AirBoss Announces Participation in Upcoming Investor Conferences and Provides Outlook on Upcoming Results

NEWMARKET, Ontario, Jan. 19, 2021 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (the "Company" or "AirBoss") today announced its participation in certain upcoming investor conferences and reported a preliminary outlook on selected unaudited financial results for the year ended December 31, 2020. All dollar ($) amounts are in U.S. dollars.

Institutional Investor Conference Participation

AirBoss is pleased to announce that it will be participating in the 24th Annual CIBC Western Institutional Investor Conference January 20, 2021 and the 42nd Annual Cowen & Co. Aerospace/Defense & Industrials Conference taking place February 9-11, 2021.

FY2020 Anticipated Results

The Company is providing preliminary unaudited 2020 results now to enable it to participate fully in these important upcoming investor conferences during what would otherwise be its routine blackout period. The Company cautions readers that the information may not be appropriate for any other purposes. For important information on risk factors, refer to “AirBoss Forward Looking Information Disclaimer” later in this news release.

Based on preliminary unaudited results, the Company anticipates reporting record 2020 revenues in the range of $498 to $503 million, with Adjusted EBITDA¹ margin anticipated to be approximately 19.5% to 21.0% of revenues. Net debt as at December 31, 2020 is estimated to be approximately nil due to cash generated in 2020. This information is based on unaudited expected results and certain accounting assumptions. These views on anticipated results are based on management’s initial review of its operations and performance for the year ended 2020, do not include all results expected to be reported and are subject to the completion of the Company’s customary closing and review procedures.

“2020 was another record year for AirBoss, as the diversity of our operations enabled us to offset the negative impact of COVID-19 on the rubber industry in North America and continue generating significant cash while maintaining our dividend,” said Gren Schoch, Chairman and CEO of AirBoss. “The creation of AirBoss Defense Group at the beginning of 2020 proved timely as we leveraged the global sales expertise of the company we acquired, Critical Solutions International, and our own production capacity and expertise to satisfy skyrocketing demand for our domestically manufactured personal protective equipment, notably our proprietary powered air purifying respirators (PAPRs) and related filters and peripherals. After completing a major PAPR order for FEMA in Q3 on time and on budget, during the fourth quarter we completed our delivery of PAPRs to HHS and expect to complete delivery of remaining related peripherals over the next several months. While COVID-19 has driven the size of these important contracts, we believe it will also result over time in an expanded end-user market opportunity for our PPE from military and federal governments to municipalities, hospitals, medical personnel and first responders.”