Mr. Gren Schoch reports

AIRBOSS PROVIDES CORPORATE UPDATE AND PREVIEW OF Q2 2023 RESULTS

Airboss of America Corp. is making changes to its leadership team and Airboss Defense Group (ADG) which are intended to improve the division's long-term strength. The company has also provided a preview of its second quarter 2023 financial results along with details for the upcoming second quarter 2023 results conference call.

Chris Bitsakakis to assume new role as president and co-chief executive officer

Airboss is pleased to announce that as of today's date, Chris Bitsakakis, the current president and chief operating officer of the company, will assume the role of president and co-chief executive officer. Gren Schoch will continue in the role of chairman and will serve alongside Mr. Bitsakakis as co-chief executive officer.

"Chris joined Airboss in November, 2017, and has overseen significant growth and enhanced performance in the organization, guiding us through a number of transformative changes," said Mr. Schoch. "His ability to enhance operational discipline, streamline key areas of the business and attract experienced management to the organization, as well as his focus on growth, innovation and product development, make him ideally suited to play a greater role in our next phase of growth and execution of strategic opportunities. I look forward to continuing my close collaboration with Chris in his new role as we work on growing our core rubber solutions segment, driving improved performance from engineered products and pursuing an array of growth and value-creation opportunities within ADG."

Airboss Defense Group

Airboss also announced today that a series of cost-saving measures were implemented across ADG's operations, including a reduction in its work force. These changes are intended to streamline the business segment's operations following a series of acquisitions and reduced business activity from continued delays in expected contract awards. These cost-saving measures are expected to result in approximately $5.0-million in annual cost reductions once fully implemented, while ADG remains fully capable to execute against future awards. In relation to this announcement, Mr. Bitsakakis noted that: "Over the past 2-1/2 years, ADG has undergone substantial change. These changes came from acquisitions we had made within the business and from significant swings in our underlying business activity. We've taken an important step to closely review our operating practices, and structure ADG to return to profitability, as we await new contract awards. We expect substantial cost-efficiencies going forward, while our ability to pursue and capture growth opportunities remains fully intact."

Q2 2023 results preview

To provide additional visibility to investors, the company is providing anticipated results for Q2 2023. Airboss expects to record the following for Q2 2023:

• Revenues in the range of $112.5-million (U.S.) to $115.0-million (U.S.);

• EBITDA (earnings before interest, taxes, depreciation and amortization) in the range of $5.0-million (U.S.) to $5.3-million (Q2 2022: $10.5-million);

• Earnings per diluted share of eight U.S. cents to 12 U.S. cents.

Q2 2023 conference call

The company will release its third quarter results after market close on Wednesday, Aug. 9, 2023. The release will be followed by a conference call to discuss its financial results on Thursday, Aug. 10, 2023, at 9 a.m. ET.

Date:  Thursday, Aug. 10, 2023

Time:  9 a.m. ET

Dial-in number:  1-800-898-3989 or 416-406-0743

Conference ID:  6965982 (pound sign)

Webcast link: on-line

Please connect approximately 10 minutes prior to the beginning of the call to ensure participation.

About Airboss of America Corp.

Airboss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through three divisions. Airboss Defense Group is a global leader in personal and respiratory protective equipment and technology for the defence, health care, medical and first-responder communities. Airboss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. Airboss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market and other sectors. The company's shares trade on the Toronto Stock Exchange and the OTCQX.

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