Friday February 27, 10:06 am Eastern Time
Company Press Release
RMGL Offer to Acquire Davie Industries Inc.
CALGARY, ALBERTA--(BUSINESS WIRE)--Feb. 27, 1998--ROYAL MILLENIA (NASDAQ:RMGL - news; OTC Bulletin Board:RMGL - news) Royal Millennia Group Ltd. (RMGL) today announced by way of an all cash deal , an offer to acquire all of the issued and outstanding shares of DAVIE INDUSTRIES INC. a subsidiary of Dominion Bridge Corporation (Nasdaq:DBCO - news; DBCO) for a total purchase price of US$10 million, subject to the following conditions:
DBCO will afford RMGL and it's consultants, full access to all of Davies's records, titles and property, books and contracts, budgets as well as commitments and shall furnish RMGL with copies thereof and such other information concerning it's business environment as RMGL may reasonably request with a view to obtaining all information useful or necessary as part of RMGL's due diligence investigation.
Davie Industries was founded in 1825 and is a subsidiary of Dominion Bridge Corporation with over 1,500 employees. Davie offers a turnkey manufacturing capability with full project management, engineering and quality assurances services for ship construction including ship conversion and repair as well as construction of heavy industrial and offshore fabrications. Davie has built more than 700 ships over the years for clients worldwide which include: Tankers (including 80,000 tonners), Bulk Carriers, General Cargo Vessels, Ro-Ro ferries, Jack-up Drill Rigs, Icebreakers, Naval Vessels and other miscellaneous type ships.
The Shipyard's strategic position in the St. Lawrence River at Quebec provides shipowners with a repair yard midway between the Great Lakes and the Atlantic Seabord.
This transaction is subject to government and regulatory approval.
RMGL is currently listed on the NASDAQ (symbol RMGL and traded on the OTC market.)
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