(Windsor, Ontario – December 5, 2017) – Reko International Group Inc. (TSX-V: REKO) is pleased to announce that Mark Read has joined Reko’s executive team as Director of the Automation Division. He is replacing Rick Stone, who is retiring after almost 29 years of service.
Reko Rising 455!
On August 2, 2017, Reko International Group announced its plans for the construction of a new manufacturing and innovation facility. The building, which will encompass over 40,000 square feet of production space, will be adjacent to its current premises on Silver Creek Industrial Drive in Lakeshore, ON.
Management wanted to name the project, and opened it to all employees to submit suggestions for the project name, and the winner would receive $500. The response was overwhelming. It was difficult to choose just one name, but the name chosen was “Reko Rising” – submitted by Jason Poisson. It was subsequently decided to add the new address to the name, which will be 455. Thanks to everyone who submitted their suggestions, and congratulations to Jason!
Founded in 2014, Build a Dream is designed to attract, encourage and recruit female students to pursue careers in skilled trades, STEM (Science, Technology, Engineering and Mathematics) and law enforcement. Yesterday, Build a Dream held it’s 5th annual event at the Ciociaro Club in Windsor, Ontario inviting all young women and parents of young women to the day long event to learn about various career options, hear from established speakers and meet and greet various businesses in the Windsor-Essex area.
(Windsor, Ontario – October 4, 2017) – Reko International Group Inc. (TSX-V: REKO) today announced results for its fourth quarter and year ended July 31, 2017.
On July 4, 2016, Reko announced that the customer related to the long term supply agreement announced in 2014, had exercised its right to make an advance payment. This one time payment of $3.9 million increased sales, gross profit and net income in Q4 2016 by this amount and net income by $2.9 million. There was no comparable payment in fiscal 2017, and therefore variances must be viewed in the context of this difference.
Consolidated sales for the year ended July 31, 2017, were $43.0 million, compared to $50.6 million in the prior year, a decrease of $7.6 million or 15.1%. The decrease in sales was related to the receipt of a one time payment in lieu of guaranteed volume under the long term agreement in the prior year, noted above, as well as a decrease in volumes in certain types of work in transportation and oil and gas sectors.
Picture this, you are stuck in a strenuous 9-5 day job, embarking on some extra side gigs in the evenings just to make ends meet, and by the time you get home into your congested neighborhood, you are exhausted. You barely have time for your loved ones and you never really get to see or enjoy the fruits of your labour. Sounds like a situation you can identify with? The solution to your problems may be found in the region of Windsor Essex!
(Windsor, Ontario – August 2, 2017) – Reko International Group Inc. (TSX-V: REKO) today announced its plans for the construction of a new manufacturing and innovation facility. The building, which will encompass over 40,000 square feet of production space, will be adjacent to its current premises on Silver Creek Industrial Drive in Lakeshore, ON.
It was a big quarter for Reko International Group!
On March 29, 2017 in Cologne, Germany, the Automation Division of Reko International Group Inc., was awarded the 2016 Supplier of the Year Award in the Tooling and Equipment category. Rick Stone, General Manger of the Reko Automation division, accepted the award on behalf of the company. Congratulations to our Automation Division!
(Windsor, Ontario – June 29, 2017) – Media reports were disseminated earlier today regarding a potential expansion of our Lakeshore, Ontario facility.
While discussions and negotiations as to such potential expansion are ongoing, there are not, as of yet, any definitive plans or agreements, and the plans for such expansion are subject to the completion of negotiations and entering into definitive agreements.
There is no assurance that such agreements will ever be finalized or that any expansion will proceed.
(Lakeshore, Ontario – December 12, 2016) – Reko International Group Inc. (TSX -V:REK) announced today the approval of a normal course issuer bid for 321,996 of its outstanding common shares.
The notice provides that Reko may, during the 12-month period commencing December 15, 2016 and ending December 14, 2017, purchase on the TSX Venture Exchange up to a total of 321,996 of its common shares, being approximately 5% of the outstanding common shares. Matthew LaRose of National Bank Financial will be the Member acting on behalf of Reko. The price that Reko will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Reko. All purchased shares will be cancelled. There are 6,439,920 common shares of Reko outstanding as of today.
Reko announces the special dividend approved yesterday will be paid on January 19, 2017 to shareholders of record of December 12, 2016
(Windsor, Ontario – December 2, 2016) – Reko International Group Inc. (TSX-V:REK) is pleased to announce that the payment of the special, one-time, cash dividend of $0.20 cents per share
to the holders of the Company’s common shares that was announced on December 1, 2016, will be paid to the shareholders of record of December 12, 2016. The ex-dividend date will be December 8, 2016, and the actual payment of the cash dividend will occur on January 19, 2017.
(Windsor, Ontario – July 4, 2016)- On September 22, 2014, Reko International Group Inc. (TSX-V: REK)announced a supply agreement with a single customer for precision machining services. The contract was expected to generate $27.5 million of sales over a three-year period. Due to a change in market conditions, the client has exercised its right to make an advance payment of $3,000,000 US in lieu of 31% of the contracted volume. Reko will include the $3,000,000 payment in revenue and profit before tax during the final quarter of fiscal 2016. Accordingly, this amount will not be earned in future periods of the contract. The modified schedule calls for delivery of the remaining 36% of the originally contracted volume through 2020.
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