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American Hotel Income Properties REIT LP Provides Update On Voting And Notes Adjustment To Its Management Information Circular

Yahoo

28-05-2025

Business
Yahoo

American Hotel Income Properties REIT LP Provides Update On Voting And Notes Adjustment To Its Management Information Circular

VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- American Hotel Income Properties REIT LP ('AHIP') (TSX: TSX: HOT.U, TSX: announces that due to the ongoing labour dispute between the Canadian Union of Postal Workers and Canada Post some unitholders may experience a delay in receiving the proxy-related materials for the annual and special meeting of unitholders scheduled to be held on June 26, 2025 (the "Meeting") and may not receive such materials prior to the Meeting. The Meeting materials have been filed under AHIP's profile on SEDAR+ and are available at as well as on the following page of AHIP's website: Unitholders will still be able to vote their units either directly by proxy (for registered unitholders) or indirectly through their intermediary (for beneficial unitholders who hold their units through brokerage firms or other intermediaries). Instructions respecting voting can be obtained as outlined below. If you are a registered unitholder, please contact Computershare Investor Services Inc. at 1-800-564-6253 to obtain your proxy form control number to cast your vote for the upcoming Meeting. If you hold units through an intermediary such as a brokerage firm, please contact your intermediary directly for a copy of the voting instruction form and assistance with voting. The deadline for voting by proxy for the Meeting is 11:00 a.m. (Pacific time) on June 24, 2025. AHIP is also advising unitholders of an adjustment to its Management Information Circular dated May 15, 2025 (the 'Circular') which has been mailed to unitholders for use in connection with the Meeting. On pages 22 and 44 of the Circular it was reported that as of May 15, 2025: (i) the total number of units reserved for issuance under the Amended and Restated Securities-Based Compensation Plan of AHIP dated May 11, 2022 (the 'SBC Plan') was 4,355,078, representing approximately 5.58% of the issued and outstanding units on a non-diluted basis, of which 2,155,078 (assuming the maximum payout of 200% on the restricted stock units ('RSUs') previously granted as performance awards which were outstanding on May 15, 2025) were full value awards and 2,200,000 were unit-options; and (ii) 3,452,191 units were eligible to be issued under the SBC Plan representing 4.42% of AHIP's issued and outstanding units on a non-diluted basis, of which 1,748,556 were eligible to be issued as full value awards, representing 2.24% of AHIP's issued and outstanding units on a non-diluted basis. When calculating such amounts certain of the previously issued RSUs granted as performance awards were included on the basis of an assumed 100% payout rather than the potential maximum payout of 200%. After adjusting for an assumed maximum payout of 200% for all RSUs previously issued as performance awards, as of May 15, 2025: (i) the total number of units reserved for issuance under the SBC Plan was 5,174,399, representing approximately 6.63% of the issued and outstanding units on a non-diluted basis, of which 3,024,399 (assuming the maximum payout of 200% on the RSUs previously granted as performance awards which were outstanding on May 15, 2025) were full value awards and 2,150,000 were unit-options; and (ii) 2,632,870 units were eligible to be issued under the SBC Plan representing 3.37% of AHIP's issued and outstanding units on a non-diluted basis, of which 879,235 were eligible to be issued as full value awards, representing 1.13% of AHIP's issued and outstanding Units on a non-diluted basis. ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP American Hotel Income Properties REIT LP (TSX: TSX: HOT.U, TSX: or AHIP, is a limited partnership formed to invest in hotel real estate properties across the United States. AHIP's portfolio of premium branded, select-service hotels are located in secondary metropolitan markets that benefit from diverse and stable demand. AHIP hotels operate under brands affiliated with Marriott, Hilton, IHG and Choice Hotels through license agreements. AHIP's long-term objectives are to increase the value of its hotel properties through operating excellence, active asset management and value-adding capital expenditures and increase unitholder value and distributions to unitholders. More information is available at For additional information, please contact: Investor Relationsir@

Yahoo

28-05-2025

Business
Yahoo

American Hotel Income Properties REIT LP Provides Update On Voting And Notes Adjustment To Its Management Information Circular

