Vitreous Glass Inc. Provides COVID-19 Update
Airdrie, Alberta--(Newsfile Corp. - March 25, 2020) - Vitreous Glass Inc. (TSXV: VCI) ("Vitreous" or the "Corporation"), a processor of post-consumer waste glass whose product is sold to the fibreglass manufacturing industry, has been advised of declining raw material availability by its suppliers and also declining demand for its product by its customers. The extent of such declines is not determinable at this time, as they stem from the effects of consumer, business and government actions in response to the COVID-19 virus, which are unknown at this time, especially in light of the rapidly changing progress of the virus and attempts to halt its spread.
These declines are resulting in reduced volumes processed at the Vitreous facility and there are indications that the decline may well accelerate. Such developments, and the possibility that the business may have to shut down production temporarily should government require the business to close for a time, as has occurred in some jurisdictions, will have a negative impact on the profitability of the Corporation. They will also have an undeterminable impact on dividends paid to shareholders for some time to come. Vitreous believes that it has cash reserves adequate to manage its affairs.
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. 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.
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