WAJAX ACQUIRES POWELL CANADA’S VALVE BUSINESS

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TSX Symbol: WJX

TORONTO, June 30, 2022 /CNW/ – Wajax Corporation (“Wajax” or the society“) today announced that its wholly-owned subsidiary, Tundra Process Solutions Ltd. (“Tundra“) acquired the valve business of Powell Canada Inc. (“Powell valveSpecializing in valve sales, service and support, Powell Valve employs a team of thirty-eight people and operates facilities in Edmonton, Fort McMurray and Lloydminster, AB.

Commenting on the acquisition, Iggy Domagalsky, President and CEO of Wajax, said, “The addition of three new valve service and repair sites, along with a team of highly skilled technicians, will help accelerate the growth of the core business. from Tundra. Ash Allers, President and CEO of Tundra, added, “The acquisition significantly strengthens Tundra’s valve service capabilities, including field support, and increases our geographic reach. The newly acquired facilities at Edmonton and Fort McMurray will also provide increased capacity for testing, assembly and recertification of pressure relief valves. We are very pleased to welcome the exceptional team at Powell Valve to the Tundra and Wajax families. »

Founded in 1999 and acquired by Wajax in 2021, Tundra plays a key role in Wajax’s industrial parts and engineered repair services growth strategy. It provides maintenance and technical services to customers in the oil and gas, oil sands, petrochemical, mining, forestry and municipal midstream industries in Western Canada. Tundra also distributes a diverse line of industrial process equipment, representing major manufacturers of valves and actuators, instrumentation and control, motors and drives, control buildings, boilers and process solutions. some water.

Wajax Company

Founded in 1858, Wajax (TSX: WJX) is one of from Canada oldest and most diverse suppliers of industrial products and services. The Company operates an integrated distribution system providing sales, parts and service to a wide range of customers in various sectors of the Canadian economy, including construction, forestry, mining, industrial and trade, oil sands, transportation, metal processing, government and utilities, and oil and gas.

The objective of the Company is to be from Canada leading supplier of industrial products and services, distinguished by its three main capabilities: the excellence of the sales force, the scope and efficiency of repair and maintenance operations, and the ability to work in close working with existing and new supplier partners to constantly expand its product offering to customers. The Company believes that achieving excellence in these three areas will enable it to create value for its customers, employees, suppliers and shareholders.

For more information about Wajax, please visit the company’s website at https://www.wajax.com.

Caution Regarding Forward-Looking Information

This press release contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, “forward-looking statements“). These forward-looking statements relate to future events or the future performance of the Company. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “anticipates”, “intends”, “predicts”, “expects”, “is expected”, “planned”, “believes”, “estimates” , “plans” or “anticipates”, or variations of, or the negative forms of these words and expressions or states that certain actions, events or results “could”, “could”, “should”, “should”, “might ” or “would” be made, occur or be achieved. – Forward-looking statements involve known and unknown risks, uncertainties and other factors beyond the Company’s ability to predict or control, which may make so that the actual results, performance and achievements di differ materially from those anticipated or implied by such forward-looking statements. -the research of information in this press release constitutes fu nature-oriented financial information or financial outlook within the meaning of applicable securities laws, such information is provided to demonstrate the Company’s potential and readers are cautioned that this information may not be appropriate for other purposes. There can be no assurance that forward-looking statements will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release, reflect the current beliefs of management and are based on information currently available to management. Although management believes that the expectations expressed in these forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Specifically, this press release contains forward-looking statements regarding, among other things, our goal of becoming from Canada leading supplier of industrial products and services, distinguished by the excellence of our sales force, the scope and efficiency of our repair and maintenance operations, and our ability to work closely with existing supplier partners and new to constantly expand our product offering to customers, as well as our belief that achieving excellence in these three areas will position us to create value for our customers, employees, suppliers and shareholders; our belief that the addition of three new valve service and repair sites, along with a team of highly skilled technicians, will help Tundra accelerate the growth of its core business; and the key role played by Tundra in Wajax’s industrial parts and engineered repair services growth strategy. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, our ability to successfully manage our business despite the impacts of war in Ukraine and the continuation of the COVID-19 pandemic, including actions taken by governments, public authorities, suppliers and customers in response to the novel coronavirus and its variants; general commercial and economic conditions; supply and demand, and the level and volatility of oil, natural gas and other commodity prices; financial market conditions, including interest rates; our ability to execute our One Wajax strategy, including our ability to develop our core capabilities, execute our organic growth priorities, effectively complete and integrate acquisitions, including the acquisition announced above, and successfully implementing new information technology platforms, systems and software; the future financial performance of the Company; our fees; market competition; our ability to attract and retain qualified personnel; our ability to source quality products and inventory; and our ongoing relationships with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that could cause actual results to differ materially include, but are not limited to, the effects of the war in Ukraine, including the duration and/or extent of such war; the COVID-19 pandemic, including the possible emergence and impact of novel coronavirus variants; the duration and severity of travel, business and other restrictions imposed (or reimposed) by governments and public authorities in response to COVID-19 and its variants, as well as other actions that may be taken by such authorities; actions taken by our suppliers and customers in relation to the COVID-19 pandemic, including slowing, reducing or stopping operations; supply chain disruptions and shortages related to or resulting from the impacts of COVID-19 or the war in Ukraine; a continued or prolonged deterioration in general business and economic conditions (including due to the COVID-19 pandemic or war in Ukraine); the volatility of supply and demand and the price level of oil, natural gas and other raw materials; a continuous or prolonged decline in the price of oil or natural gas; fluctuations in financial market conditions, including interest rates; the level of demand and prices for the products and services we offer; customer trust and spending levels; market acceptance of the products we offer; termination of distributor or original equipment manufacturer agreements; unforeseen operational difficulties (including the inability of plant, equipment or processes to perform in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to business slowdown market conditions, unavailability of quality products or inventory, supply disruptions (including disruptions caused by the COVID-19 pandemic or war in Ukraine), work actions and unforeseen events related to health, safety and the environment); our ability to attract and retain qualified personnel and our ability to maintain our relationships with suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information regarding the risks and uncertainties associated with these forward-looking statements and the business of the Company can be found in our annual information form for the year ended December 31, 2021 (there “FIA“), in our annual MD&A on financial risks and in our most recent quarterly MD&A, all of which have been filed on SEDAR. The forward-looking statements contained in this press release are expressly qualified in their entirety by this disclaimer. The Company undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws.

Readers are cautioned that the risks described in the AIF and in our annual and quarterly MD&As are not the only risks that could impact the Company. We cannot accurately predict the full impact COVID-19 will have on our business, results of operations, financial condition, or demand for our products and services due to uncertainties related to the spread of the virus and its variants. . Risks and uncertainties not currently known to the Company, or which are currently considered immaterial, may have a material effect on the Company’s business, financial condition or results of operations.

Additional information, including Wajax’s annual report, is available on SEDAR at www.sedar.com.

SOURCE Wajax Corporation

For further information: Iggy Domagalski, President and CEO, Email: [email protected]; Stuart Auld, Chief Financial Officer, Email: [email protected]Phone: (905) 212-3300

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