Tag Archives: Edmonton

Canadian M&A options improving, but acquirers feel unprepared: Ernst & Young

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/CNW/ – A new global Ernst & Young survey finds the stage is set for mergers and acquisitions activity to heat up, with 57% of respondents classifying the current M&A environment as favourable for their businesses.

History has shown us that the period following a downturn often polarizes markets, as some companies struggle to keep up with those moving full-steam ahead, says Aroon Sequeira, transactions partner at Ernst & Young in Edmonton. We expect Canada will be no exception, particularly with respect to oil and gas, oilfield services in Alberta and Saskatchewan, and construction in British Columbia.

But despite the number of distressed and well-priced assets, many feel restricted from realizing acquisition opportunities. Obstacles identified include valuation uncertainty and complexity (65%); insufficient financing (62%); investor caution (60%); and increased transaction risk (57%).

Were seeing businesses place an increased emphasis on capital in order to leverage these appealing but limited time prospects, says Sequeira. Those who have the organizational flexibility to adapt and respond as the market changes will be able to take advantage of opportunities – those who dont will miss them, or become targets of a takeover.

The strength of Canadas banking sector and the return of private equity is slowly starting to make financing for small and mid-size transactions more readily available. However, only 36% of businesses feel they are positioned to act quickly and exploit acquisition opportunities. This implies that a sizable portion of businesses will be able to acquire distressed assets with limited competition for at least the next six months.

Sequeira says readiness to execute in a distressed situation is key to gaining a competitive advantage. Companies should conduct ongoing proactive screening of distressed targets and establish corporate governance tailored for accelerated acquisitions. They should also look at joint venture, strategic alliance and alternative deal structures to more effectively manage scarce capital and increased risk.

On the positive side, many companies are already taking action to become more nimble. In response to scarcity of capital from traditional sources, 24% of companies looking to divest assets cite their ability to fund new investments or invest cash as the main reason for the sale.

Other survey highlights from Why capital matters include the following:

– Twenty-five percent of global businesses are likely or highly likely
to acquire in the next six months, rising to 33% in the next 12
months and up to 41% over the next 12 to 24 months.
– Forty-five percent of executives expect to see an increase in the
number of distressed asset sales in the next 12 months.
– Sixty-three percent of respondents saw the most attractive
acquisition opportunities within their own national or domestic
markets.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit ey.com/ca.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

The Ernst & Young organization is divided into five geographic areas and firms may be members of the following entities: Ernst & Young Americas LLC, Ernst & Young EMEIA Limited, Ernst & Young Far East Area Limited and Ernst & Young Oceania Limited. These entities do not provide services to clients.

Canyon Creek Food Company Ltd. Announces Fiscal 2010 Q1 Results

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/CNW/ – Canyon Creek Food Company Ltd. (Canyon Creek), a food processing company listed on the TSX Venture Exchange under the trading symbol CYF, is pleased to announce its first quarter of fiscal 2010 results. Listed below are some of the highlights of the quarter:

– Sales

Sales declined in Q1 vs. previous year by $411,113 or 35% ($760,220
compared to $1,171,333 in the prior year). This decrease in sales can
be traced to softness within the retail business and a discontinuation
of a co-packing arrangement with a larger food manufacture.

– Gross Profit

The gross profit margins declined for Q1 fiscal 2010 vs. Q1 fiscal
2009 (12.8 % vs.15.0% 1st quarter year ago). The gross profit declined
from $175,797 to $97,346. This can be attributed to lower revenue to
cover the fixed cost portion of operating costs.

– Net Loss

The net loss for Q1 is $296,352. This compares to a $196,288 net loss
in Q1 previous year. This again is driven by the decline in revenue
for the quarter. Canyon Creek continues to work on driving
efficiencies and has continued to reduce its staffing requirements.

Terence Alty, President, states, The Company will continue to primarily focus on building its presence in the retail sector. It is the companys belief that this sector will offer the greatest return on capital invested and secondly build corporate awareness within a large consumer base. We believe that the relentless focus on reducing our cost base will result in higher margins and stronger financial performance for the balance of fiscal 2010. Through open dialogue and collaboration with our customers we look forward to delivering superior innovative food products that give consumers what they really want: Favorite Foods Made Easy.

