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  • VANCOUVER, British Columbia, Feb. 12, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (TSX-V:LRL) (OTC:LXRRF) is pleased to announce the closing of two definitive agreements providing for Luxor’s acquisition of 2 wood framing businesses in the United States and Canada. 

    In the United States, Luxor has purchased all of the equity interest of Mill Frame LLC, a Washington State limited liability company. Luxor is required to issue 5 million common shares of Luxor upon Mill Frame LLC generating $10 million in net sales and a further 5 million common shares of Luxor upon Mill Frame LLC generating an additional $10 million in net sales ($20 million in the aggregate).  In the past 45 days, Luxor has announced 3 contracts secured by Mill Frame LLC that have a total value in excess of US $ 5,000,000 or CDN $ 7,000,000. www.millframe.com
     
    In Canada, Luxor has purchased the book business and certain assets of Colt Builders Inc. of Alberta through Luxor’s subsidiary Mill Frame Inc. (“Newco”), which has acquired such assets for 40% of the shares of Newco.  Colt has agreed that it will exchange 20% of its Newco shares in consideration for the issuance of 5 million common shares of Luxor upon Newco generating $ 10 million in net sales and will exchange the remaining 20% of its Newco shares to Luxor in consideration for the issuance of an additional 5 million common shares of Luxor upon Newco generating an additional $10 million in net sales ($20 million in the aggregate).  Upon achieving the milestones, Luxor will have the right to 100% ownership of Newco shares.

    Closing of the acquisitions was not conditional upon financing, however, Luxor will be required to provide additional funds in order to execute on its business plan and grow the respective businesses. All of the vendors are arm’s length parties to Luxor.

    Steve Conboy, President of Mill Frame, who has over 35 years of experience in the housing construction business states, “In the summer of 2015, I approached Luxor as a supplier of pre-fab walls; ten years ago when the exchange rate was similar we had done some great wood business together in the US.  This time I saw an opportunity to sell turnkey framing to US builders and took a longer term view to partner up with Luxor.  I am proud to join Luxor and its group of seasoned veterans.”

    John Hunter, President of Colt, has over 30 years of experience in this sector and comments, “Our team in Alberta is pleased to join Luxor.  We look forward to providing our many years of experience in turnkey framing to support Luxor’s expansion into the United States.”

    Prior to the above 2 acquisitions, Luxor has and continues to be involved in the development, engineering, manufacturing and marketing of engineered wood products and operates in the industrial, residential and commercial sectors.

    This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Luxor. There are numerous risks and uncertainties that could cause actual results and Luxor’s plans and objectives to differ materially from those expressed in the forward-looking information, including: adverse market conditions or the inability of Luxor to raise funds to execute on its business plan with respect to the recently acquired wood framing businesses. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Luxor does not intend to update these forward-looking statements.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    CONTACT: Contact:
    
    Luxor Industrial Corporation
    
    Terry Lashman
    (800) 665-2454
    (604) 684-7929
    
    John Taylor
    (877) 496-4355
    (604) 864-9601
    
    www.luxorcorp.com
    
  • ATLANTA, Feb. 11, 2016 (GLOBE NEWSWIRE) -- BMC Stock Holdings, Inc. (NASDAQ:STCK) was recently named a Grand Award winner for technology as part of the 2015 ProSales Excellence Awards program. BMC Stock was recognized with the top honor for its READY-FRAME® technology, a revolutionary whole-house solution and a groundbreaking achievement for the industry.

    Not just a pre-cut kit, READY-FRAME®packages can be created from any architected home design. READY-FRAME® uses proprietary software and the latest in computerized building design to deliver pre-cut, labeled and bundled lumber to job sites. The end result is a measurably faster, safer framing process that requires less labor. By eliminating the guesswork on materials, there are fewer deliveries and invoices—and a significant reduction in waste compared to a traditional build.

    BMC Stock estimates a 20 percent reduction in framing time without any sacrifice in quality or safety—a significant gain given the construction industry’s shortage of framing carpenters. With READY-FRAME®, even smaller or less experienced framing crews can deliver the excellent service and results that BMC Stock customers count on.

