Roots Corporation ("Roots," or the “Company”) (TSX: ROOT) announced that its Board of Directors (the “Board”) has initiated a review of strategic alternatives (“Strategic Review”) to identify opportunities to maximize value for all shareholders. During the Strategic Review, the Board will analyze and evaluate a range of alternatives, including, but not limited to, a sale of the Company.
The Company has decided to publicly announce this Strategic Review as part of its value-maximization strategy while continuing to execute its current business plan. The Company does not intend to disclose developments with respect to the Strategic Review unless and until the Board has approved a specific transaction or otherwise determines that disclosure is appropriate or required by law.
As the Strategic Review proceeds, the Roots management team remains dedicated to acting in the best interests of the Company and to executing on its key objectives. Roots remains unwavering in its commitment to its customers, partners, and employees in its ongoing operations as the Strategic Review proceeds.
The Company has engaged J.P. Morgan Securities Canada Inc. as its financial advisor and Torys LLP as its legal advisor for the Strategic Review.
Roots cautions that the engagement of financial and legal advisors should not be viewed as an indication that any specific process or transaction will be pursued. There can be no assurances that the Strategic Review will result in any specific action, transaction or agreement, or if a transaction is undertaken, as to its timing, completion or terms.
FORWARD-LOOKING INFORMATION
Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and is made as of the date of this press release. The forward-looking statements in this press release include statements regarding the Strategic Review and the possibility of a transaction involving the Company.
Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See “Forward-Looking Information” and “Risk Factors” in the Company’s current Annual Information Form for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
ABOUT ROOTS
Established in 1973, Roots is a global lifestyle brand. Starting from a small cabin in northern Canada, Roots has become a global brand with over 100 corporate retail stores in Canada, two stores in the United States, and an eCommerce platform, roots.com. We have more than 100 partner-operated stores in Asia, and we also operate a dedicated Roots-branded storefront on Tmall.com in China. We design, market, and sell a broad selection of products in different departments, including women’s, men’s, children’s, and gender-free apparel, leather goods, footwear, and accessories. Our products are built with uncompromising comfort, quality, and style that allows you to feel At Home With Nature™. We offer products designed to meet life’s everyday adventures and provide you with the versatility to live your life to the fullest. We also wholesale through business-to-business channels and license the brand to a select group of licensees selling products to major retailers. Roots Corporation is a Canadian corporation doing business as “Roots” and “Roots Canada”.
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