Atlas Engineered Products Announces $1.6M Purchase Order for Wall Panels and Engineered Wood Products
March 09, 2023
March 9, 2023 - Nanaimo, British Columbia / Atlas Engineered Products (“AEP” or the “Company”) (TSX-V: AEP; OTC Markets: APEUF) is pleased to announce their signing of a purchase order (“PO”) for both wall panels and engineered wood products (“EWP”).
The total value of the purchase order is approximately $1.6 million, with $850,000 of that being in wall panel sales. During the nine months ended September 30, 2022, the Company had $108,356 in revenues from wall panels so this PO will represent a significant growth in revenues for this product line for the Company. Revenues from this PO will be recognized in financial results as the product is shipped per revenue recognition policies. This exciting opportunity represents a significant milestone, as AEP expands their product base with wall panels while maintaining their commitment to quality and craftsmanship.
“We are thrilled to receive this major purchase order as it furthers our expansion in to the wall panel industry," said Hadi Abassi, CEO & President, Founder. "This represents the next step of our strategic expansion to become a quality multi-product supplier to our customers by offering floor trusses, beams, roof trusses, and now, wall panels, all while maintaining high levels of customer service."
Atlas Engineered Products is poised for continued growth and success, as they expand their horizons and explore new opportunities in their industry.
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.
For further information please contact:
Atlas Engineered Products Ltd.
Phone: 1-250-754-1400
Email: [email protected]
PO Box 37036 Country Club PO
Nanaimo, BC V9T 6N4 www.atlasengineeredproducts.com
For investor relations please contact:
Jake Bouma, IR Consultant for AEP
Phone: 1-604-317-3936
Email: [email protected]
FORWARD-LOOKING INFORMATION
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP’s control. Such factors include, among other things: Risks and uncertainties relating to AEP, including those to be described in the Management’s Discussion and Analysis (“MD&A”) for AEP’s three and six months ended June 30, 2022. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in this news release is derived from the AEP’s audited financial statements for the three and six months ended June 30, 2022 and the related notes thereto as prepared in accordance with International Financial Reporting Standards (“IFRS”) and related IFRS Interpretations Committee (“IFRICs”) as issued by the International Accounting Standards Board (“IASB”). A copy of AEP’s financial statements for the three and six months ended June 30, 2022 and the related Management’s Discussion and Analysis is available on AEP’s website at www.atlasengineeredproducts.com or on SEDAR at www.sedar.com.
Financial information for AEP’s acquisitions are included in AEP’s unaudited financial statements from the date of acquisition. Financial information for acquired businesses for periods prior to the date of acquisition were prepared by management and have not been reviewed or audited by independent auditors.
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