D-BOX Announces the Creation of a Strategic Review Committee and Details Relating to its Annual Meeting of Shareholders

MONTRÉAL, Aug. 16, 2023 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (“D-BOX” or the “Corporation”) (TSX: DBO) today announced certain details regarding the creation of a strategic review committee (the “Strategic Review Committee” or the “Committee”) of its board of directors (the “Board”) and that it will hold its annual meeting of shareholders (the “Meeting”) on September 28, 2023.

STRATEGIC REVIEW COMMITTEE

The Corporation announced that the Board formed the Strategic Review Committee to evaluate strategic alternatives potentially available to D-BOX as well as their respective implications, and to proceed with a formal strategic review process with a view to enhance shareholder and stakeholder value in the long term. The Committee is comprised solely of independent directors, namely, Messrs. Jean-Pierre Trahan (Chair), Denis Chamberland and Luc Martin, and retained Fasken Martineau DuMoulin LLP (“Fasken”) as legal counsel to assist with the review process. Following its constitution, the Committee retained Stifel Nicolaus Canada Inc. (“Stifel”) as its financial and strategic advisor.

The Strategic Review Committee has met several times in furtherance of its mandate, has initiated a formal review process of strategic alternatives and has been engaged in ongoing discussions in the last few months with a number of parties with the assistance of Stifel and Fasken.

“D-BOX is poised for growth across multiple key markets,” said Denis Chamberland, Chair of the Board. “The Board is committed to evaluating strategic alternatives available to D-BOX while simultaneously supporting the management team as they continue to strengthen D-BOX’s leadership position in the theatrical market and grow its business in other key markets. The Board believes that pursuing these complementary paths is in the best interests of D-BOX and D-BOX’s shareholders, employees and other stakeholders.”

Neither the Board nor the Committee has set a timetable to complete the strategic review process nor have any decisions been made relating to strategic alternatives at this time. There can be no assurance that the review process will result in a transaction. D-BOX does not intend to provide any updates or make any announcements unless or until it determines that further disclosure is appropriate or necessary.

While the review process is ongoing, D-BOX’s management remains committed to executing on D-BOX’s strategy and business plan with the full support of the Board.

ANNUAL MEETING OF SHAREHOLDERS