will fit nicely within Plaintree’s existing operations in Arnprior,” explains David Watson, Plaintree CEO. “While it is too soon to determine the extent of the effect that this new business will have on the Company’s results, we are pursuing several sales leads at the moment and we expect more news over the next quarter or two,” added Mr. Watson.

Arnprior Fire Trucks Corp. will be a full service fire truck and emergency vehicle supplier of everything from the original conception drawings and engineering through the manufacture of the completed vehicle.

Arnprior Fire Trucks Corp. was originally incorporated by David Watson, Plaintree’s CEO, in the summer of 2010. This company had yet to acquire any assets and little to no debt. Plaintree acquired Arnprior Fire Trucks Corp. from David Watson for a nominal purchase price of $1.00. This transaction is considered to be a related party transaction under Canadian securities law but due to the transaction’s nominal value, it is exempt from the special approval and valuation provisions under Multilateral Instrument 61-101, Protection of Minority Shareholder Interests in Special Transactions.

Arnprior Fire Trucks Corp. will be operated as a wholly-owned subsidiary of Plaintree.

About Plaintree Systems

Plaintree has two diversified product lines consisting of Structural Steel and Electronics.

Hypernetics was established in 1972 and was a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. The legacy Hypernetics and Plaintree free space optics businesses are managed as the Electronics Division of newly amalgamated Plaintree Systems Inc.

The Specialty Structures Division formally the Triodetic Group, with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings.

Plaintree operates a full service fire truck supply business through its wholly-owned subsidiary, Arnprior Fire Trucks Corp.

For more information on Plaintree, please refer to Plaintree’s first quarter 2011 financial statements together with the related Management’s Discussion and Analysis report, copies of which can be obtained from the Company’s website at www.plaintree.com and/or under Plaintree’s name at www.sedar.com.

Plaintree is publicly traded in Canada on the Canadian National Stock Exchange (NPT) and in the U.S. on the OTC BB (PTEEF), with 12,522,143 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company’s products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company’s business, please refer to documents filed by the company with the U.S. Securities and Exchange Commission and Canadian regulatory authorities, including the Company’s audited annual statements and management discussion and analysis for the year ended March 31, 2010 and the Company’s Form 20-f dated September 27, 2010.

Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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