Vitreous Glass Inc. Announces Likely Suspension of Operations Due to COVID-19
Airdrie, Alberta:--(Newsfile Corp. - April 3, 2020) - Further to its news release of March 25, 2020, Vitreous Glass Inc. (TSXV: VCI) ("Vitreous" or the "Corporation"), a processor of post-consumer waste glass for the fibreglass industry in Alberta, announces that due to rapidly increasing severity of reductions in its incoming supply of waste glass, resulting from ramifications of the COVID-19 pandemic, it expects that it is likely to suspend operations by May 31, 2020, or possibly sooner, due to lack of raw material for its processing plant. The shortage of raw material arises from spinoff effects of the COVID-19 pandemic, which have resulted in sharp reductions in the volume of waste glass entering the recycling systems in Alberta, British Columbia and Saskatchewan. Because of the nature and cause of the shortfall, it is not possible to predict when the Corporation will be able to recommence production operations and delivery of product to customers.
For further information, please contact:
VITREOUS GLASS INC.
Pat Cashion, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
Forward Looking Information Disclaimer
The information in this news release contains certain forward-looking statements. These statements relate to future events or the Corporations future performance, in particular, but not limited to, uncertainties relating to the significance of the impact of COVID-19 on the Corporation's operations and the expectation that the Corporation will suspend operations, as well as the timing thereof. All statements other than statements of historical fact may be forward-looking statements. These statements involve substantial known and unknown risks and uncertainties, many of which are beyond the Corporation's control. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54119