    “BMC Stock is changing the way homes are built, for the better,” says President and CEO Peter Alexander. “READY-FRAME®provides builders and installers with unique precision and control over projects, allowing each home to be framed perfectly every time with no compromise to artisan craftsmanship. We’re proud to be the market leaders in innovation and to receive this recognition from ProSales.”

    The ProSales Excellence Awards celebrate business leaders whose creativity and ingenuity have not only improved and reinvigorated their own companies but have also set new benchmarks for service. ProSales is an authoritative and independent multi-media source of news, information, and expertise for pro-oriented building supply dealers and distributors in the U.S.

    About BMC Stock Holdings, Inc.
    Headquartered in Atlanta, Georgia, BMC Stock is one of the nation’s leading providers of diversified building products and services to professional builders and contractors in the residential housing market. The Company’s comprehensive portfolio of products and services spans building materials, including millwork and structural component manufacturing capabilities, consultative showrooms and design centers, value-added installation management and an innovative eBusiness platform capable of supporting all of the Company’s customers’ needs.  BMC Stock serves 42 metropolitan areas across 17 states, principally in the fast-growing South and West regions. 

    Forward-Looking Statements
    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release may include, without limitation, statements regarding sales growth, price changes, earnings performance, strategic direction and the demand for our products. Forward-looking statements are typically identified by words or phrases such as "may," "might," "predict," "future," "seek to," "assume," "goal," "objective," "continue," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "guidance," "possible," "predict," "propose," "potential" and "forecast," or the negative of such terms and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of which are outside BMC Stock's control. BMC Stock cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement, therefore investors and shareholders should not place undue reliance on such statement. Such forward-looking statements include, but are not limited to, statements about the benefits of the recently completed merger with Building Materials Holding Corporation ("BMC"), including future financial and operating results, plans, objectives, expectations and intentions, and other statements that are not historical facts. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the risk that the BMC business will not be integrated successfully or that such integration will take longer, be more difficult, time-consuming or costly to accomplish than expected; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction may make it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; general worldwide economic conditions and related uncertainties; changes in the markets for BMC Stock's business segments; unanticipated downturns in business relationships with customers; competitive pressures on the combined company's sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; the effect of changes in governmental regulations; and other factors discussed or referred to in the "Risk Factors" section of BMC Stock's most recent Annual Report on Form 10-K filed with the SEC on March 2, 2015, the Company's Quarterly Report on Form 10-Q filed with the SEC on November 5, 2015, and our subsequent filings with the SEC. All such factors are difficult to predict and are beyond BMC Stock's control. All forward-looking statements attributable to BMC Stock or persons acting on BMC Stock's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and BMC Stock undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACT: Investor Relations Contact 
    BMC Stock Holdings, Inc. 
    Mark Necaise 
    (919) 431-1021
    
    Media Relations Contact
    BMC Stock Holdings, Inc.
    Jeanine Froke
    (925) 980-2428
  • CAMBRIDGE, Mass., Feb. 10, 2016 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE:GCP) announced today that it plans to release preliminary fourth quarter and total year 2015 financial information at 6:00 a.m. ET on Thursday, February 18, 2016.  In conjunction with the release, management will host a conference call that day at 9:00 a.m. ET.

    During the call, Greg Poling, President and Chief Executive Officer, and Dean Freeman, Vice President and Chief Financial Officer, will discuss the preliminary results.

    Access to the call and presentation slides will be available through the Investor section of the company’s website: http://investor.gcpat.com or http://services.choruscall.com/links/gcp160218. The call can also be accessed by dialing +1.866.807.9684 (for US callers) and +1.412.317.5415 (for callers outside the US).

    An audio replay of the call will be available after 11:00 a.m. ET on February 18.  The replay will be available by dialing +1.877.344.7529 (for US callers) and +1.412.317.0088 (for callers outside the US) and entering the replay access code 10081075.  The replay will be available until February 25, 2016.

    About GCP
    GCP is a leading global provider of products and technology solutions for customers in the specialty construction chemicals, specialty building materials, and packaging sealants and coatings industries. Our products help improve the performance of our customers’ products, increase productivity in their application or manufacturing processes, and meet the increasing regulatory requirements impacting their industry. GCP has approximately 2,850 employees on six continents, and serves customers in more than 110 countries. More information about GCP is available at www.gcpat.com.

