Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release and the future oriented financial information included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or, as applicable, such future oriented financial information. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or future oriented financial information. All statements other than statements of historical fact are forward-looking statements or future oriented financial information. These statements relate to future events. The sale and delivery of the first customized hydrovac truck to the Purchaser is expected to be completed in Q3 2022.Įmail: statements contained in this news release constitute forward-looking statements and future oriented financial information. The Supply Contract requires Tornado to co-develop a customized exclusively Ditch Witch branded hydrovac truck, (including the necessary intellectual property for the design and operation of the hydrovac truck) and then supply the customized hydrovac trucks to the Purchaser commencing in fiscal year 2022 and ending in fiscal year 2025, subject to certain customary commercial terms and conditions. Combined with our other sales of hydrovac trucks, we expect this relationship to further optimize the utilization of our manufacturing capacity much more rapidly.” “Tornado is thrilled to have co-designed and started to supply an innovative and proprietary hydrovac truck that will be distributed through the Ditch Witch construction equipment network. “This strategic alliance brings together two strong brands with a collective purpose to better serve customers, and meet future demands including the outlook on infrastructure spending and the effect this spending will have on hydrovac demand globally,” stated Brett Newton, CEO of Tornado. The Supply Contract contains a commitment for the delivery of a number of innovative, proprietary hydrovac trucks to the Purchaser that are estimated to generate minimum gross revenue for Tornado in the amount of USD$43,850,000 during the four (4) year term. (“ Tornado”, the “ Company”, “we” or “us”) (TSX-V: TGH OTCQX: TGHLF) is pleased to announce that it has entered into a Product Supply and Development Agreement for the co-development and supply of customized hydrovac trucks (the “ Supply Contract”) with Ditch Witch, a division of The Toro Company (NYSE: TTC) (the “ Purchaser”or “ Ditch Witch”). CALGARY, Alberta, J(GLOBE NEWSWIRE) - Tornado Global Hydrovacs Ltd.
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