ASV Holdings, Inc. Announces Multiple-Location Dealer Agreement with Rish Equipment Company
GRAND RAPIDS, Minn.--(BUSINESS WIRE)-- ASV Holdings, Inc. (NASDAQ: ASV), a leading provider of rubber-tracked compact track loaders and wheeled skid steer loaders in the compact construction equipment market, today announced that it has entered into a dealer agreement with Rish Equipment, a leading equipment distributor with locations in West Virginia, Virginia, and Maryland. ASV products will be distributed in each of the company’s fourteen locations, and initial deliveries are slated to begin in the second half of 2019.
ASV will provide Rish Equipment Company with its full line of compact track loaders, featuring the company’s proprietary and unique Posi-Track undercarriage system, which represents the dealer’s entrance into this market, joining Komatsu, LeeBoy, Dynapac, NPK, and Sakai, among others, as well-known branded equipment that are offered throughout this dealer network. Rish, founded in 1934, and currently with over three hundred employees, has grown to become one of the premiere heavy equipment distributors in the United States, serving residential and commercial construction, highway construction, paving, aggregates, mining, landscape construction, forestry, demolition, agriculture, industrial, utility, and government markets.
Justin Rupar, Vice President of Sales and Marketing of ASV Holdings, Inc., commented, “We are excited to announce our partnership with Rish, a historic tier-1 equipment dealer which offers new, used and rental equipment in each of its 14 locations. They share our vision, with its mantra being to provide excellent service support with an extensive parts inventory, highly trained service personnel, mobile and on-site service to eliminate travel and minimize downtime. We have long prided ourselves in having the most maintenance-free machines available in the market and look forward to growing our business together with Rish and helping them to become a leading ASV distributor.”
About ASV Holdings, Inc.
ASV Holdings, Inc. is a designer and manufacturer of compact construction equipment. Its patented Posi-Track rubber tracked, multi-level suspension undercarriage system provides a competitive market differentiator for its Compact Track Loader (CTL) product line with brand attributes of power, performance and serviceability. Its wheeled Skid Steer Loaders (SSLs) also share the common brand attributes. Equipment is sold through an independent dealer network throughout North America, Australia, and New Zealand. The company also sells OEM equipment and aftermarket parts. ASV owns and operates a 238,000 square-foot production facility in Grand Rapids, MN.
This release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “intends” or “continue,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. Forward-looking statements in this release include, without limitation: (1) projections of revenue, earnings, capital structure and other financial items, (2) statements of our plans and objectives, (3) statements regarding the capabilities and capacities of our business operations, (4) statements of expected future economic conditions and the effect on us and on dealers or OEM customers, (5) expected benefits of our cost reduction measures, and (6) assumptions underlying statements regarding us or our business. Our actual results may differ from information contained in these forward looking-statements for many reasons, including those described in the section entitled “Risk Factors” in our Form 10K for the year ended December 31, 2018, which is available on our EDGAR page at www.sec.gov. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in greater detail under the heading “Risk Factors” and elsewhere in the Form 10K. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, after the date of this release, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. We obtained the industry, market and competitive position data in this release from our own internal estimates and research as well as from industry and general publications and research surveys and studies conducted by third parties. While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third-party sources. While we believe our internal company research is reliable and the market definitions we use are appropriate, neither such research nor these definitions have been verified by any independent source. We from time to time refer to various non-GAAP financial measures in this release. We believe that this information is useful to understanding our operating results by excluding certain items that may not be indicative of our core operating results and business outlook. Reference to these non-GAAP financial measures should not be considered as a substitute for, or superior to, results that are presented in a manner consistent with GAAP. Rather, the non-GAAP financial information should be considered in addition to results that are presented in a manner consistent with GAAP.
At Darrow Associates, Inc.
Peter Seltzberg, Managing Director, Investor Relations
At ASV Holdings, Inc.
Andrew Rooke, Chief Executive Officer
Source: ASV Holdings, Inc.
Released July 23, 2019