    CONTACT: Contacts:
    
    Investor Relations
    Betsy Cowell
    Vice President Financial Planning & Analysis 
    and Investor Relations
    +1 617.498.4568
    betsy.cowell@gcpat.com
    
    Media Relations
    Paul Keeffe
    Director, Communications
    +1 617.498.4461
    paul.m.keeffe@gcpat.com
  • Board Approves $75 Million Increase to Share Repurchase Program and Implementation of New Financing Strategies to Support a Significant Portion of Its Future Equipment Needs

    Company Provides Update on Engine Capital, Including MYR Group’s Offer to Add New Independent Director to the Board

    ROLLING MEADOWS, Ill., Feb. 10, 2016 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR Group” or the “Company”)(NASDAQ:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States and Canada, today announced that its Board of Directors has authorized an increase to its existing share repurchase program from $67.5 million to $142.5 million. In addition to increasing the size of the program, the MYR Group Board has approved provisions designed to accelerate the pace of share repurchases, increase flexibility for repurchases by raising per share pricing thresholds, and has extended the program through April 30, 2017. As part of the capital review, the Board has also approved new financing strategies to support the Company’s equipment needs. 

    The MYR Group Board regularly reviews the Company’s business and capital allocation to ensure MYR Group is best positioned for growth and value creation. The decision to increase the size and pace of the Company’s share repurchase authorization and implement new financing strategies follows such review conducted by the Board with the assistance of outside financial advisors as well as discussions with MYR Group shareholders.

    Bill Koertner, MYR Group’s President and CEO, said, “We are committed to driving value for all MYR Group shareholders and directing capital to investments that generate the greatest returns. Today’s announcement reflects the Board’s confidence in the Company’s long-term strategy and our belief that MYR Group’s stock at current levels represents an attractive investment opportunity. In addition, we believe we can achieve significant benefits for the Company and its shareholders by utilizing additional financing alternatives for securing equipment.  

    “MYR Group’s three-pronged approach to capital allocation – including investing in organic growth, strategic acquisitions, and capital returns – has driven strong financial performance. Indeed, MYR Group has outperformed many of our peers with respect to fundamental return metrics such as Return on Assets, Return on Invested Capital, and Return on Equity. MYR Group has a strong balance sheet that enables us to support our core business, while at the same time, capitalize on internal and external growth opportunities in the current environment. We will continue to be disciplined with respect to the allocation of capital, and we are confident that we are taking the right steps to grow the Company and create greater shareholder value,” continued Mr. Koertner.

    $75 Million Increase to the Share Repurchase Program

    After considering a range of capital return options, the Board determined that the $75 million increase in the share repurchase program and additional provisions designed to accelerate the pace of the program is optimal as it provides a meaningful return of capital to shareholders, while at the same time preserving the Company’s financial flexibility and strength to grow.

    Completion of the $142.5 million share repurchase program, which includes the new authorization and previously authorized $67.5 million repurchase program, will represent a significant reduction of MYR Group’s outstanding shares and be accretive to earnings per share.  The Company has repurchased approximately 2.2 million shares under the program (approximately $50 million) since May 12, 2014, including approximately 374,000 shares (approximately $7.2 million) acquired since the beginning of the year. 

    Repurchases may be made from time to time by the Company’s broker in open market transactions in accordance with a trading plan established by the Company and federal securities laws. The Company intends to fund the repurchase program from cash on hand and through borrowing under its credit facility and any shares repurchased will be returned to unissued authorized shares. The Company has no obligation to repurchase shares under this program and may suspend or terminate the program at any time.

    New Financing Strategies

    In connection with the Company’s new financing strategies, MYR Group intends to enter into various alternative financing arrangements, including leasing to finance at least half of its future equipment and other asset additions. MYR Group expects these changes to better optimize the Company’s balance sheet and expects the increased free cash flow resulting from the new financing activities to be used to support the Company’s growth initiatives and share repurchase program.

    Engine Capital

    The MYR Group Board and management team are committed to serving the best interests of the Company and all MYR Group shareholders. 