CANASIA ENERGY CORP. 2025 First Quarter Financial & Operating Results

Cision Canada

15-05-2025

Business
Cision Canada

CANASIA ENERGY CORP. 2025 First Quarter Financial & Operating Results

CALGARY, AB, May 15, 2025 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2025 first quarter consolidated financial and operating results. The Company is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2025 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at or the Company's website, Commenting today on CanAsia's 2025 first quarter results, President and CEO Jeff Chisholm stated: "During the first quarter of 2025 and continuing into the second quarter we have been and will continue to be focused on the technical work necessary to evaluate a potential bid in the upcoming onshore Thailand 25 th Licensing Round. In the event that CanAsia, together with the consortium that we intend to partner with, determines that there is merit for a strong bid, bids will be due by July 16, 2025." HIGHLIGHTS CanAsia had working capital totaling $2.3 million, no long-term debt and shareholders' equity of $7.2 million at March 31, 2025. Common shares outstanding were 112.8 million at May 15, 2025 and at December 31, 2024. Net loss in the first quarter of 2025 was $0.7 million ($0.01 per share) compared to $0.6 million ($0.01 per share) in the first quarter of 2024. Cash flow used in operations in the first quarter of 2025 was $1.2 million ($0.01 per share) compared to $0.9 million ($0.01 per share) in the first quarter of 2024. Cash flow used in operations in the first quarter of 2025 was mainly attributable to general and administrative expense of $0.5 million and operating expense of $0.2 million to maintain the shut-in facility of Andora Energy Corporation. General and administrative expense in the first quarter of 2025 was $0.5 million compared to $0.6 million in the first quarter of 2024. General and administrative expense is comprised primarily of expenses related to personnel and premises, external services, and public company costs. Personnel and premises costs were $0.2 million in the first quarters of 2025 and 2024. These costs include salaries and benefits for employees, and fees incurred for consultants. They also include rent and other office costs related to the Company's Calgary office. External service costs for the first quarter of 2025 were $0.2 million compared to $0.3 million in the first quarter of 2024. These costs mainly related to professional fees for legal, audit, tax services, information technology and engineering. Public company costs were $0.1 million in the first quarters of 2025 and 2024. These costs were incurred for maintaining the Company's status as a public company and mainly related to shareholder reporting and meeting, TSXV fees, transfer agent, insurance and directors' fees. Operating expenses in the first quarters of 2025 and 2024 were $0.2 million. These expenses were incurred to safeguard and maintain the assets of Andora's suspended SAGD project facility and wellpair at Sawn Lake Central. The natural gas pipeline tariff agreement which was entered into between Andora and a third party in 2018 with a commencement date of June 1, 2023 was recognized as an onerous contract under IAS 37 since the operation at Sawn Lake is shut-in. The Company has recognized a provision of $1.0 million representing the net cost of fulfilling the contract as at March 31, 2025. The current portion of the decommissioning provision of $0.6 million as at March 31, 2025 was related to the legacy subsidiaries of POEH which had held interests in the East Jabung Production Sharing Contract in Indonesia and a well pertaining to Andora's interests in Sawn Lake, Alberta. CanAsia is withdrawing from activities in Indonesia and decommissioning related costs are expensed when incurred. The non-current portion of the decommissioning provision of $1.8 million as March 31, 2025 pertained to Andora's interests in Sawn Lake, Alberta. OUTLOOK As previously disclosed, the Government of Thailand has formally announced the onshore Thailand 25 th Licensing Round on 9 onshore concessions located in the North East and Central plains of Thailand. During the first quarter of 2025 and continuing into the second quarter the Company has been and will continue to be focused on the technical work necessary to evaluate a potential bid in the upcoming licensing round. Bids will be due by July 16, 2025. In the event that the Company, together with the consortium that it is proposing to partner with, with a 30% participating interest, determines that there is merit for a strong bid, bids will be due by July 16, 2025. The uncertainties related to the recent Canadian federal election and the ongoing trade dispute between Canada and United States, including current and potential tariffs and other measures and the impact thereof on oil and gas prices, impacted the timing of commencement of a process with respect to the potential monetization of Andora Energy Corporation's Sawn Lake heavy oil asset. With some of the political and trade uncertainty now better framed, the Company expects a Sawn Lake monetization process, which may involve the outright sale of the asset, or a farmout whereby all, or a substantial portion of, the required go-forward capital would be covered by a potential farminee, to commence in earnest once commodity prices stabilize at levels higher than they are currently at. Financial and Operating Results (1) As set out in the Consolidated Statements of Operations and Comprehensive Loss in CanAsia's Consolidated Financial Statements. (2) As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial Statements. (3) As set out in the Consolidated Statements of Changes in Shareholders' Equity in CanAsia's Consolidated Financial Statements. Cautionary Statements This press release may contain forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "will", "expect", "believe", "estimate", "should", "anticipate", "potential", "opportunity" or other similar wording. Forward-looking information in this press release may include, but is not limited to, the strength of the Company's financial position; the need for and availability of additional capital; statements with respect to a potential monetization involving Andora's Sawn Lake heavy oil project; and the anticipated onshore Thailand oil and gas licensing round, including the expected timing thereof and the Company's plans to evaluate and submit a potential bid as part of a consortium with a 30% participating interest. By its very nature, forward-looking information requires CanAsia and its management to make assumptions that may not materialize or that may not be accurate. In addition, forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of CanAsia, which could cause actual events, results, expectations, achievements or performance to differ materially. Although CanAsia believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. See "Forward-Looking Statements" in CanAsia's management's discussion and analysis for the three months ended March 31, 2025 for more information on the assumptions on which the Company has relied and the risks and uncertainties and other factors that could impact the forward-looking information in this press release. CanAsia undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE CanAsia Energy Corp.

