|By Marketwired .||
|August 7, 2014 08:01 AM EDT||
LAVAL, QUEBEC -- (Marketwired) -- 08/07/14 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, is proud to announce the creation of the Bourassa Savaria Foundation whose mission will be to support charitable organizations that assist people with mobility challenges.
A Word from the President
"It gives me great pleasure to announce to our shareholders, our employees, our customers and the community, the formation of a new charitable foundation dedicated to assist people with mobility challenges. The Bourassa Savaria Foundation fulfills a long-standing personal goal to give back to the community," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"My personal donation of the equivalent of $400,000 in Savaria shares provided the initial capital of the Foundation. It will benefit from a quarterly contribution from Savaria Corporation of 1% of its earnings before interest, taxes, depreciation and amortization ("EBITDA"), starting at the end of the third quarter of 2014, as approved by the Board of Directors. Based on the results over the course of the last 12 months, the yearly contribution is anticipated to be $125,000.
"Registered Canadian charities representing individuals facing mobility challenges who are in need of financial support will be able to apply for a contribution from the Bourassa Savaria Foundation beginning in the fall of 2014 through the web site, www.bourassasavariafoundation.com.
I wish to thank all our customers, our employees and the community for the support I have received in building Savaria Corporation and I look forward to growing our Foundation to assist those in need for years to come", concluded Mr. Bourassa.
Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts minivans to be wheelchair accessible. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 410 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).
Forward looking statements
Certain statements may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
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