Proposed acquisition adds licensed plumbing, gas and HVAC capabilities, expands Elevate's reach across remote northern markets and Indigenous communities, and establishes a partnership with Métis Infinity Investments

Toronto, Ontario--(Newsfile Corp. - October 28, 2026) - Elevate Service Group Inc. (TSXV: SERV) (OTCQB: ESVCF) (FSE: Y19) ("Elevate" or the "Company") is pleased to announce it has entered into a letter of intent (the "LOI") to acquire 100% of the issued and outstanding shares of Red Lake Plumbing & Heating Inc. ("Red Lake") from Métis Infinity Investments Limited Partnership ("Métis Infinity" or the "Vendor") (the "Proposed Acquisition").

About Red Lake Plumbing & Heating

Red Lake is an established plumbing, heating and air-conditioning service provider based in Red Lake, Ontario, serving commercial, industrial and residential customers across northern and Indigenous communities. The Proposed Acquisition would establish a permanent operating base for Elevate in Northwestern Ontario, adding over ten licensed technicians to the Company's internal network and creating a partnership with Métis Infinity, which will become a shareholder of Elevate upon closing. Red Lake generated 2025 annual revenue of $3.7 million, EBITDA⁽¹⁾ of $0.4 million and net income before taxes of $0.3 million, based on Red Lake's audited financial statements for the period.

Strategic Rationale

The Proposed Acquisition advances Elevate's strategy of building a national, multi-trade facilities services platform and is strategically important beyond its current size.

• Establishes Northwestern Ontario Platform. As one of the largest service providers in the area, Red Lake brings an established workforce, customer base, and infrastructure that is difficult to replicate organically within remote markets. The Proposed Acquisition provides Elevate an operating base to serve commercial, industrial, and institutional customers across Northwestern Ontario, while providing a platform for expansion into other remote communities.

• Adds Licensed Skilled Trades to Technician Network. Red Lake would add over ten licensed plumbing, HVAC, and gas fitting professionals to Elevate's internal technician network, complementing existing mechanical and facilities maintenance capabilities.

• Commercial Cross-Selling and Integration Opportunities. Elevate expects to introduce its broader suite of commercial facilities services, including electrical, lighting, and equipment services to Red Lake's commercial and industrial customers. At the same time, Red Lake's local technician network provides additional capacity to service Elevate's existing and prospective national customers throughout Northwestern Ontario.

• Partnership with Métis Infinity. Métis Infinity Investments is the economic development arm of the Métis Nation of Ontario and was established to pursue investments and strategic partnerships supporting Métis economic prosperity. Post-closing, Métis Infinity will obtain an ownership stake in Elevate, creating the foundation for a broader strategic relationship. Elevate intends to add resources and coverage to remote, underserved markets, including First Nations communities, building upon existing community relationships through expanded service coverage, employee hiring and training.

"Red Lake represents the type of strategic acquisition we are pursuing as we build Elevate's national service platform," said Romeo Di Battista Jr., Executive Chairman of Elevate. "The transaction brings an established operating business, a skilled workforce and deep community relationships in a market that is difficult to serve organically. Importantly, it also establishes a relationship with Métis Infinity Investments, creating opportunities to expand our commercial service capabilities across Northwestern Ontario while supporting economic development in the communities we serve."

Proposed Terms and Conditions to Closing

Under the terms of the LOI, Elevate will acquire 100% of the shares of Red Lake for an aggregate purchase price of $1.3 million including $650,000 of cash at closing, $300,000 of Elevate common shares, and a $350,000 promissory note. The number of Elevate common shares issued will be determined using a set formula prior to closing, and the shares will be subject to a three-year lock-up, with one-third released each year. The promissory note is subordinated to senior secured obligations of the Company, has a three-year term, accrues interest at 2% in year one, 3% in year two and 4% in year three, and is payable along with accrued interest at maturity. The LOI is non-binding, other than customary provisions relating to exclusivity, confidentiality and expenses. The Proposed Acquisition is expected to be completed by the end of 2026 and is subject to conditions including finalizing definitive documentation and approval of the TSX Venture Exchange.

About Elevate Service Group Inc.

Elevate is a national facilities management and essential commercial services platform focused on consolidating and modernizing this fragmented sector. Through its operating companies, Elevate brings over 20 years of experience as a trusted partner to national, blue-chip customers. Elevate's strategy is to integrate a portfolio of profitable operating businesses across a scalable, national platform supported by shared infrastructure, technology, and operational best practices. This approach drives efficiencies, expands service offerings, and enhances customer outcomes while extending Elevate's geographic reach. Elevate trades on the TSX Venture Exchange under the ticker "SERV", on the OTCQB under the symbol "ESVCF" and on the Frankfurt Stock Exchange under the symbol "Y19".

About Métis Infinity Investments

Métis Infinity Investments is the economic development arm of the Métis Nation of Ontario. Established in 2015, it pursues business investments, equity ownership and joint ventures that support Métis economic prosperity across Ontario. Métis Infinity acquired Red Lake Plumbing & Heating in 2019.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses the Proposed Acquisition, the terms thereof, the entering into of a definitive agreement, the expected timing of closing, the expected benefits of the Proposed Acquisition and of the partnership with Métis Infinity, and other predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that due diligence will be satisfactory, that a definitive agreement will be entered into on the terms described, and that regulatory and other approvals for the Proposed Acquisition will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: the non-binding nature of the LOI; the outcome of due diligence; failure to negotiate and enter into a definitive agreement; failure to receive board, regulatory or third-party approvals for the Proposed Acquisition; integration risks; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.

Cautionary Note Regarding Non-IFRS and Non-ASPE Measures

This press release makes reference to certain Non-IFRS and Non-ASPE measures that do not have a standardized meaning under IFRS or ASPE and therefore may not be comparable to similarly titled measures presented by other publicly traded companies. The Company includes these measures as a means of measuring financial performance. More specifically, the Company makes reference to the following Non-IFRS and Non-ASPE measures:

(1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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