MATTR Announces First Quarter 2025 Results

Yahoo

14-05-2025

Business
Yahoo

MATTR Announces First Quarter 2025 Results

TORONTO, May 14, 2025 (GLOBE NEWSWIRE) -- Mattr Corp. ('Mattr' or the 'Company') (TSX: MATR) reported today its operational and financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the Company's Management Discussion and Analysis ('MD&A') and interim consolidated financial statements for the three months ended March 31, 2025, which are available on the Company's website and at Highlights include1: On January 2, 2025, the Company completed its acquisition of AmerCable® Incorporated ('AmerCable'), a U.S. manufacturer of highly engineered wire and cable solutions for the net purchase price of US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. This transaction is still subject to final net working capital adjustments. AmerCable is now reported under the Company's Connection Technologies segment; On a consolidated basis (including Continuing Operations and Discontinued Operations), Mattr reported revenue of $343 million, net income of $53 million, Adjusted EBITDA2 of $54 million, diluted Earnings Per Share ('EPS') of 0.84 and diluted Adjusted EPS2 of $0.34. Results are inclusive of Modernization, Expansion and Optimization ('MEO')2 costs of $2.7 million incurred during the quarter; During the first quarter of 2025, Mattr's Continuing Operations (including AmerCable) delivered revenue of $320 million, operating income of $18 million and Adjusted EBITDA of $47 million, an 80% increase compared to the first quarter of 2024; The Connection Technologies segment's first quarter revenue increased by 106% to $187 million compared to $91 million in the prior year's quarter. Operating income increased by 24% to $18 million compared to $15 million in the prior year's quarter and Adjusted EBITDA from the segment was $30 million, a 73% increase compared to the first quarter of 2024; The Composite Technologies segment's first quarter revenue increased by 11% to $133 million compared to $119 million in the prior year's quarter. Operating income increased by 219% to $13 million compared to $4 million in the prior year's quarter and Adjusted EBITDA from the segment was $21 million, a 40% increase compared to the first quarter of 2024; During the first quarter of 2025, Discontinued Operations generated revenue of $23 million, operating income of $7 million and Adjusted EBITDA of $7 million; and During the first quarter of 2025, the Company committed $11.6 million to new capital expenditures while outlaying approximately $24.1 million in cash, including previously accrued amounts, to support long-term growth in its Composite Technologies and Connection Technologies segments. The Company also repurchased approximately 1.0 million of its common shares for a total repurchase price of $11 million under its normal course issuer bid ('NCIB'). Subsequent to the quarter and as of April 30, 2025, the Company has repurchased 313,800 shares for an aggregate repurchase price of approximately $3.0 million. ______________________________1. The Company's consolidated financial statements for the three months ended March 31, 2025, report Continuing Operations as the Company's Composite Technologies and Connection Technologies reporting segments and Financial and Corporate. Discontinued Operations include Company's Thermotite business, its final remaining pipe coating business. Total consolidated figures include figures from both Continuing Operations and Discontinued Operations2. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS are non-GAAP measures. MEO costs is a supplementary financial measure. Non-GAAP measures and supplementary financial measures do not have standardized meanings prescribed by GAAP and are not necessarily comparable to similar measures provided by other companies. See 'Section 5.0 – Reconciliation of Non-GAAP Measures' for further details and a reconciliation of these non-GAAP measures. 'The first quarter of 2025 saw Mattr leverage its unique product portfolio to deliver strong business performance despite geopolitically driven uncertainty across many end markets,' said Mike Reeves, Mattr's President & CEO. 'With customer adoption of recently released technologies accelerating, robust performance from AmerCable in its first quarter as a Mattr brand, and newly established manufacturing facilities operating at improved levels of efficiency, Q1 saw meaningful year-over-year expansion of both revenue and Adjusted EBITDA generation within both operating segments.' 'Mattr benefitted modestly during the first quarter from acceleration of purchasing decisions by some customers ahead of early April US tariff announcements. While Mattr's own USMCA compliant products were not directly impacted by these announcements, the uncertain outlook for global trade and macro-economic conditions has undoubtedly impacted customer confidence across much of the critical infrastructure landscape. Consequently, the Company currently expects demand for its products during the second quarter of 2025, and likely beyond, will be unfavorably impacted. While the full year business impact remains unclear, we currently anticipate the second quarter of 2025 will see Mattr's revenue and Adjusted EBITDA move lower sequentially.' Mr. Reeves continued, 'While the Company cannot control the business environment within which it operates, in recent history the talented teams across our organization have proven nimble, resilient and cost-conscious in the face of challenging conditions. As demonstrated by our first quarter performance, Mattr's technology driven products, differentiated positioning in key markets, strong customer value proposition and rebalanced, modernized manufacturing footprint create the opportunity for market outperformance, regardless of prevailing conditions.' Mr. Reeves concluded, 'Our hard-earned balance sheet strength enables Mattr to navigate market uncertainties with confidence, remaining committed to technology development, to enhancing cost and operational efficiency across the organization, to extracting commercial synergies from our newly expanded wire and cable portfolio and to creating long-term value for our shareholders, including via additional accretive acquisitions and the continued repurchase of shares under our NCIB.' Selected Financial Highlights Three Months Ended March 31, 2025 2024 (in thousands of Canadian dollars, except per share amounts and percentages) $ % $ % Revenue 320,120 210,039 Gross Profit 83,618 26% 59,768 28% Operating Income from Continuing Operations (a) 18,441 6% 4,029 2% Net Income (Loss) from Continuing Operations 48,069 (2,145 ) Net Income (Loss) from Discontinued Operations 4,657 (3,494 ) Net Income (Loss) for the period 52,726 (5,639 ) Earnings per share: Basic 0.84 (0.09 ) Diluted 0.84 (0.09 ) Adjusted EBITDA from Continuing Operations (b) 46,554 15% 25,827 12% Adjusted EBITDA from Discontinued Operations (b) 7,477 32% 4,242 29% Total Consolidated Adjusted EBITDA from Operations (b) 54,031 16% 30,069 13% Total Consolidated Adjusted EPS from Operations (b) Basic 0.34 0.16 Diluted 0.34 0.16 (a) Operating income for the three months ended March 31, 2025, includes no restructuring costs and other net, while operating loss for the three months ended March 31, 2024, includes $3.2 million restructuring costs and other net. (b) Adjusted EBITDA, adjusted EBITDA margins and Adjusted EPS are non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See 'Section 5.0 – Reconciliation of Non-GAAP Measures' for further details and a reconciliation of these non-GAAP measures. 1.0 FIRST QUARTER HIGHLIGHTS On January 2, 2025, the Company, through its subsidiary, successfully completed the acquisition of AmerCable, a U.S.