    In an effort to avoid a costly and distracting proxy contest, members of the Board and management team have been in discussions with Engine Capital and offered to enter into an agreement with Engine Capital that included the addition of one of Engine Capital’s director nominees or one mutually agreed independent nominee should customary screening by the Board’s Nominating and Corporate Governance Committee determine that the Engine Capital nominees did not satisfy the criteria for service on the Board. 

    Engine Capital rejected the Board’s offer, demanding that the Company appoint two of Engine Capital’s nominees to the MYR Group Board and that the Company publicly announce a price discovery process for the potential sale of the Company. While the MYR Group Board does not believe that Engine Capital’s proposal, at this time, is in the best interest of the Company and MYR Group shareholders, the MYR Group Board remains open to reaching an agreement that serves the best interest of the Company and all MYR Group shareholders.

    The MYR Group Board of Directors is open to all value creating opportunities.  However, the Board believes that pursuing Engine Capital’s proposal could compromise the Board’s ability to deliver to shareholders the full value for their investment. The Board will continue to fulfill its fiduciary duties and to take all appropriate actions to serve and protect the interests of MYR Group and its shareholders.         

    Editor’s note: Peer and return metrics herein are consistent with those defined in the January 2016 investor presentation, as filed with the U.S. Securities and Exchange Commission. Peers include EMCOR Group, Inc. (EME), Quanta Services, Inc. (PWR), MasTec, Inc. (MTZ), Willbros Group, Inc. (WG).

    About MYR Group Inc.
    MYR Group is a leading specialty contractor serving the electrical infrastructure market throughout the United States and Canada, and has the experience and expertise to complete electrical installations of any type and size. MYR Group’s comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. MYR Group’s transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. MYR Group also provides commercial and industrial electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States. For more information, visit myrgroup.com.

    Forward-Looking Statements
    Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “likely,” “unlikely,” “possible,” “potential,” “should” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this press announcement should be evaluated together with the many uncertainties that affect MYR Group’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR Group’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in any risk factors or cautionary statements contained in MYR Group’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

    Additional Information

    MYR Group, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from MYR Group stockholders in connection with the matters to be considered at MYR Group's 2016 Annual Meeting.  MYR Group intends to file a proxy statement with the U.S. Securities and Exchange Commission (the "SEC") in connection with any such solicitation of proxies from MYR Group stockholders.  MYR GROUP STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of MYR Group's directors and executive officers in MYR Group securities is included in their SEC filings on Forms 3, 4 and 5. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with MYR Group's 2016 Annual Meeting. Information can also be found in MYR Group's Annual Report on Form 10-K for the year ended Dec. 31, 2014, filed with the SEC on March 11, 2015.  Stockholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by MYR Group with the SEC for no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at MYR Group's website at www.myrgroup.com or by writing to our Corporate Secretary, at MYR Group Inc., 1701 Golf Road, Suite 3-1012, Rolling Meadows, Illinois 60008-4210. 

    CONTACT: Contact
    
    Investors:
    Betty R. Johnson, Chief Financial Officer
    MYR Group Inc., 847-290-1891, investorinfo@myrgroup.com
    
    Tom Ball / John Ferguson
    Morrow & Co., LLC, 203-658-9400
    
    Media:
    Matt Sherman / Barrett Golden / Adam Pollack
    Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449
  • OAK BROOK, Ill., Feb. 09, 2016 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) today announced that it will release its financial results for the three and twelve months ended December 31, 2015 on Tuesday, February 23, 2016 at 7:00 a.m. C.S.T. A conference call with the Company will be held the same day at 9:00 a.m. C.S.T. The call in number is (877) 377-7553 and Conference ID is 38346447. The conference call will be available by replay until Wednesday, February 24, 2016 by calling (855) 859-2056 and providing Conference ID 38346447. The live call and replay can also be heard on the Company’s website, www.gldd.com, under Events & Presentations on the investor relations page. A copy of the press release will be available on the Company’s website.

    The Company 

    Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also a significant provider of environmental and remediation services on land and water.  The company employs civil, ocean and mechanical engineering staff in its estimating, production and project management functions.  In its 125-year history, the Company has never failed to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels.

    GLDD FIN

     

    CONTACT: For further information contact: 
    Mary Morrissey
    Investor Relations
    630-574-3467

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