Atlas Engineered Products Announces Engagement and Deposits for Robotic Automation

NANAIMO, BC, June 6, 2024 /CNW/ – Atlas Engineered Products (“AEP” or the “Company”) AEP (OTC Markets: APEUF) is pleased to announce that it has accepted proposals for the installation of robotic automation equipment at three of its locations and that it has made initial deposits to secure the installation of this advanced equipment.

AEP has engaged House of Design to supply and install truss manufacturing robotic automation equipment at locations in British Columbia, Ontario, and New Brunswick over the next two years. The robotics installation is expected to have a total cost of just over US $7 million for all three of these locations. This robotic automation is anticipated to double the board foot (“bdft”) output of roof truss manufacturing while providing potentially significant cost savings.

“We are excited to take this step to advanced robotics to support our ability to manufacture roof trusses and be prepared to meet the anticipated demand that will be required to resolve Canada’s housing shortage,” said Hadi Abassi, CEO and President of the Company. “The labour we are saving on the truss manufacturing side can then be used to continue our organic growth goals by increasing the labour available to support wall panel manufacturing and other staffing requirements that will be needed for the future growth.”

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 automated technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.

FORWARD LOOKING INFORMATION

Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all.  AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP’s control.  Such factors include, among other things: risks related to delays in installation due to the unavailability of equipment or personnel, risks of cost overruns and other risks and uncertainties relating to AEP, including those described in the Management’s Discussion and Analysis (“MD&A”) for AEP’s three months ended March 31, 2024.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.

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SOURCE Atlas Engineered Products Ltd.