-based manufacturer of highly engineered wire and cable solutions, from Nexans USA Inc. AmerCable has been incorporated into Mattr's Connection Technologies segment, which is now the largest segment in its portfolio. The Company paid US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. The final working capital adjustment is anticipated to be completed during the second half of the year. During the first quarter of 2025, the Company delivered $320.1 million in revenue from Continuing Operations, a $110.1 million or a 52.4% increase from the same quarter of 2024. The Company's operating income from Continuing Operations in the first quarter of 2025 was $18.4 million, an increase of $14.4 million, or 357.7%, compared to the first quarter of 2024. Adjusted EBITDA from Continuing Operations was $46.6 million during the first quarter of 2025, an increase of $20.7 million, or 80.3%, compared to the first quarter of 2024. These favorable movements as compared to the prior year period were driven by the addition of AmerCable and strong performance across most business lines, despite the economic uncertainties arising from tariff announcements. The first quarter of 2025 results include $9.5 million in costs associated with the acquisition of AmerCable including the impact of $4.2 million of costs related to the non-cash inventory fair value adjustment, which was part of AmerCable purchase price allocation accounting. The Company's financial results in the first quarter of 2025 also include the impact of $2.7 million in MEO costs related to the Company's ongoing MEO strategy and is similar to the $2.7 million of MEO costs recorded in the first quarter of 2024. Additionally, the Company recorded a recovery of $2.2 million in share-based incentive compensation against operating income from Continuing Operations during the first quarter of 2025 driven by the change in the Company's share price. Comparatively, operating income from Continuing Operations in the prior year's first quarter included an expense of $7.6 million in share-based incentive compensation. As at March 31, 2025, the Company had cash and cash equivalents totaling $52.7 million, a decrease from $502.5 million as at December 31, 2024 which included restricted cash. The decrease in cash compared to the year-end 2024 was largely attributable to closing and funding the AmerCable acquisition during the quarter. Selected Segment Financial Highlights Three Months Ended March 31, 2025 2024 (in thousands of Canadian dollars) $ % $ % Revenue Connection Technologies 187,346 90,757 Composite Technologies 132,774 119,282 Revenue from Continuing Operations 320,120 210,039 Revenue from Discontinued Operations 23,301 14,422 Operating Income (Loss) Connection Technologies 18,041 10% 14,543 16% Composite Technologies 12,807 10% 4,017 3% Financial and Corporate (12,407 ) (14,531 ) Operating Income from Continuing Operations 18,441 4,029 Operating Income from Discontinued Operations 7,493 3,696 Adjusted EBITDA (a) Connection Technologies 30,461 16% 17,617 19% Composite Technologies 21,038 16% 15,008 13% Financial and Corporate (4,945 ) (6,798 ) Adjusted EBITDA from Continuing Operations (a) 46,554 15% 25,827 12% Adjusted EBITDA from Discontinued Operations (a) 7,477 32% 4,242 29% a) Adjusted EBITDA is non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See 'Section 5.0 – Reconciliation of Non-GAAP Measures' for further details and a reconciliation of these non-GAAP measures. The Connection Technologies segment now includes the Company's Shawflex, AmerCable and DSG-Canusa business lines, and delivered revenue of $187.3 million in the first quarter of 2025, a new first quarter record and an increase of $96.6 million when compared to the first quarter of 2024. Its operating income in the first quarter of 2025 was $18.0 million compared to $14.5 million in the first quarter of 2024. The segment delivered Adjusted EBITDA of $30.5 million during the first quarter of 2025, a $12.8 million increase versus the prior year quarter. This was the first quarter the Company's business included AmerCable's financial results, which significantly contributed to the increased financial performance in the Connection Technologies segment as compared to the first quarter of 2024. The AmerCable business line contributed strong performance across its end markets in the first quarter of 2025, particularly the mining sector. The Connection Technologies segment results include a $4.2 million impact from non-cash inventory fair value adjustment as part of AmerCable purchase price allocation accounting, which is added back for Adjusted EBITDA purposes. The segment successfully completed all expected first-quarter AmerCable business onboarding activities. Consolidated revenue generation in the segment's wire and cable businesses (Shawflex and AmerCable) was strongly favorable compared to the prior year, driven primarily by increases in the mining, energy and industrial sectors, partially offset by weaker sales into infrastructure applications, driven by customer project timing. DSG-Canusa revenue increased marginally compared to the prior year period, primarily driven by higher sales into automotive end markets in North America as the Company gained market share despite a backdrop of reduced global automotive production during the quarter. Year-over-year increases in segment operating income and Adjusted EBITDA were primarily driven by the addition of AmerCable, partially offset by $2.7 million of non-capitalizable MEO costs associated with the bifurcation and relocation of its North American footprint. This compares to $0.4 million of MEO cost recognized in the prior year period. The Composite Technologies segment contains the Company's Flexpipe® and Xerxes® business lines and delivered revenue of $132.8 million in the first quarter of 2025, an increase of $13.5 million, or 11.3%, compared to the first quarter of 2024. Operating income for the segment in the first quarter of 2025 was $12.8 million, an $8.8 million increase from the $4.0 million reported in the first quarter of 2024. North American Flexpipe revenue increased compared to the same period in the prior year, despite significantly reduced North American completion activity, as the Company continued to secure new customers and further penetrate the large diameter product market. The business also benefitted from some customers accelerating purchases ahead of potential tariff announcements. International revenue was lower year-over-year, primarily due to the timing of orders and deliveries, with the prior-year period benefiting from a significant shipment to the Middle East. Within Xerxes, first-quarter revenue exceeded the prior-year period, primarily driven by increased sales of Fiberglass Reinforced Plastic (FRP) tanks for retail fuel applications and Hydrochain products for storm water management applications. Adjusted EBITDA for the Composite Technologies segment in the first quarter of 2025 was $21.0 million, an increase of $6.0 million from the $15.0 million reported in the first quarter of 2024. This increase was primarily driven by higher gross profit resulting from increased revenue. This was partially offset by a slight decline in gross margin, reflecting a change in product mix and increased freight expenses associated with pre-emptive relocation of inventory into the U.S. to mitigate potential tariff impacts. The segment did not incur any non-capitalizable MEO costs in the first quarter of 2025, as the new production facilities for Flexpipe and Xerxes were fully set up and operational, compared to $2.3 million of MEO costs incurred during the first quarter of 2024 for the setup of these production sites. Discontinued Operations generated revenue of $23.3 million and $7.5 million of Adjusted EBITDA during the first quarter of 2025 compared to $14.4 million in revenue and $4.2 million of Adjusted EBITDA during the first quarter of 2024. 2.0 OUTLOOK The Company acknowledges that extreme uncertainty exists regarding the magnitude and duration of tariffs impacting the movement of goods between the US and other countries, and the business and economic consequences arising from such tariffs. The Company currently manufactures products in the US and/or Canada that are sold cross-border in all of its business units and imports raw materials and component parts for the production of its products. The Company also sources raw materials from other countries that are currently subject to or may in the future become subject to tariffs by the United States government. The Company continues to diversify its supply chain and has secured sources based in several different countries for a majority of its raw material needs. The Company remains vigilant and prepared to take additional mitigation actions as needed, including raising the selling prices of its products where necessary and permitted under its contractual arrangements. The related economic uncertainty may also cause customers to pause or cancel investment decisions, which could impact overall near-term demand for the Company's products in certain end markets. The outlook below includes the Company's current visibility of the potential impact of tariffs. Despite near and medium term geopolitical and macroeconomic challenges, the Company remains positive on the long-term outlook and macro drivers for its products. The Company has largely completed its disposition of non-core assets and the modernization, expansion and