WAJAX ACQUIRES POLYPHASE ENGINEERED CONTROLS

TSX Symbol: WJX

TORONTO, July 4, 2023 /CNW/ - Wajax Corporation ("Wajax" or the Corporation") today announced that its wholly-owned subsidiary, Tundra Process Solutions Ltd. ("Tundra") has acquired all of the issued and outstanding shares of Polyphase Engineered Controls (1977) Ltd. ("Polyphase"). Specialized in producing custom electrical and instrumentation equipment, Polyphase employs forty-four people, including a team of skilled wiring and panel assemblers, and operates facilities in Calgary and Edmonton, Alberta.

"Since 1977, Polyphase has earned a reputation for delivering high quality electrical controls for the oil and gas, utilities, mining, forestry and agricultural sectors," said Ashley Allers, Chief Executive Officer of Tundra, "Its addition expands our electrical solutions portfolio to include PLC control panels, protection panels, DCS panels and marshalling cabinets, to name a few. In-house capabilities related to electrical design, production, testing, staging and project management also expand the breadth of our electrical and instrumentation solutions offerings. The added expertise, combined with the increased capacity from the Polyphase facilities, enhance our ability to undertake large scale time-critical integration projects. We are very pleased to welcome the Polyphase team 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 western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. Tundra also distributes a diverse range of industrial process equipment, representing industry-leading manufacturers of valves and actuators, measurement and analytical solutions, electrical solutions – including motors, drives and electric vehicle charging, electrical and control buildings, boilers and water treatment solutions.

The transaction will be subject to normal post-closing adjustments.

Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities and oil and gas.

The Corporation's goal is to be Canada's leading industrial products and services provider, distinguished through its three core capabilities: sales force excellence, the breadth and efficiency of repair and maintenance operations, and the ability to work closely with existing and new vendor partners to constantly expand its product offering to customers. The Corporation believes that achieving excellence in these three areas will position it to create value for its customers, employees, vendors and shareholders.

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

This news 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 Corporation's future performance. 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", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward-looking statements. To the extent any forward-looking information in this news release constitutes future-oriented financial information or financial outlook within the meaning of applicable securities law, such information is being provided to demonstrate the potential of the Corporation and readers are cautioned that this information may not be appropriate for any other purpose. There can be no assurance that any forward-looking statement will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, reflect management's current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this news release includes forward looking statements regarding, among other things, our goal of becoming Canada's leading industrial products and services provider, distinguished by our sales force excellence, the breadth and efficiency of our repair and maintenance operations, and our ability to work closely with existing and new vendor partners to constantly expand our product offering to customers, together with our belief that achieving excellence in these three areas will position us to create value for our customers, employees, vendors and shareholders; 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, assumptions regarding: the absence of significant negative changes to general business and economic conditions; limited negative fluctuations in the supply and demand for, and the level and volatility of prices for, oil, natural gas and other commodities; the stability of financial market conditions, including interest rates; our continued ability to execute our One Wajax strategy, including our ability to execute on our organic growth priorities, complete and effectively integrate acquisitions, such as Polyphase, and successfully implement new information technology platforms, systems and software, such as our ERP system; the receding effects of the COVID-19 pandemic and actions taken by governments, public authorities, suppliers and customers in response to the COVID-19 virus and its variants; the future financial performance of the Corporation; limited fluctuations in our costs; the level of market competition; our continued ability to attract and retain skilled staff; our continued ability to procure quality products and inventory; and our ongoing maintenance of strong relationships with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to: a continued or prolonged deterioration in general business and economic conditions, including as a result of new COVID-19 variants or armed conflicts between nations; supply chain disruptions and shortages related to or arising from the impacts of COVID-19 or armed conflicts between nations; fluctuations in financial market conditions, including interest rates; the impacts of new COVID-19 variants, including the duration and severity of travel, business and other restrictions imposed by governments and public authorities in response to such variants; actions taken by our suppliers and customers in relation to new COVID-19 variants, including slowing, reducing or halting operations; negative fluctuations in the supply and demand for, and the level of prices for, oil, natural gas and other commodities; a continued or prolonged decrease in the price of oil or natural gas; the level of demand for, and prices of, the products and services we offer; a decrease in levels of customer confidence and spending; decreased market acceptance of the products we offer; the termination of distribution or original equipment manufacturer agreements; unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to slow-downs in market activity, unavailability of quality products or inventory, supply disruptions (including those caused by or related to new COVID-19 variants), job action and unanticipated events related to health, safety and environmental matters); our inability to attract and retain skilled staff and our inability to maintain strong relationships with our suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information concerning the risks and uncertainties associated with these forward-looking statements and the Corporation's business may be found in our MD&A for the year-ended December 31, 2022 (the "2022 MD&A"), which has been filed under the Corporation's profile on SEDAR at www.sedar.com, under the heading "Risk Management and Uncertainties". The forward-looking statements contained in this MD&A are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

Readers are cautioned that the risks described in the 2022 MD&A are not the only risks that could impact the Corporation. Risks and uncertainties not currently known to the Corporation, or currently deemed to be immaterial, may have a material effect on the Corporation'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

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