NANAIMO,
BC, May 31, 2022 /CNW/ - Atlas Engineered
Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF)
announces that its President and Chief Executive Officer,
Hadi Abassi, has established
an automatic securities disposition plan (an "ASDP") in accordance
with applicable Canadian securities laws and the Company's Insider
Trading Policy. The ASDP has been established by Mr. Abassi
for personal and family financial planning purposes, and does not
reflect Mr. Abassi's views on the future prospects of the
Company. Mr. Abassi will continue to hold a significant
equity interest in the Company following the sale of shares under
the ASDP.
The ASDP will allow for an orderly disposition of a portion of
Mr. Abassi's shares in the Company at prevailing market prices over
a period of 12 months. Mr. Abassi intends to have up to
1,600,000 common shares sold under the ASDP, representing 2.7% of
the total number of common shares outstanding and approximately
21.2% of Mr. Abassi's holdings in the Company. Sales under
the ASDP may commence June 2,
2022.
Canadian securities laws permit insiders to adopt ASDPs to sell,
donate or otherwise transfer shares in the future in accordance
with the pre-arranged terms of their ASDP, on an automatic basis,
regardless of any subsequent material non-public information they
receive. Once an ASDP is established, the insider is not permitted
to exercise any further discretion or influence over how
dispositions will occur under the ASDP.
Sales under the ASDP will be effected by an independent
securities broker in accordance with the trading parameters set out
in the ASDP. Mr. Abassi will not exercise any further
discretion or influence over how dispositions will occur, and
contains meaningful restrictions on the ability of Mr. Abassi to
amend, suspend or terminate the ASDP. Dispositions pursuant
to the ASDP will be reported by Mr. Abassi on SEDI in accordance
with applicable Canadian securities legislation. Each such filing
will bear a notation to advise readers that the dispositions relate
to an ASDP. The ASDP has been authorized and approved by the
Company under the terms of its Insider Trading Policy.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.