Canyon Creek is a food processing company based in Calgary and Edmonton, Alberta providing fresh soups and other prepared food products for todays health conscious consumer. The company provides its fresh food product line to both grocery retailers and a broad range of food service establishments such as restaurants and institutions through out Canada.

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under Canyon Creeks control which may cause actual results, performance or achievements of Canyon Creek to be materially different from the results, performance or expectations implied by these forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

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Cadbury Delivers 5,000 Bicycles to Ghana, Africa

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In addition to providing kids with a reliable form of transportation to get to school, the bikes will also provide each community with access to water sources and medical care. Many of the 216 communities are part of the Cadbury Cocoa Partnership, a ground-breaking program established in 2008 to help the social, economic and environmental sustainability of approximately 1 million cocoa farms.

Cadbury has been rooted in Ghana for more than a century and through this program, we are directly impacting the lives of children and the farming communities that help provide the cocoa beans that go directly into our Cadbury chocolate, says Gary Scullion, General Manager, Cadbury Canada. Each bike also represents the good will and support of thousands of Canadians who were instrumental in helping us achieve our goal, and who were inspired to help make a difference a half world away.

Delivering Hope and a Future

Cadbury worked closely with World Vision Ghana, Care, the Voluntary Services Organization and the Bicycling Empowerment Network Namibia to ensure the effective distribution of the bicycles. With the need for bikes great in all regions, the team identified the children most at risk were those that walked a minimum of 3 km to school each day. The bikes are also specially designed for the African terrain. They are equipped with a single gear and mud guards, have a basket for carrying books, and have a sturdy carrier to also help carry little brothers and sisters to school.

According to the United Nations, more than 40 million African children are growing up without schooling***. In Africa, a bicycle is hope, freedom and survival, says Michael Linke, on-the-ground activist in Africa and founder of Bicycling Empowerment Network (BEN) Namibia. BEN Namibia distributes bicycles to community-based organizations, volunteers and directly to those in need. A single bike can carry up to five times the weight, go four times as fast and travel four times as far as a person walking and it can change a person’s life and a community’s future. Access to a bicycle means greater independence and increased social, economic and educational opportunities.

The 5,000 bikes will be delivered to the specified regions over the next four weeks with the help of the Bicycling Empowerment Network Namibia. With each delivery Cadbury is also investing in bike-building and training sessions for key individuals in each community. By providing the skills and the training needed to build a bike, these individuals can in turn teach the children how to assemble and maintain a bike, therefore helping extend the life cycle of each bicycle and ensuring future access to school and other needs in the community, added Scullion.

Canadians Pedal for Change

Launched earlier this year, The Bicycle Factory converted Cadbury product purchases into bicycle parts with the aim of building 5,000 bicycles for Africa. The promotion came to life with an online, virtual factory at www.thebicyclefactory.ca where every Cadbury UPC code entered equalled a bicycle part and for every 100 UPC codes entered, a bike would be built.

The Bicycle Factory* promotion also gave one lucky Canadian the opportunity to become a Cadbury ambassador. The lucky winner from Edmonton, Albert is currently in Ghana with the Cadbury team to see the delivery of the first bikes.

Cadbury brings joy to the lives of Canadians every day with our small indulgences, says Scullion. Now, with the delivery of a bike to a child, we’re bringing joy and smiles to thousands of children and we’re helping create a life time of change by opening the doors to education, and that makes every Cadbury colleague smile proudly with joy.

About The Cadbury Cocoa Partnership

In January 2008, the Cadbury Cocoa Partnership was established together with the United Nations Development Programme, local governments, farmers and communities, and it is the largest sustainable cocoa farming program in existence. This ground-breaking initiative is designed to secure the economic, social and environmental sustainability of one million cocoa farmers and their communities in Ghana, India, Indonesia and the Caribbean. Cadbury is already building wells and libraries, fostering micro-finance loans, and developing long-term programs to encourage biodiversity and sustainable cocoa growing. Cadbury is investing more than $80 million CDN over the next ten years through the partnership and estimates that it will make a difference in the lives of half-a-million cocoa farmers in Ghana by 2018. For more information, visit www.dearcadbury.com.

