CALGARY, Alberta (April 6, 2020)
-- Cervus Equipment Corporation (“Cervus” or the “Company”) (TSX: CERV) announces that its Annual General Meeting (the “Meeting”) of holders of Cervus common shares scheduled for 4:00 pm MST on Thursday, April 23, 2020, at its corporate office at 5201, 333 – 96 Avenue NE Calgary, Alberta, will be changed to a virtual-only meeting format to be held at the same time and on the same date.
While the originally scheduled Meeting allowed for both virtual and physical attendance, Cervus believes that adopting a virtual-only Meeting will limit travel and physical proximity in a responsible manner for the best interests of all stakeholders and in support of regional and local efforts to combat the spread of COVID-19. This means shareholders will not be able to attend the Meeting in person.
Change to Virtual Annual General Meeting
Shareholders and other interested parties can attend the Meeting virtually by going to https://web.lumiagm.com/213815150
(case sensitive password "cervus2020"). Detailed instructions about how registered and beneficial shareholders may vote their shares and participate at the Meeting are already included in the Company’s Notice of Meeting and Management Information Circular and related proxy materials, which are also available at www.sedar.com
and on the Company website at www.cervusequipment.com
. Proxy forms or voting instruction forms have been distributed to shareholders, which will include instructions about how to access the Meeting and vote their shares.
Registered shareholders and duly appointed proxyholders (including beneficial shareholders who appoint themselves as proxyholders) who participate at the Meeting will be able to listen to the Meeting, ask questions and vote, all in real-time, provided they are connected to the internet and properly follow the instructions contained on the website. Guests, including non-registered shareholders who do not appoint themselves as proxyholder, can log in to the Meeting and listen. We recommend that you log in to the webcast as early as possible but not later than 15 minutes before the time of the virtual Meeting.
It is important to note that, in light of the rapidly evolving environment related to the COVID-19 outbreak, the Company’s ability to hold the virtual Meeting as planned could be compromised. Should the Company be required to alter its plans regarding the virtual Meeting, leading to a cancellation or postponement of the Meeting, the details of any such change would be communicated through a press release and also made available at www.sedar.com
and the Company’s website at www.cervusequipment.com
COVID-19 has had an unprecedented impact on the global economy, and at this time, there is no clear consensus regarding the likely duration of the virus or the short and long-term implications of the pandemic. In the face of this uncertainty, we have implemented strong business continuity plans to minimize disruptions to our business, and we have accepted the privilege and responsibility that comes with being designated as an essential service in the geographies we serve.
Our priority is the health and safety of our employees, customers and communities we operate in. We have taken precautions such as remote work from home initiatives, disinfecting high touch areas, and physical distancing in our interactions with each other and customers. Complying with the recommendation of health authorities for the isolation of certain individuals is strictly enforced across Cervus. By taking these steps, we have been able to maintain our commitment to supporting our customers, who are critical to global food production and maintaining the supply chain we all rely on, while also guarding the health of our communities.
We are well-positioned to serve our customers as we navigate through these uncertain times. Across our Agriculture, Transportation, and Industrial operations, we hold or have access to sufficient equipment inventory for anticipated customer needs. Our Original Equipment Manufacturers have a well-stocked supply of parts in their North American warehouses, further supported by our own sizable on-site inventory that we have enhanced as part of our business continuity plan. Our branches are open for business, and we continue to conduct business with our customers through innovative solutions for communication, and product delivery that respect and follow the recommendations of health and government authorities.
The majority of our dealerships remain active, including those Ontario Transportation dealerships in logistical corridors as consumer goods continue to require transportation, and our Canadian and Australian Agriculture dealerships as producers prepare for the busy and critical seeding window. Some areas of our business have slowed, particularly in the oil-producing regions of Saskatchewan and Alberta, which has impacted our Industrial and Saskatchewan Transportation businesses, along with New Zealand Agriculture, which has been significantly curtailed as part of the national restrictions in place there.
With these variable conditions across our dealership footprint, we are taking a tailored and measured approach. Where activity has slowed, we have made the difficult decision to make temporary reductions in staffing levels, while ensuring we are able to bring these employees back to full-time as soon as conditions warrant. Where activity is stable or increasing, we are fully staffed and taking steps to ensure we are positioned to respond to demand quickly. Together, the Cervus team is united in responsibly responding to the current health crisis, for our employees, our customers, and our shareholders. The Cervus executive and Corporate employees have engaged in a salary reduction through this period, while the Board of Directors have offered a 25% reduction in their retainer through the remainder of 2020. We are ensuring our customers continue to deliver product and seed a crop through these challenging times, while responsibly contributing to the health of our employees and customers. We look forward to updating shareholders at our upcoming Meeting on April 23, 2020, and our Q1 results conference call in May.
About Cervus Equipment
Cervus provides equipment solutions to customers in agriculture, transportation, and industrial markets across Canada, Australia, and New Zealand. Throughout its territories and across its diverse markets, Cervus dealerships are united in delivering sales and support of the market-leading equipment our customers depend on to earn a living. The Company operates 63 Cervus dealerships and is the authorized representative of leading equipment brands including: John Deere agricultural equipment; Peterbilt transportation equipment; and Clark, Sellick, Doosan, JLG and Baumann material handling equipment. Its common shares are listed on the Toronto Stock Exchange and trade under the symbol "CERV".
For more information please contact:
Angela Lekatsas – President and CEO
Adam Lowther – Chief Financial Officer
Forward Looking Information
Information in this press release and in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). These statements include, but are not limited to, statements about the Company’s objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to the Company's businesses or the economies of the countries where the Company operates. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “planned”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases which state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur”, “be achieved”, or other similar expressions of future or conditional verbs.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to general economic conditions, the industries and customers served by the Company, its principal equipment partners, currency exchange rates, funding requirements, fluctuating interest rates, legislative and regulatory developments, changes in accounting standards, and competition as well as those factors discussed under the heading “Business Risks and Uncertainties” in the Fourth Quarter 2019 Management Discussion & Analysis of Cervus Equipment Corporation dated March 11, 2020, available electronically at www.sedar.com under Cervus’ profile.
All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business, economic and market conditions and trends. Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Company in making forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.