Savaria's Executive Chairman Completes Secondary Sale of Securities

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LAVAL, Québec, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS) a global leader in the accessibility industry, announces today that Mr. Marcel Bourassa, Executive Chairman of Savaria, has completed the sale of 2,000,000 common shares of Savaria (“Common Shares”) (representing approximately 2.8% of the issued and outstanding Common Shares). The Common Shares were sold through the facilities of the Toronto Stock Exchange (the “TSX”).

Following the sale of Common Shares, Mr. Bourassa will continue to be the largest shareholder of Savaria with an approximately 16.09% equity interest. “After 35 years of leadership at Savaria, I am proud of our accomplishments of building a team that has brought Savaria to the next level,” said Mr. Bourassa. The proceeds from the sale of Common Shares are for personal reasons, for family estate planning purposes and in support of philanthropic endeavors. Mr. Bourassa may, from time to time, increase or decrease his investment in Savaria through market transactions, private arrangements, treasury issuances or otherwise.

On September 23, 2024, Mr. Bourassa completed the sale of 2,000,000 Common Shares beneficially owned by Les Élévateurs Savaria Inc. (representing 2.8% of the issued and outstanding Common Shares) through the TSX, which were sold at a price of $20.63 per share, for an aggregate consideration of $41,260,000 (the “Transaction”).

Immediately prior to the Transaction, Mr. Bourassa: (i) beneficially owned and controlled 32,900 Common Shares (representing approximately 0.05% of the issued and outstanding Common Shares), (ii) controlled 12,585,767 Common Shares beneficially owned by Les Élévateurs Savaria Inc. (representing approximately 17.64% of the issued and outstanding Common Shares), (iii) controlled 277,931 Common Shares beneficially owned by 9302-0071 Québec Inc. (representing approximately 0.39% of the issued and outstanding Common Shares), (iv) controlled 336,500 Common Shares beneficially owned by 9264-4582 Québec Inc. (representing approximately 0.47% of the issued and outstanding Common Shares) and (v) controlled 250,000 Common Shares beneficially owned by Bourassa Savaria Foundation (representing approximately 0.35% of the issued and outstanding Common Shares), representing in the aggregate 13,483,098 Common Shares (or approximately 18.90% of the issued and outstanding Common Shares).

Immediately after the Transaction, Mr. Bourassa: (i) beneficially owns and controls 32,900 Common Shares (representing approximately 0.05% of the issued and outstanding Common Shares), (ii) controls 10,585,767 Common Shares beneficially owned by Les Élévateurs Savaria Inc. (representing approximately 14.83% of the issued and outstanding Common Shares), (iii) controls 277,931 Common Shares beneficially owned by 9302-0071 Québec Inc. (representing approximately 0.39% of the issued and outstanding Common Shares), (iv) controls 336,500 Common Shares beneficially owned by 9264-4582 Québec Inc. (representing approximately 0.47% of the issued and outstanding Common Shares) and (v) controls 250,000 Common Shares beneficially owned by Bourassa Savaria Foundation (representing approximately 0.35% of the issued and outstanding Common Shares), representing in the aggregate 11,483,098 Common Shares (or approximately 16.09% of the issued and outstanding Common Shares).

An early warning report containing additional information with respect to the foregoing matters will be filed under the SEDAR+ profile of Savaria at www.sedarplus.ca and may also be obtained by contacting Mr. Bourassa at the coordinates listed below.

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. 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 2,400 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.

Cautionary Notice Regarding Forward-Looking Statements

Certain information in this press release may constitute “forward-looking statements” regarding Savaria and Mr. Marcel Bourassa. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as “plan”, “expect”, “should”, “could”, “budget”, “expected”, “estimated”, “forecast”, “intend”, “anticipate”, “believe”, variants thereof (including negative variants) or statements that certain events, results or shares “could”, “should” or “will” occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties, 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. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. Savaria undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by law. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.

For further information:

www.savaria.com