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Lehman Trikes, Inc. announces that it will be closing its Westlock, Alberta, Canada fiberglass facility. The company states that due to a 25% increase in fuel and transportation costs, it is no longer financially viable to continue operations at the Westlock facility. The closure will affect all Canadian facilities now retained by Lehman Trikes, Inc. Lehman stated that employees working in the Westlock fiberglass facility will receive severance benefits.
Les Brown, Chairman of the Board of Directors, stated, "Keeping this facility operational is no longer economically feasible. Fuel and transportation costs keep increasing to the point that we can no longer endorse further activity in Westlock. We wish to extend our sincerest appreciation to all employees for their loyalty and their many contributions made to Lehman's success over the years. We wish them all the best in the future."
Dan Patterson, President and CEO stated, "The decision to close the Westlock facility was difficult. However, the fiscal reality is that our customer base, financial resources, and logistical operations will benefit by this action. While we have experienced 26% revenue growth over last year, our profitability is down. This action is expected to increase our profitability for the benefit of all shareholders. Our Westlock employees have been dedicated to Lehman Trikes' success over the years and they should take pride in their contributions to our success. We wish them good luck in all their future endeavors."
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SOURCE: Lehman Trikes Inc.
Timothy Kling, CFO, Lehman Trikes USA, Inc., 125 Industrial Drive, Spearfish, SD, 57783, Phone: (605) 642-2111, Fax: (605) 642-1184, Trading Symbol: LHT:TSXV, Email: info@lehmantrikes.com or investorinfo@lehmantrikes.com, Website: www.lehmantrikes.com
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