AirBoss Announces Intention to Renew Normal Course Issuer Bid

NEWMARKET, Ontario, Nov. 26, 2020 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (the "Company") (TSX:BOS) announced today that the Toronto Stock Exchange ("TSX") has accepted its Notice of Intention to renew its normal course issuer bid for its common shares (the "Bid"). Purchases made pursuant to the Bid will be made in the open market through the facilities of the TSX and alternative Canadian trading systems, if eligible, in accordance with applicable regulatory requirements.

For its current Bid that expires on November 29, 2020, the Company previously sought and received approval from the TSX to repurchase up to 500,000 common shares. The Company has not purchased common shares for cancellation to date over the course of the current Bid.

Pursuant to the renewed Bid, the Company may re-purchase up to 500,000 of its common shares (representing approximately 3.8% of the Company's public float of 13,031,799 common shares as of November 21, 2020). The renewed Bid will commence on November 30, 2020 and remain in effect until the earlier of November 29, 2021, the termination of the Bid by the Company or the Company purchasing the maximum number of common shares permitted under the Bid. As of November 21, 2020, the Company had 26,908,802 common shares issued and outstanding.

Subject to the Company's ability to make "block" purchases through the facilities of the TSX, the maximum number of common shares that the Company may purchase on any trading day is 31,883 common shares (representing 25% of 127,535, being the average daily trading volume of the Company's shares on the TSX in the six month period prior to the Bid). The price paid for any common shares acquired by the Company will be the market price of the shares at the time of acquisition. The Company intends to fund the repurchases under the Bid out of its available cash. All common shares acquired by the Company under the Bid will be cancelled.

Purchases pursuant to the bid will be conducted by a broker engaged by the Company to make purchases under the Bid in accordance with the applicable policies of the TSX. The Company has entered into an "automatic share purchase plan" to facilitate the repurchase of common shares under the Bid through the designated broker. Pursuant to the automatic share purchase plan, the broker will be permitted to repurchase common shares under the Bid at times when AirBoss is subject to a self-imposed blackout period, pursuant to instructions provided in advance of such blackout periods. The automatic share purchase plan complies with, and has been adopted in accordance with, the requirements of applicable Canadian securities laws.