TORONTO, ONTARIO--(Marketwire -06/29/12)- NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Tuckamore Capital Management Inc. ("Tuckamore") (TX.TO)(TX-DBB.TO)(TX-DBC.TO) announced today that it has completed the sale of its indirect ownership interest in Armstrong Partnership LP and its general partner for an aggregate transaction value of approximately $5.4 million, which includes settlement of certain amounts owing. In accordance with the terms of the purchase agreement, approximately $5.1 million was paid to Tuckamore on closing with the balance payable on September 28, 2012. Net proceeds of this transaction have been used by Tuckamore to reduce outstanding senior indebtedness.
Tuckamore (formerly Newport Inc.) has investments in seven businesses representing a diverse cross-section of the Canadian economy.
Caution Regarding Forward-Looking Statements
Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of Tuckamore. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information involves significant risks and uncertainties (both general and specific) and the risk that the expectations represented in such forward-looking statements will not be achieved. In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined in the annual information form of Tuckamore dated March 30, 2012 and Tuckamore's other public disclosure documents filed on SEDAR at www.sedar.com, which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting Tuckamore and its operating partnerships will continue substantially in the ordinary course, including without limitation, with respect to general levels of economic activity. Although the forward-looking information is based on what management of Tuckamore and the operating partnerships consider to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. Forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement, is made as of the date hereof, and Tuckamore does not assume any obligation to update or revise such forward-looking information to reflect new events, circumstances or otherwise, except as required by applicable law. Undue reliance should not be placed on forward-looking information.
Tuckamore Capital Management Inc.
Chief Financial Officer