CALGARY, Alberta, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Tornado Global Hydrovacs Ltd. (“Tornado”, the “Company” or “we”) (TSX-V: TGH; OTCQX: TGHLF) is pleased to announce that the Company is rebranding itself to align with its broader strategic vision and expansion into the United States.
Name Change
Effective December 18, 2024 (the “Effective Date”), the Company’s name will change to Tornado Infrastructure Equipment Ltd. (the “Name Change”). As of the Effective Date of the Name Change, the Company’s new CUSIP will be 891082109 and new ISIN will be CA8910821096.
The Name Change reflects the Company’s commitment to diversifying its product lines to meet the increasing needs of the infrastructure market and better communicate the Company’s capacity to provide comprehensive, turn-key solutions and ability to serve its customers effectively.
Because the Company did not complete a share split or consolidation in connection with the Name Change, existing shareholders are not required to exchange their share certificates for new share certificates bearing the Company’s new name. The Name Change does not affect the rights of the Company’s shareholders and no further action is required of the existing shareholders.
Removal of Redundant Share Class
With reference to the news release dated September 24, 2024, the Company also announces it filed Articles of Amendment to remove the “Common Shares” from the Company’s authorized capital (the “Common Share Removal Amendment”). At the time of filing the Common Share Removal Amendment, no Common Shares were issued and outstanding. The Common Shares were initially authorized for issuance for the purpose of facilitating a statutory plan of arrangement that was completed on June 27, 2016, and no longer serve a purpose as the Common Shares cannot be re-issued.
New U.S. Entities to Drive Expansion
As part of its growth strategy, Tornado has incorporated two new entities in the United States:
Tornado Infrastructure Equipment Holdings (USA) Ltd., a wholly owned subsidiary of Tornado Infrastructure Equipment Ltd.
Tornado Infrastructure Equipment (USA) Ltd., a wholly owned subsidiary of Tornado Infrastructure Equipment Holdings (USA) Ltd.
The establishment of these entities is a critical step in Tornado’s plan to strengthen its footprint in the U.S. market and prepare for future production capabilities in the region.
First U.S. Built Hydrovac Truck
Brett Newton, CEO of Tornado Infrastructure Equipment Ltd., shared: “We are thrilled to announce that Tornado is working with a U.S. based partner, under the supervision of Tornado personnel, to build the Company’s first hydrovac truck in Midland, Texas, with completion anticipated by the end of 2024. This initiative is the first tangible step in our expansion into the United States. By establishing a stronger local U.S. presence, we aim to be closer to our largest customers and better positioned to meet the increasing demand for our products in the U.S. market. The strong demand from American customers underscores the need for localized manufacturing and tailored solutions, which we are excited to deliver.”
This milestone underscores Tornado’s commitment to delivering cutting-edge solutions for infrastructure markets while positioning itself for sustainable growth in North America.
About Tornado Infrastructure Equipment Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,500 hydrovacs sold since 2005. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities.
For more information about Tornado Infrastructure Equipment Ltd., visit www.tornadotrucks.com or contact:
Brett Newton President and Chief Executive Officer Phone: (587) 802-5070 Email: bnewton@tghl.ca
Derek Li Vice President, Finance Phone: (403) 204-6350 Email: dli@tghl.ca
Advisory
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words “anticipates”, “should”, “may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include those with respect to:
the expected benefits of the Company’s name changes and rebranding efforts;
management’s belief that the Company’s name will communicate the Company’s capacity to provide solutions for the infrastructure market
the anticipated development of new products that are expected to enhance the Company’s service offerings;
the Company’s ability to diversify its product lines to meet the increase needs of the infrastructure market;
the Company’s ability to expand Tornado’s footprint in the United States, including future production capabilities;
the anticipated completion of the first hydrovac truck in Midland, Texas, by the end of 2024;
the increasing and continued demand from U.S. based customers;
the Company’s ability to meet growing demand for its products in the U.S. market; and
the Company’s ability to achieve sustainable growth in North America.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements because of prevailing economic conditions, including restrictions on trade and tariffs, and other factors, many of which are beyond the control of Tornado. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
