ADF Group receives lawsuit related to World Trade Center project
TERREBONNE, QC, Oct. 15, 2012 /CNW Telbec/ – ADF GROUP INC. (“ADF” or the “Corporation”) (TSX: DRX) announced today that it has received from WTC Tower 1 LLC, an assignee of 1 World Trade Center LLC owned by with the Port Authority of New York and New Jersey, a complaint against its subsidiary ADF Steel Corp. with respect to its World Trade Center project in New York City. The plaintiff alleges that ADF Steel Corp. has breached certain contractual obligations by refusing to ship certain steel parts for the project until certain payments are made. The Company is in the process of reviewing the allegations, believes they are without merit and intends to take all appropriate actions to defend its position. Discussions are currently ongoing between representatives of ADF and the Port Authority of New York and New Jersey. Unless the parties reach an agreement before then, the complaint is scheduled to be heard by the Supreme Court of New York on or about October 26, 2012.
About ADF Group Inc.
ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non residential construction industry. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors.
This press release contains forward-looking statements reflecting ADF objectives and expectations. These statements are identified by the use of verbs such as “expect” as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF’s expectations.
SOURCE: ADF GROUP INC.
Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer
Jean-François Boursier, CPA, CA, Chief Financial Officer
Telephone: (450) 965-1911 / 1 (800) 263-7560
Web Site: www.adfgroup.com