THE CANADIAN INTERNATIONAL TRADE TRIBUNAL TERMINATES ITS PRELIMINARY INJURY INQUIRY IN RESPECT OF TIDEWATER RENEWABLES LTD.'S COUNTERVAILING (ANTI-SUBSIDY) AND ANTI-DUMPING DUTY COMPLAINT RELATING TO IMPORTS OF RENEWABLE DIESEL FROM THE UNITED STATES
CALGARY, AB, May 6, 2025 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) has been advised that the Canadian International Trade Tribunal (the "Tribunal") issued a decision to terminate its preliminary injury inquiry in respect of Tidewater Renewables' countervailing (anti-subsidy) and anti-dumping duty complaint relating to imports of renewable diesel from the United States (the "Investigation"). The issuance of the Tribunal's decision ends the Investigation arising from the complaint filed by the Corporation with the Canada Border Services Agency ("CBSA") on December 30, 2024. The Tribunal is expected to release reasons for its decision on May 23, 2025.
Tidewater Renewables is carefully reviewing its options in respect of the Tribunal's decision with the support of its external trade law counsel. Upon receipt of the Tribunal's reasons, the Corporation will assess all available options and legal remedies, including, but not limited to, promptly filing an amended or new complaint with the CBSA.
"While we are disappointed with the Tribunal's decision, Tidewater Renewables remains committed to free and fair trade in Canada's renewable diesel market. Our view remains that the facts support a finding that unfair trade practices by the United States have caused a flood of subsidized and dumped renewable diesel into Canada. This flood of imports has significantly injured Tidewater, currently the sole Canadian producer of renewable diesel", said Jeremy Baines, Chief Executive Officer of Tidewater Renewables.
ABOUT TIDEWATER RENEWABLES
Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become a leading Canadian renewable fuel producer. The Corporation is pursuing this objective through the ownership, development, and operation of clean fuels projects and related infrastructure, that utilize existing proven technologies. Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.ca and at www.tidewater-renewables.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "would", "could", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in the forward-looking statements used herein are reasonable, but no assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in this press release should not be unduly relied on.
In particular, this press release contains forward-looking statements concerning the timing of release of the Tribunal's reasons for its decision; the Corporation's assessment of its options and legal remedies; Tidewater Renewables' commitment to free and fair trade in Canada's renewable diesel market; and the Corporation's view of the effect of countervailing (anti-subsidy) and anti-dumping duties on the renewable diesel market and its related emission credits.
Although the forward-looking statements contained in this press release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure shareholders, investors or other parties that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this press release represent expectations as of the date of this press release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. With respect to the forward-looking statements contained in this press release, the Corporation has made assumptions regarding the availability of options and legal remedies following the release of the Tribunal's reasons for its decision and the effect of countervailing (anti-subsidy) and anti-dumping duties on the renewable diesel market and the related emission credit market.
In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include the factors discussed under "Risk Factors" in the Corporation's annual information form for the year ended December 31, 2024 and its most recent management's discussion and analysis. In addition, if no duties or other actions are ultimately taken by the CBSA and/or the Tribunal as a result of an amended or new complaint or such duties or actions are not imposed or taken on a timely basis, this could have a significant adverse impact on the Corporation's business and objectives.
All the forward-looking statements in this press release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.
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