Finning International Announces Board of Directors Appointment
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/26/13 -- Finning
International (TSX:FTT) announced today the appointment of Kevin A.
Neveu as the newest member of the company's Board of Directors.
"I am very pleased to welcome Mr. Neveu to Finning's Board of
Directors and I look forward to working with him to help achieve our
objectives," said Doug Whitehead, chairman of Finning's Board of
Directors. "With over 25 years of experience in the oil and gas
industry, he brings first-hand understanding of the needs and
concerns of a large segment of our business."
Mr. Neveu is currently chief executive officer of Precision Drilling
Corporation, a Calgary-based service provider to the oil and gas
industry. Under Mr. Neveu's leadership, Precision has grown to become
one of the largest oil field service providers in North America, as
well as expanded and diversified its operating presence into growth
markets internationally. Previously, he held senior management roles
with National Oilwell Varco and its predecessor companies in London,
Moscow, Houston, Edmonton and Calgary.
Mr. Neveu is a Professional Engineer as designated by the Association
of Professional Engineers, Geologists and Geophysicists of Alberta.
He received a Bachelor of Science Degree in Mechanical Engineering
from the University of Alberta and attended the Advanced Management
Program at the Harvard Business School in 2002.
Mr. Neveu's appointment is consistent the Board's strategy on
director renewal and with this appointment, Finning's Board
membership will be increased to eleven directors.
Finning International Inc. (TSX:FTT) is the world's largest
Caterpillar equipment dealer delivering unrivalled service to
customers since 1933. Finning sells, rents and services equipment and
engines to help customers maximize productivity.
Headquartered in Vancouver, B.C., the company operates in Western
Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United
Kingdom and Ireland.
This report contains statements about the Company's business outlook,
objectives, plans, strategic priorities and other statements that are
not historical facts. A statement Finning makes is forward-looking
when it uses what the Company knows and expects today to make a
statement about the future. Forward-looking statements may include
words such as aim, anticipate, assumption, believe, could, expect,
goal, guidance, intend, may, objective, outlook, plan, project, seek,
should, strategy, strive, target, and will. Forward-looking
statements in this report include, but are not limited to, statements
with respect to: expectations with respect to the economy and
associated impact on the Company's financial results; expected
revenue and SG&A levels and EBIT margin growth; anticipated
generation of free cash flow and its expected use; the impact of new
and revised IFRS that have been issued but are not yet effective; and
the expected target range of the Company's Debt Ratio. All such
forward-looking statements are made pursuant to the 'safe harbour'
provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in this
report describe Finning's expectations at November 26, 2013. Except
as may be required by Canadian securities laws, Finning does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events, or
Forward-looking statements, by their very nature, are subject to
numerous risks and uncertainties and are based on several assumptions
which give rise to the possibility that actual results could differ
materially from the expectations expressed in or implied by such
forward-looking statements and that Finning's business outlook,
objectives, plans, strategic priorities and other statements that are
not historical facts may not be achieved. As a result, Finning cannot
guarantee that any forward-looking statement will materialize.
Factors that could cause actual results or events to differ
materially from those expressed in or implied by these
forward-looking statements include: general economic and market
conditions; risks associated with the conduct of business in foreign
jurisdictions; foreign exchange rates; commodity prices; the level of
customer confidence and spending, and the demand for, and prices of,
Finning's products and services; Finning's dependence on the
continued market acceptance of Caterpillar's products and
Caterpillar's timely supply of parts and equipment; Finning's ability
to continue to improve productivity and operational efficiencies
while continuing to maintain customer service; Finning's ability to
manage cost pressures as growth in revenues occur; Finning's ability
to reduce costs in response to slowing activity levels; Finning's
ability to attract sufficient skilled labour resources to meet
growing product support demand; Finning's ability to negotiate and
renew collective bargaining agreements with satisfactory terms for
Finning's employees and the Company; the intensity of competitive
activity; Finning's ability to realize expected benefits of
acquisitions; Finning's ability to raise the capital needed to
implement its business plan; regulatory initiatives or proceedings,
litigation and changes in laws or regulations; stock market
volatility; changes in political and economic environments for
operations; the integrity, reliability, availability and benefits
from information technology and the data processed by that
technology. Forward-looking statements are provided in this report
for the purpose of giving information about management's current
expectations and plans and allowing investors and others to get a
better understanding of Finning's operating environment. However,
readers are cautioned that it may not be appropriate to use such
forward-looking statements for any other purpose.
Forward-looking statements made in this report are based on a number
of assumptions that Finning believed were reasonable on the day the
Company made the forward-looking statements. Refer in particular to
the Outlook section of the MD&A. Some of the assumptions, risks, and
other factors which could cause results to differ materially from
those expressed in the forward-looking statements contained in this
report are discussed in the Company's current Annual Information Form
(AIF) in Section 4.
Finning cautions readers that the risks described in the AIF are not
the only ones that could impact the Company. Additional risks and
uncertainties not currently known to the Company or that are
currently deemed to be immaterial may also have a material adverse
effect on Finning's business, financial condition, or results of
Except as otherwise indicated, forward-looking statements do not
reflect the potential impact of any non-recurring or other unusual
items or of any dispositions, mergers, acquisitions, other business
combinations or other transactions that may be announced or that may
occur after the date hereof. The financial impact of these
transactions and non-recurring and other unusual items can be complex
and depends on the facts particular to each of them. Finning
therefore cannot describe the expected impact in a meaningful way or
in the same way Finning presents known risks affecting its business.
Finning International Inc.
Vice President, Investor Relations and Corporate Affairs
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