optimization of its North American production network, with the remaining sale of its Brazilian pipe coating business expected to close around mid 2025 and the relocation of its Shawflex manufacturing site expected to be completed at the end of the second quarter of 2025. MEO costs are expected to be $5 to $7 million in the second quarter and will mark the completion of the MEO expense recognition program by the Company. Consequently, over the course of 2025, Mattr is expected to return to more normalized operations, with a primary focus on delivering value from its restructured operational footprint while also ensuring full integration and optimization of AmerCable following its acquisition. The Company currently anticipates revenue and Adjusted EBITDA from Continuing Operations in the second quarter of the year to fall below the first quarter of 2025, including the recognition of MEO costs during the second quarter within its Connection Technologies segment. The Company observed some accelerated customer purchasing activity during the first quarter - primarily in its Flexpipe business - as a result of tariff uncertainty, and amid this uncertainty, the Company currently anticipates some customer purchasing decisions in the second quarter and beyond may be delayed or reduced. The Company currently anticipates sales from its Xerxes fuel and water products in the second quarter of 2025 will rise modestly compared to the first quarter as conditions become more favorable for underground installation activity. Production efficiency from the business's recently established South Carolina site is expected to evolve favorably over the remainder of 2025. The Company currently anticipates sales of its Flexpipe products in the second quarter of 2025 will be lower than the first quarter, as modestly higher international shipments and continued North American market share gains are likely offset by further reductions in North American completion activity, driven by tariff uncertainty and lower oil prices. Production efficiency from the business's recently established Texas site is expected to evolve favorably over the remainder of 2025. The Company currently anticipates sales of its DSG-Canusa products in the second quarter of 2025 will be similar to the first quarter, as lower activity from its automotive customers is expected to be offset by new customer capture and new product introduction. The production efficiency from the business's recently established Ohio site is expected to evolve favorably over the remaining course of 2025. The Company currently anticipates sales of Shawflex and AmerCable wire and cable products in the second quarter of 2025 will decline compared to the first quarter, driven primarily by lower deliveries into specific industrial, mining and energy applications, partially offset by higher deliveries into infrastructure applications. The timing of specific deliveries within the AmerCable business drove a particularly strong result during the first quarter, which is still expected to be the strongest quarter of 2025 for this business. Copper price volatility has also increased since the start of the year and is being closely monitored to ensure the impacts arising from any rapid movements are minimized. The Company has successfully leveraged Shawflex resources to secure early confirmation of US and Canadian customer appetite to utilize AmerCable's medium voltage products in specific industrial applications and continues to anticipate initial, modest benefits from these expected industrial sector commercial synergies will commence in the second half of 2025. Key AmerCable related factors impacting Connection Technology segment results to date, and going forward, include: The Company incurred approximately $1 million of non-routine onboarding expenses related to the acquisition of AmerCable in the first quarter, and expects additional expenses of up to $4 million over the remainder of 2025. These costs are added back for the calculation of Adjusted EBITDA. The revaluation of AmerCable's inventory to fair value as part of the purchase price allocation accounting is expected to temporarily lower gross margins in the first half of the year as the inventory is sold. These costs are added back for the calculation of Adjusted EBITDA. The recognition of intangible assets, including goodwill, customer relationships and trade names as part of the AmerCable purchase price allocation accounting and the corresponding amortization of these assets will impact reported earnings. However, these are non-cash expenses and do not impact the Company's underlying operational performance or cash flow. While the Company expects to maintain its 'all of the above' approach to capital allocation, with the acquisition of AmerCable and the majority of its large organic MEO projects completed, the Company's capital deployment in 2025 is expected to focus more heavily on debt repayment and activity under its NCIB. The Company currently anticipates total full year capital expenditures will be $60-$70 million, with approximately $15 million of such amount allocated to maintenance capital, and the remaining amounts allocated to growth projects, including completion of the remaining MEO projects. Given the elevated geopolitical uncertainty, the Company continues to evaluate market conditions and remains prepared to adjust its capital program and spend as needed. The Company has moved above its normal net-debt-to-Adjusted EBITDA ratio target of 2.0 times, including leases, as a result of its acquisition of AmerCable. Through prioritization of debt repayment, the Company currently expects to move back below its normal target ratio within 12 to 18 months of the acquisition date. 3.0 CONFERENCE CALL AND ADDITIONAL INFORMATION Mattr will be hosting a Shareholder and Analyst Conference Call and Webcast on Thursday, May 15th, 2025 at 9:00 AM ET, which will discuss the Company's First Quarter 2025 Financial Results. To participate via telephone, please register at and a telephone number and pin will be provided. Alternatively, please go to the following website address to participate via webcast: The webcast recording will be available within 24 hours of the live presentation and will be accessible for 90 days. About Mattr Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure. For further information, please contact: Meghan MacEachernVP, Investor Relations & External CommunicationsTel: 437-341-1848Email: Source: Mattr 4.0 FORWARD-LOOKING INFORMATION This news release includes certain statements that reflect management's expectations and objectives for the Company's future performance, opportunities and growth, which statements constitute 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking information') under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as 'may', 'will', 'should', 'anticipate', 'expect', 'believe', 'predict', 'estimate', 'continue', 'intend', 'plan' and variations of these words or other similar expressions. Specifically, this news release includes forward-looking in-formation in the Outlook Section and elsewhere in respect of, among other things: the ability of the Company to deliver higher returns to all shareholders; the Company's ability to deliver customer and shareholder value expansion; the expected timing for the closing of the sale of Thermotite; the gross sale proceeds of the sale of Thermotite; the anticipated timing for the final working capital adjustment for the AmerCable acquisition; the expected timing of the relocation of the Shawflex manufacturing site; the expected amount of MEO costs to be incurred in the second quarter of 2025; the expected completion of the MEO expense recognition program; the return to more normalized operations in the remainder of 2025; the decline in consolidated revenue and Adjusted EBITDA in the second quarter of 2025; the anticipated customer purchasing decisions in the second quarter of 2025 and beyond; the impact of tariffs implemented by the U.S. administration, including on the demand for the Company's products in the second quarter of 2025 and beyond; increased sales from Xerxes fuel and water products in the second quarter of 2025; sales of Flexpipe products in the second quarter of 2025; the volume of sales of Shawflex, AmerCable and DSG-Canusa products in the second quarter of 2025; the impact of new DSG-Canusa product introduction; the impact of lower activity of automotive customers; the level of efficiency in the Company's recently established production facilities, including the Xerxes South Carolina facility, the Flexpipe Texas facility, and the DSG-Canusa Ohio facility; the Company's approach to capital allocation and expected capital deployment, including debt repayment and activity under the Company's normal course issuer bid ('NCIB'). Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing the Company include but are not limited to the risks and uncertainties described in the Company's Management's Discussion and Analysis under 'Risks and Uncertainties' and in the Company's Annual Information Form ('AIF') under 'Risk Factors'. These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of: the scale and duration of North American trade tariffs; expectations for demand for the Company's products; sales trends for the Company's products; North American onshore oilfield customer spending; the Company's ability to increase efficiency in its newly established manufacturing facilities; the effectiveness of modernization, expansion and optimization efforts; the Company's cash flow generation and growth outlook; activity levels across the Company's business segments; the Company's ability to manage supply chain disruptions and other business impacts caused by, among other things, current or future geopolitical events, conflicts, or disruptions, such as the conflict in Ukraine and related sanctions on Russia; the impact of the Russia and Ukraine conflict on the Company's demand for products and the strength of its and its customers supply chains; the current Israel-Palestine conflict; the impact of changing interest rates and levels of inflation; regular, seasonal impacts on the Company's businesses, including in the fiberglass reinforced plastic ('FRP') tanks business and composite pipe business; expectations regarding the Company's ability to attract new customers and develop and maintain relationships with existing customers; the continued availability of funding required to meet the Company's anticipated operating and capital expenditure requirements over time; consistent competitive intensity in the business in which the Company operates; no significant or unexpected legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting the Company's business activities; key interest rates remaining relatively stable through the remainder of 2025; the accuracy of the forecast data from the Company's North American convenience store customers; the accuracy of market indicators in determining industry health for AmerCable's products, such as commodity prices, housing starts, and GDP; the impact of federal stimulus packages in the Connection Technologies reporting segment; heightened demand for electric and hybrid vehicles and for electronic content within those vehicles particularly in the Asia Pacific, Europe and Africa regions; heightened infrastructure spending in Canada, including in respect of commercial and municipal water projects, nuclear plant refurbishment and upgraded communication and transportation networks, communication networks and nuclear refurbishments; sustained health of oil and gas producers; the continued global need to renew and expand critical infrastructure, including energy generation and distribution, electrification, transportation network enhancement and storm management; the Company's ability to execute projects under contract; the Company's continuing ability to provide new and enhanced product offerings to its customers; that the Company will identify and successfully execute on opportunities for acquisitions or investments; the higher level of investment in working capital by the Company; the easing of supply chain shortages and the continued supply of and stable pricing or the ability to pass on higher prices to the Company's customers for commodities used by the Company; the availability of personnel resources sufficient for the Company to operate its businesses; the maintenance of operations by the Company in major oil and gas producing regions; the adequacy of the Company's existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally; the impact of adoption of artificial intelligence and other machine learning on competition in the industries which the Company operates; the Company's ability to meet its financial objectives; the ability of the Company to satisfy all covenants under its Credit Facility (as defined herein) and other debt obligations and having sufficient liquidity to fund its obligations and planned initiatives; and the availability, commercial viability and scalability of the Company's greenhouse gas emission reduction strategies and related technology and products, and the anticipated costs and impacts on the Company's operations and financial results of adopting these technologies or strategies. The Company believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this news release and the Company can give no assurance that such expectations will be achieved. When considering the forward-looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward-looking information after the date of this news release or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. To the extent any forward-looking information in this news release constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward-looking information generally, are based on the assumptions and subject to the risks noted above. 5.0 RECONCILIATION OF NON-GAAP MEASURES The Company reports on certain non-GAAP and other financial measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage its capital structure. These non-GAAP and other financial measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company's operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. Adjusted EBITDA is calculated by adding back to EBITDA the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net, hyperinflationary adjustments and the impact of transactions that are outside the Company's normal course of business or day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company's results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the effect of transactions that fall outside the Company's ordinary course of business or routine operations. Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Credit Facility. Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Net Income (Loss) from Continuing Operations $ 48,069 $ (2,145 ) Add: Income tax expense (38,858 ) 3,948 Finance costs, net 9,230 2,226 Amortization of property, plant and equipment, intangible assets and ROU assets 16,883 8,568 EBITDA from Continuing Operations 35,324 12,597 Share-based incentive compensation (recovery) cost (2,192 ) 7,632 Foreign exchange loss 3,907 2,397 Restructuring costs and other, net — 3,201 Cost associated with acquisition (a) 5,320 — Non-cash impact from inventory fair value adjustment (b) 4,195 — Adjusted EBITDA from Continuing Operations $ 46,554 $ 25,827 a) Costs associated with the acquisition of AmerCable Incorporated. b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. Connection Technologies Segment Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Operating Income $ 18,041 $ 14,543 Add: Amortization of property, plant and equipment, intangible assets and ROU assets 7,619 1,722 EBITDA 25,660 16,265 Share-based incentive compensation (recovery) cost (368 ) 1,319 Restructuring costs and other, net — 33 Cost associated with acquisition (a) 974 — Non-cash impact from inventory fair value adjustment (b) 4,195 — Adjusted EBITDA $ 30,461 $ 17,617 a) Costs associated with the acquisition of AmerCable Incorporated. b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. Composite Technologies Segment Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Operating Income $ 12,807 $ 4,017 Add: Amortization of property, plant and equipment, intangible assets and ROU assets 8,667 6,371 EBITDA 21,474 10,388 Share-based incentive compensation (recovery) cost (436 ) 1,452 Restructuring costs and other, net — 3,168 Adjusted EBITDA $ 21,038 $ 15,008 Financial and Corporate Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Operating Loss $ (12,407 ) $ (14,531 ) Add: Cost associated with repayment and modification of long-term debt — — Amortization of property, plant and equipment, intangible assets and ROU assets 597 475 EBITDA (11,810 ) (14,056 ) Share-based incentive compensation (recovery) cost (1,388 ) 4,861 Foreign exchange loss 3,907 2,397 Cost associated with acquisition (a) 4,346 — Adjusted EBITDA $ (4,945 ) $ (6,798 ) a) Costs associated with the acquisition of AmerCable Incorporated. Discontinued Operations Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Net Income (Loss) from Discontinued Operations $ 4,657 $ (3,494 ) Add: Income tax (recovery) expense 