Savaria President and CEO Intends to Distribute Securities

Laval, Quebec, CANADA


LAVAL, Québec, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS) a global leader in the accessibility industry, announces today that Mr. Marcel Bourassa, President and CEO of Savaria, has filed a notice of intention to distribute securities in connection with his proposed sale of up to 1,700,000 common shares of Savaria (representing up to 2.64% of the issued and outstanding common shares). The common shares are expected to be sold through the facilities of the Toronto Stock Exchange and may also be sold or transferred privately.

The common shares are proposed to be sold by Mr. Marcel Bourassa for personal reasons, for family estate planning purposes and in support of philanthropic endeavors. As he holds some of his common shares in Savaria through various holding companies, this proposed sale of shares will also financially benefit Mr. Marcel Bourassa’s brother Mr. Jean-Marie Bourassa. Mr. Marcel Bourassa is and, following the proposed sale, will continue to be the largest shareholder of Savaria.

As of December 12, 2022, Mr. Marcel Bourassa owns or controls, directly or indirectly, an aggregate of 14,905,167 common shares of Savaria or 23.14% of the issued and outstanding shares. If the maximum number of shares covered by his notice of intention are ultimately sold, and assuming no other variation of his current share ownership, Mr. Marcel Bourassa would still own or control, directly or indirectly, an aggregate of 13,205,167 common shares of Savaria, or 20.50% of the common shares currently issued and outstanding.

Mr. Marcel Bourassa may, depending on market and other conditions, increase or decrease his security holdings in Savaria from time to time as he may determine appropriate for investment purposes. An early warning report will be filed by him under Savaria’s SEDAR profile at www.sedar.com to update his most recent early warning report. A copy of the notice of intention to distribute securities (Form 45-102F1) filed by him is available under Savaria’s SEDAR profile. There is no assurance as to the timing of the proposed sales contemplated in the notice, and any such proposed sales may not occur.

About Savaria Corporation

Savaria Corporation (savaria.com) is a global leader in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and elevators for home and commercial use. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, as well as an extensive line of medical equipment and solutions for the safe handling of patients, including ceiling lifts and slings. In addition, Savaria converts and adapts vehicles for personal and commercial uses. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, The Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,250 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.

Forward-Looking Statements

This press release includes certain statements that are “forward-looking statements” within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words “believe”, “could”, “should”, “intend”, “expect”, “estimate”, “assume” and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation’s expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria’s or the industry’s outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation’s actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate.

A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. As a result, the Corporation cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation’s business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made.

Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing risks and uncertainties include the risks set forth under “Risks and Uncertainties” in Savaria’s latest Annual MD&A as well as other risks detailed from time to time in reports filed by Savaria with securities regulators in Canada.

For further information:  
Marcel Bourassa
President and Chief Executive Officer
1.800.661.5112
mbourassa@savaria.com
  

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