KANSAS CITY, Mo., August 4, 2022 /PRNewswire/ — Custom Truck One Source, Inc. (“Custom Truck One Source” or the “Company”) (NYSE: CTOS) today announced that the Company’s Board of Directors has appointed Christopher J. Eperjesy to fill the position of Chief Financial Officer, effective August 15, 2022. Mr. Eperjesy succeeds Todd Barrettewho will continue as the Company’s Chief Accountant.
Fred RossCEO of Custom Truck One Source, said, “We couldn’t be more excited to have Chris join Custom Truck One Source as Chief Financial Officer. He has relevant experience and an impressive track record of growth and value creation in his previous roles. would also like to thank Todd Barrette for the pivotal role he has played as interim Chief Financial Officer over the past three months.”
“Chris is a proven CFO who brings a well-established combination of capital allocation discipline and operational skills to the role. He will be a strong partner as we execute our financial and operational plans in the years ahead,” said Marshal HeinbergChairman of the Board of Custom Truck One Source.
“It’s exciting to join a company that has an established history of success,” said Mr. Eperjesy. “I am impressed with the Company’s commitment to strategic growth and its commitment to its employees, customers and suppliers.”
Mr. Eperjesy most recently served as Chief Financial Officer of Clarios International Inc., a global energy storage company that provides low-voltage battery technologies for vehicles, August 2020 at June 2022. Of December 2018 through August 2020, he was Senior Vice President and Chief Financial Officer of Cooper Tire & Rubber Company, a company specializing in the design, manufacture, marketing and sale of tires for automobiles and trucks. He holds a bachelor’s degree in accounting from the University of Michigan and an MBA from Indiana University.
Custom Truck One Source also announced today that its board of directors has authorized a stock repurchase program of up to $30 million ordinary shares of the Company. Under the repurchase program, repurchases may be made from time to time using various methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange. Commission and other applicable legal requirements. . The precise timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions and other considerations. The buyback program does not obligate the Company to purchase any particular amount of its common stock, and the buyback program may be suspended or terminated at any time at the discretion of the Company.
“This announcement demonstrates the board and management’s confidence in the company’s business and the growth opportunities we see over the long term,” said Fred Ross. “We believe the buyback program is an appropriate tool to have in times of market volatility and can be an attractive use of our capital when deployed at appropriate prices. Based on the strength of our balance sheet, we we continue to see significant opportunities to continue to invest and grow our business.”
ABOUT CUSTOM ONE TRUCK ONE SOURCE
Custom Truck One Source is a leading provider of specialty truck and heavy equipment solutions for the utility, telecommunications, rail and infrastructure markets in North America. The Company’s solutions include rental, sales, spare parts, tools, accessories and service, equipment production, manufacturing, financing solutions and asset disposal. With an extensive line of equipment, the company’s expert team serves customers through an integrated network of locations across North America. For more information, please visit customtruck.com.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. When used in this press release, the words “estimates”, “plans”, “expects”, “anticipates”, “expects”, “plans”, “intends”, “believes “, “seek”, “may”, “will”, “should”, “future”, “propose” and variations of these similar words or expressions (or negative versions of these words or expressions) are intended to identify the forward-looking statements.These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of control of the Company’s management, which could cause actual results to differ materially from those discussed in this press release. This press release is based on certain assumptions made by the management of the Company. the light of its experience in the industry e, as well as the Company’s perceptions of historical trends, current conditions, expected future developments and other factors the Company deems appropriate in the circumstances. . By reading and considering this press release, you should understand that these statements are not guarantees of performance or results. Many factors could affect the actual performance and results of the Company and could cause actual results to differ materially from those expressed in this press release. Important factors, among others, that may affect actual results or results include: difficulty in integrating Nesco Holdings, Inc. and Custom Truck One Source, L.P. (“Custom Truck LP”) and fully realize the anticipated benefits of the Acquisition (as defined below), as well as the significant transaction and transition costs that we will continue to incur following the acquisition by Nesco Holdings II, Inc. of Custom Truck LP (the “Acquisition”); physical disruptions to our operating and manufacturing sites due to public health concerns, including COVID-19, equipment failures, natural disasters, work stoppages, power outages or others reasons; the cyclical nature of demand for our products and services and our vulnerability to industry, regional and national downturns, which affect, among other things, our ability to manage our rental equipment; our inability to obtain raw materials, components and/or finished goods on a timely and cost-effective basis, and our inability to manage our rental equipment effectively; any other increases in the cost of new equipment that we purchase for use in our rental fleet or for our sales inventory; disruptions to our supply chain due to the current COVID-19 pandemic; the aging or obsolescence of our existing equipment and fluctuations in its market value; our inability to recruit and retain experienced personnel, including skilled technicians, that we need to compete in our industries; disruptions in our information technology systems or a compromise in the security of our systems, limiting our ability to effectively monitor and control our operations, adapt to changing market conditions and implement strategic initiatives; adverse capital and credit market conditions and our inability to obtain additional capital when needed; our reliance on a limited number of manufacturers and suppliers and on third-party contractors to provide us with various services to help us conduct our business; potential impairment charges; our exposure to various risks related to legal proceedings or claims, and our failure to comply with applicable laws and regulations, including those related to occupational health and safety, the environment, government contracts, confidentiality and data security; the interests of our controlling shareholder, which may not be consistent with other shareholders; our significant indebtedness, which may adversely affect our financial condition, limit our available cash and our access to additional capital, prevent us from developing our business and increase our risk of default; our inability to attract and retain highly qualified personnel and our inability to retain our senior management; our inability to generate cash, which could result in default; significant operating and financial restrictions imposed by the indenture and the ABL Credit agreement; increasing the unionization rate of our workforce; changes in interest rates, which could increase our debt service obligations on floating rate debt and decrease our net income and cash flow; and the phasing out of LIBOR and uncertainty about its replacement. For a more complete description of these and other possible risks and uncertainties, please see the Company’s Annual Report on Form 10-K for the fiscal year ended. December 31, 2021, and its subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Brian PermanVice President, Investor Relations
SOURCE Custom Truck One Source, Inc.