About Cadbury North America

Headquartered in Parsippany, New Jersey with the Canadian head office in Toronto, Cadbury North America is the Canadian and U.S. combined business of Cadbury plc – a leading global confectionery business with number one or number two positions in over 20 of the worlds 50 largest confectionery markets. In Canada, Cadbury is the countrys second largest confectionery company and the brand portfolio includes some of Canadas best-loved chocolate, candy, cough and gum brands such as Dairy Milk*, Caramilk*, Mr. Big*, Dentyne*, Trident*, Stride*, Bubblicious*, Halls*, and Maynards*. In Canada, some Cadbury firsts include the first 100 calorie chocolate bar (Cadbury Thins*), the first sugar-free breath freshening gum (Dentyne*) and the first liquid centre pellet gum with dual flavour combinations (Trident Splash*). Our people create brands people love with passion, dedication and drive. For more information visit www.canada.cadbury.com.

Media Advisory – Family Fun Photo Opportunities at Canadian Finals Rodeo

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/CNW/ – BMO Bank of Montreal, the official bank of Canadian Finals Rodeo (CFR), continues to create great family experiences as part of its sponsorship of the 2009 CFR in Edmonton.

Highlights of BMOs Support of the 2009 Canadian Finals Rodeo:

– By going online to ticketmaster.ca/bmo and entering the special offer
code BMO, customers can receive 20 per cent off CFR tickets as part
of the BMO Power of Blue Program.

– Rodeo fans can saddle up for some great family fun and entertainment
on Saturday, November 14, at BMO Family Day.

– And the BMO Fan Centre is where fans can meet rodeo athletes, obtain
autographs and enter the BMO Saddle up in Style contest to win a $300
gift certificate from Lammles Western Wear & Tack. The contest runs
from Friday through Sunday at the BMO Fan Centre.

– BMO Power of Blue Program – wave your BMO debit or credit card for a
chance to be upgraded to the best seats in the house!

WHO: Lynda Taylor, Edmonton District Vice President and executive
spokesperson for BMO Bank of Montreal
Rodeo athletes and fans

WHAT: BMO Fan Centre in the concourse level all throughout CFR
BMO Family Day on Saturday, November 14, 2009
Featured fun includes childrens entertainers, prize give-aways
such as stickers and bandanas, rodeo demonstrations, face painting
and caricaturist drawings.

WHERE: Rexall Place, 116 Avenue & 73 Street, Edmonton

WHEN: November 11 – 15, 2009

Hugh Haugland Award

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/CNW/ – RTNDA Canada is pleased to announce its annual award for news videography will now be known as the Hugh Haugland Award in memory of the veteran CTV cameraman who died earlier this year.

Haugland was killed in August when the helicopter he was in crashed while he was videotaping the aftermath of a tornado in Mont Laurier, Quebec. Haugland spent 24 years at CTV Montreal. Among other assignments, he covered 9/11, Hurricane Katrina and the London terror plots in 2007.

Hugh embodied so many of the qualities we all value in journalism: A great eye, a big heart, and an intense sense of curiosity and wonder about the world around him, said Jed Kahane, Director of News and Public Affairs at CTV Montreal and a longtime colleague and friend of Hughs. He was deeply committed to always learning more about his craft so that we could all tell the most beautiful and compelling stories possible. Lending his name to an award honoring the best videographers in the country seems very fitting to those who knew him and now miss him so much.

Haugland was the son of CTV Montreal anchor Bill Haugland who retired in 2006. He was thrilled to hear RTNDA Canada was honouring his son: Hugh was known to his friends as Huge – and that is the way I regard this honour in his name. The first Hugh Haugland Award for Creative Use of Video will be presented June 18th, 2010 at the RTNDA National Conference in Edmonton.

RTNDA Canada is the voice of electronic journalists and news managers in Canada. The members of RTNDA Canada recognize the responsibility of broadcast journalists to promote and to protect the freedom to report independently about matters of public interest and to present a wide range of expressions, opinions and ideas. The RTNDA Canada Code of Ethics adopted by the Canadian Broadcast Standards Council, is used to measure fairness and accuracy in our profession.