Airboss Announces Proposed Settlement of Class Action

NEWMARKET, Ontario, May 07, 2024 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) (the “Company” or “AirBoss”) today announced that, subject to court approval, it has reached a settlement of the class action lawsuit pending against the Company in Canada.

As previously disclosed in the Company’s December 16, 2022 press release, a statement of claim was issued (under the Class Proceedings Act, 1992) in the Ontario Superior Court of Justice (the “Court”) against AirBoss and several named officers. The proceedings were commenced by Jonathan A. Callowhill and Shane Chambers, who sought an order for leave to proceed under the Securities Act (Ontario), certifying the proceeding as a class proceeding and appointing them as representative plaintiffs. The plaintiffs sought, among other relief, a declaration that the Company made misrepresentations contrary to the Securities Act (Ontario) during a period extending from November 9, 2021 to September 6, 2022, as well as unspecified damages.

Following a mediation between the plaintiffs and the defendants (including the Company), the parties entered into a settlement agreement to resolve this matter (the “Settlement”). The plaintiffs will file a motion to establish a process for court approval of the Settlement. None of the defendants are admitting any liability, wrongdoing, or fault as part of the Settlement. If a preliminary order is granted by the Court, the plaintiffs will send notice of the Settlement to potential class members. Subject to certain conditions set forth in the Settlement, the parties expect to seek final approval of the Settlement from the Court after the applicable notice periods. The Settlement will not be final unless the Court grants final approval. The Company cannot provide any assurance that the Settlement will obtain the necessary approvals and satisfy the conditions and requirements necessary for it to become final. The Settlement, if approved, is within our insured limits and will not result in any direct financial impact to the Company.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.