BURNABY, BC, May 1, 2020 /CNW/ - Taiga Building Products Ltd.
("Taiga" or the "Company") is announcing its intention to adopt the
Canadian Emergency Wage Subsidy ('CEWS'). Due to the COVID-19
pandemic and its economic impact, revenues of the Company have been
reduced by approximately 30% in April and Management expects the
decline to continue until at least the end of May. The Company
expects to incur significant revenue losses for the second fiscal
quarter as a result. The Company is reviewing all aspects of
its operations to ensure it continues to thrive and is well
positioned once the economic impact of the COVID-19 pandemic
subsides
Forward-Looking Information
This news release
contains 'forward-looking information'. Forward-looking information
is identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "potential", "project", "will", "would", and
similar terms and phrases, including references to assumptions.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to differ materially from those
indicated in the forward-looking information. Actual results may
differ materially from results indicated in forward-looking
information for a number of reasons, including a prolonged duration
of the COVID-19 outbreak and/or further restrictive measures to
contain its spread, the emergence of other epidemic diseases, the
evolving impact of COVID-19 on Taiga's customers and
suppliers,general economic conditions, as well as the risk factors
identified in Taiga's Annual Information Form dated February 21, 2020 and in Chorus' public
disclosure record available at www.sedar.com. Statements containing
forward-looking information in this news release represent Taiga's
expectations as of the date of this news release (or as of the date
they are otherwise stated to be made) and are subject to change
after such date. Taiga disclaims any intention or obligation to
update or revise such statements to reflect new information,
subsequent events or otherwise, unless required by applicable
securities laws.
SOURCE Taiga Building Products Ltd.