Mr. Chris Bitsakakis reports

AIRBOSS ANNOUNCES AMENDMENT TO CREDIT FACILITIES

Airboss of America Corp. has amended its senior secured revolving credit facilities. Key changes include the following:

• A downsizing of the credit facility from $250-million (U.S.) to $150-million (U.S.) in 2024 and 2025 and $175-million (U.S.) thereafter;
• Commencing with dividends payable after April, 2024, the company will pay a maximum quarterly dividend of $1.0-million (Canadian) until the end of 2025;
• A maximum of $10-million (U.S.) in 2024 and $20-million (U.S.) in 2025, of capital expenditures, unless approved by the lenders;
• Replacing the leverage and interest coverage ratios with minimum adjusted earnings before interest, taxes, depreciation and amortization and liquidity requirements, and excluding certain charges from the calculation of adjusted EBITDA, until the end of 2024.

"We appreciate the continued support of our syndicate of lenders," said Chris Bitsakakis, president and co-chief executive officer of Airboss. "While these amendments require some adjustments to our dividend and capital expenditure policies, we believe they are in the best interest of our shareholders and other stakeholders as they will enable us to invest in our long-term growth and create sustainable value while prioritizing deleveraging, continuing our goal of transforming Airboss into a global market leader in the custom rubber compounding market and the industries which we serve."

The syndicate of lenders remains Toronto-Dominion Bank as sole lead arranger, National Bank of Canada, Comerica Bank, J.P. Morgan, Bank of Montreal, Canadian Imperial Bank of Commerce and Royal Bank of Canada.

About Airboss of America Corp.

Airboss is a diversified developer, manufacturer and provider of 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 two divisions. Airboss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. Airboss Manufactured Products is a supplier of anti-vibration and rubber-moulded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defence, health care, medical and first responder communities through its Airboss Defense operations. The company's shares trade on the Toronto Stock Exchange under the symbol BOS and on the OTCQX under the symbol ABSSF.

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