2,998 1,869 Finance costs, net recovery (162 ) (84 ) Amortization of property, plant and equipment, intangible assets and ROU assets — 428 EBITDA from Discontinued Operations 7,493 (1,281 ) Foreign exchange (gain) loss (16 ) 118 Loss on sale of operating unit and subsidiary — 5,405 Adjusted EBITDA from Discontinued Operations $ 7,477 $ 4,242 Total Consolidated Mattr (Continuing and Discontinued Operations) Three Months Ended March 31, March 31, (in thousands of Canadian dollars) 2025 2024 Net Income (Loss) $ 52,726 $ (5,639 ) Add: Income tax expense (35,860 ) 5,817 Finance costs, net 9,068 2,142 Amortization of property, plant and equipment, intangible assets and ROU assets 16,883 8,996 EBITDA 42,817 11,316 Share-based incentive compensation (recovery) cost (2,192 ) 7,632 Foreign exchange loss 3,891 2,515 Loss on sale of operating unit and subsidiary — 5,405 Restructuring costs and other, net — 3,201 Cost associated with acquisition (a) 5,320 — Non-cash impact from inventory fair value adjustment (b) 4,195 — Adjusted EBITDA $ 54,031 $ 30,069 a) Costs associated with the acquisition of AmerCable Incorporated. b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue and is a non-GAAP measure. The Company believes that Adjusted EBITDA margin is a useful supplemental measure that provides meaningful assessment of the business results of the Company and its Operating Segments from principal business activities excluding the impact of transactions that are outside of the Company's normal course of business. See reconciliation above for the changes in composition of Adjusted EBITDA, as a result of which the table below reflects restated figures for the prior year quarter to align with the updated composition. Operating margin is defined as operating (loss) income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business Net Income (attributable to shareholders) is a non-GAAP measure defined as Net Income (attributable to shareholders) adjusted for items which do not impact day to day operations. Adjusted Net Income (attributable to shareholders) is calculated by adding back to Net Income (attributable to shareholders) the after tax impact of the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net and hyperinflationary adjustments. The Company believes that Adjusted Net Income (attributable to shareholders) is a useful supplemental measure that provides a meaningful indication of the Company's results from principal business activities for comparing its operating performance with the performance of other companies that have different financing, capital or tax EPS (basic) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding. Adjusted EPS (diluted) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding, further adjusted for potential dilutive impacts of outstanding securities which are convertible to common shares. The Company presents Adjusted EPS as a measure of Earning Per Share that excludes the impact of transactions that are outside the Company's normal course of business or day to day operations. Adjusted EPS indicates the amount of Adjusted Net Income the Company makes for each share of its stock and is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. Total Consolidated Mattr Adjusted EPS (Continuing and Discontinued Operations) Three Months Ended March 31, March 31, (in thousands of Canadian dollars except for per share amounts) 2025 2024 Earnings Per Share Earnings Per Share Basic Diluted Basic Diluted Total Consolidated Mattr Net Income (Loss)(a) $ 52,726 0.84 0.84 $ (5,842 ) (0.09 ) (0.09 ) Adjustments (before tax): Share-based incentive compensation (recovery) cost (2,192 ) 7,632 Foreign exchange loss 3,891 2,515 Loss on sale of operating unit and subsidiary — 5,405 Restructuring costs and other, net — 3,201 Cost associated with acquisition (b) 5,320 — Non-cash impact from inventory fair value adjustment (c) 4,195 — Tax effect of above adjustments (1,499 ) (2,066 ) Tax impact of the AmerCable acquisition (40,819 ) — Total Consolidated Mattr Adjusted Net Income (non-GAAP) (a) $ 21,622 0.34 0.34 $ 10,845 0.16 0.16 (a) Attributable to Shareholders of the Company. (b) One-time costs associated with the acquisition of AmerCable Incorporated. (c) One-time cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. Total Net debt-to-Adjusted EBITDA is a non-GAAP measure defined as the sum of long-term debt, current lease liabilities and long-term lease liabilities, less cash and cash equivalents (including restricted cash), divided by the Consolidated (Continuing and Discontinued Operations) Adjusted EBITDA, as defined above, for the trailing twelve-month period. The Company believes Total Net debt-to-Adjusted EBITDA is a useful supplementary measure to assess the borrowing capacity of the Company. Total Net debt-to-Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate how long a company would need to operate at its current level to pay of all its debt. It is also considered important by credit rating agencies to determine the probability of a company defaulting on its debt. See discussion above for the changes into the composition of Adjusted EBITDA. The table below reflects restated figures for the prior year quarters to align with current presentation. March 31, December 31 (in thousands of Canadian dollars except Net debt-to-EBITDA ratio) 2025 2024 Long-term debt $ 449,633 $ 471,238 Lease Liabilities 165,869 163,127 Cash and cash equivalents (and restricted cash) (52,716 ) (502,490 ) Total Net Debt 562,786 131,875 Q1 2024 Adjusted EBITDA — 30,069 Q2 2024 Adjusted EBITDA 42,824 42,824 Q3 2024 Adjusted EBITDA 36,743 36,743 Q4 2024 Adjusted EBITDA 21,060 21,060 Q1 2025 Adjusted EBITDA 54,031 — Trailing twelve-month Adjusted EBITDA $ 154,658 $ 130,696 Total Net debt-to-Adjusted EBITDA 3.64 1.01 Total Interest Coverage Ratio is a non-GAAP measure defined as Consolidated Adjusted EBITDA (Continuing and Discontinued Operations), as defined above, for the trailing twelve-month period, divided by finance costs, net, for the trailing twelve-month period. The Company believes Total Interest Coverage Ratio is a useful supplementary measure to assess the Company's ability to honor its debt payments. Total Interest Coverage Ratio is used by many analysts as one of several important analytical tools to judge a company's ability to pay interest on its outstanding debt. It is also considered important by credit rating agencies to determine a company's riskiness relative to its current debt or for future borrowing. March 31, December 31 (in thousands of Canadian dollars except Net debt-to-EBITDA ratio) 2025 2024 Q1 2024 Adjusted EBITDA $ — $ 30,069 Q2 2024 Adjusted EBITDA 42,824 42,824 Q3 2024 Adjusted EBITDA 36,743 36,743 Q4 2024 Adjusted EBITDA 21,060 21,060 Q1 2025 Adjusted EBITDA 54,031 — Trailing twelve-month Adjusted EBITDA $ 154,658 $ 130,696 Q1 2024 Finance cost, net — 2,142 Q2 2024 Finance cost, net 4,341 4,341 Q3 2024 Finance cost, net 4,804 4,804 Q4 2024 Finance cost, net 5,846 5,846 Q1 2025 Finance cost, net 9,068 — Trailing twelve-month finance cost, net $ 24,059 $ 17,133 Total Interest Coverage Ratio 6.43 7.63 MEO costs is a supplementary financial measure. MEO costs not eligible for capitalization are reported as selling, general and administrative expenses or as cost of goods sold and incurred in support of the Company's certain specific, planned capital investments into high-return growth and efficiency improvement opportunities. These include the following: The replacement of the Company's Rexdale facility in Toronto, Ontario and the expansion of its Connection Technologies segment's North American manufacturing footprint through: a new heat-shrink tubing production site in Fairfield, Ohio; and a new wire and cable production site in Vaughan, Ontario. The addition of two new manufacturing facilities and the elimination of aging manufacturing facilities within the Composite Technologies network, namely: the shut-down and exit of aging production capabilities in the Xerxes FRP tank production site footprint; a new Xerxes FRP tank production site in Blythewood, South Carolina; a new Flexpipe composite pipe production site in Rockwall, Texas along with the co-located Hydrochain™ stormwater infiltration chamber production line. The Company considers these costs incremental to its normal operating base and would not have been incurred if these projects were not ongoing. 6.0 ADDITIONAL INFORMATION Additional information relating to the Company, including its AIF, is available on SEDAR+ at www. and on the 'Investors Centre' page of the Company's website at: Dated: May 14, 2025

