TC Transcontinental Replies to SaltWire Network’s Allegations
Montréal, QC – April 11, 2019 – TC Transcontinental (TSX: TCL.A TCL.B) has been made aware of the legal proceedings initiated by SaltWire Network related to the transaction involving the Corporation’s Atlantic Canada media assets in 2017.
“We have not received the lawsuit yet, so we haven’t had the opportunity to review it,” stated François Olivier, President and Chief Executive Officer of TC Transcontinental. “We are confident that the sale of our media assets in Atlantic Canada was conducted based on fair, accurate and timely information. We intend to vigorously defend ourselves in court.”
TC Transcontinental is a reputable organization that has conducted well over 100 transactions since its founding. “Our Corporation has always been recognized for its integrity and for operating its business in accordance with the highest ethical standards and business practices,” added Mr. Olivier. We apply the same principles in our M&A activities.”
Furthermore, SaltWire Network has failed to fulfill its payment obligations and is in breach of contract with TC Transcontinental. As such, the Corporation is considering initiating a counter-suit against SaltWire Network.
The Corporation will not provide any further comments at this time.
About TC Transcontinental
TC Transcontinental is a leader in flexible packaging in North America, and Canada’s largest printer. The Corporation is also a Canadian leader in its specialty media segments. For over 40 years, TC Transcontinental's mission has been to create products and services that allow businesses to attract, reach and retain their target customers.
Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner.
Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has over 9,000 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental had revenues of more than C$2.6 billion for the fiscal year ended October 28, 2018. For more information, visit TC Transcontinental's website at www.tc.tc.
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Senior Director, Corporate Communications