AirBoss Provides Corporate Update and Preview of Q2 2023 Results

NEWMARKET, Ontario, July 27, 2023 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS)(OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced a change to its leadership team and updates at AirBoss Defense Group (“ADG”) which are intended to improve the division’s long-term strength. The Company has also provided a preview of its Q2 2023 financial results along with details for the upcoming Q2 2023 results conference call.

Chris Bitsakakis to Assume New Role as President and Co-CEO

AirBoss is pleased to announce that as of today’s date, Chris Bitsakakis, the current President and Chief Operating Officer of the Company, will assume the role of President and Co-Chief Executive Officer. Gren Schoch will continue in the role of Chairman and will serve alongside Chris as Co-Chief Executive Officer.

“Chris joined AirBoss in November 2017, and has overseen significant growth and enhanced performance in the organization, guiding us through a number of transformative changes,” said Gren Schoch, Chairman and Co-CEO of AirBoss. “His ability to enhance operational discipline, streamline key areas of the business, and attract experienced management to the organization, as well as his focus on growth, innovation, and product development make him ideally suited to play a greater role in our next phase of growth and execution of strategic opportunities. I look forward to continuing my close collaboration with Chris in his new role as we work on growing our core Rubber Solutions segment, driving improved performance from Engineered Products, and pursuing an array of growth and value-creation opportunities within ADG.”

AirBoss Defense Group

AirBoss also announced today that a series of cost-saving measures were implemented across ADG’s operations, including a reduction in its workforce. These changes are intended to streamline the business segment’s operations following a series of acquisitions and reduced business activity from continued delays in expected contract awards. These cost-saving measures are expected to result in approximately $5.0 million in annual cost reductions once fully implemented, while ADG remains fully capable to execute against future awards.