CALGARY, ALBERTA--(Marketwire - March 25, 2013) - The Board of Directors (the "Board") of Alaris Royalty Corp. ("Alaris" or the "Corporation") (TSX:AD) wishes to announce that Mr. Clay Riddell will retire from the Board and will not be seeking re-election to the Board at the Corporations upcoming annual general and special meeting of its shareholders to be held on April 18, 2013. The Board also wishes to acknowledge and recognize the very significant contribution of Mr. Riddell and the part that he has played in making Alaris a great success.
Steve King, President and Chief Executive Officer of Alaris had the following to say about Mr. Riddell's retirement. "It is not an exaggeration to say that Alaris would not exist today without Clay Riddell. Nine years ago, management of Alaris were just like many other entrepreneurs with a good idea. We will always be indebted to the man that allowed our idea to grow into what it is today. Given his incredible career as one of Canada's most successful businessmen, I suppose it should be no surprise that Mr. Riddell became the perfect partner. All of us would like to thank Mr. Riddell for the incredible faith that he has shown in our company and for the personal and professional lessons that we were all so fortunate to learn from him over the last nine years. We will certainly miss Clay's uncommon common sense and his calm direction at our board meetings and wish him well in his numerous business and charitable endeavors."
The Board is conducting an extensive search for a director to fill the vacancy created by Mr. Riddell's retirement. Mr. Riddell remains Alaris' largest shareholder.
Alaris provides alternative financing for a diversified group of private businesses ("Private Company Partners") in exchange for royalties or distributions from the Private Company Partners, with the principal objective of generating stable and predictable cash flows for dividend payments to its shareholders. Royalties or distributions from the Private Company Partners are structured as a percentage of a "top line" financial performance measure such as gross margin and same-store sales and rank in priority to the owners' common equity position.
Manager of Investor Relations, Analyst
Alaris Royalty Corp.
Suite 232, 2031 33rd Avenue S.W.
Calgary, Alberta T2T 1Z5