Pulse Oil Corp. Announces Suspension of Trading

Hamilton Spectator

13-05-2025

Business
Hamilton Spectator

Pulse Oil Corp. Announces Suspension of Trading

VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — Pulse Oil Corp. ('Pulse' or the 'Company') (TSXV: PUL) announces that TSX Venture Exchange ('TSXV') has suspended trading in Pulse's common shares due to a cease trade order ('CTO') issued by the British Columbia Securities Commission. TSXV has noted that reinstatement to trading can occur only when the CTO is revoked and TSXV has concluded its reinstatement review to ensure the Company has satisfactorily complied with TSXV requirements. Pulse Oil Corp. CEO, Garth Johnson commented 'The CTO was issued due to the Company being late in meeting its year end filing requirements. Our team believes that we will be in a position to get all materials filed in the next week and as a result, we should be able to get the CTO revoked and be back trading again. We will also update shareholders on operational progress in the coming weeks.' Forward-Looking Statements This news release contains 'forward-looking information' within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In this news release, such statements include but are not limited to the expectation of the Company's management that its annual filings will be made in the next week, leading to the revocation of the CTO and the resumption of trading in Pulse's common shares. There can be no assurance that such forward-‎looking information will prove to be accurate, and actual results and future events could differ materially from ‎those anticipated in such forward-looking information. This forward-looking information reflects ‎Pulse's current beliefs and is based on information currently available to Pulse and on ‎assumptions Pulse believes are reasonable. These assumptions include that the audit of the Company's annual financial statements will soon be completed, followed by the revoking of the CTO and re-start trading on the TSXV. A description of ‎risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Pulse's disclosure documents on its profile on the System for Electronic Document Analysis and Retrieval + (SEDAR+) at . Although ‎Pulse has attempted to identify important factors that could cause actual results to differ materially ‎from those contained in forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking ‎information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Pulse as of the date ‎of this news release and, accordingly, is subject to change after such date. However, Pulse expressly ‎disclaims any intention or obligation to update or revise any forward-looking information, whether as a result ‎of new information, future events or otherwise, except as expressly required by applicable securities law.‎ About Pulse Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) that is primarily focused on a 100% working interest in the EOR Project located in West Central Alberta, Canada. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years. The Company has instituted a proven recovery methodology (NGL solvent injection) to further enhance the ultimate oil recovery from these two proven pools. With under 10 million barrels of oil recovered to date, and representing approximately 30% recovery factor from the pools, Pulse is moving forward to execute the EOR Project and unlock significant value for shareholders. Pulse's total reclamation liabilities are just $2.96 million which, when compared to many peers in the industry in Western Canada, are very low. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Pulse Oil Corp. Garth Johnson CEO ‎604-306-4421‎ garth@

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