LAVAL, Québec, Dec. 12, 2022 (GLOBE NEWSWIRE) — Savaria Corporation (“Savaria”) (TSX: SIS) a global leader in the accessibility industry, announces today that Mr. Marcel Bourassa, President and CEO of Savaria, has filed a notice of intention to distribute securities in connection with his proposed sale of up to 1,700,000 common shares of Savaria (representing up to 2.64% of the issued and outstanding common shares). Common shares will be sold via the Toronto Stock Exchange. However, they can also be privately sold or transferred.
The common shares are proposed to be sold by Mr. Marcel Bourassa for personal reasons, for family estate planning purposes and in support of philanthropic endeavors. As he holds some of his common shares in Savaria through various holding companies, this proposed sale of shares will also financially benefit Mr. Marcel Bourassa’s brother Mr. Jean-Marie Bourassa. Mr. Marcel Bourassa is and, following the proposed sale, will continue to be the largest shareholder of Savaria.
As of December 12, 2022, Mr. Marcel Bourassa owns or controls, directly or indirectly, an aggregate of 14,905,167 common shares of Savaria or 23.14% of the issued and outstanding shares. If the maximum number of shares covered by his notice of intention are ultimately sold, and assuming no other variation of his current share ownership, Mr. Marcel Bourassa would still own or control, directly or indirectly, an aggregate of 13,205,167 common shares of Savaria, or 20.50% of the common shares currently issued and outstanding.
Mr. Marcel Bourassa could, depending upon market and other conditions increase or decrease his Savaria security holdings from time to time, as he determines appropriate for investment purposes. An early warning report will be filed by him under Savaria’s SEDAR profile at www.sedar.com to bring up the most recent early warning report. A copy of the notice of intention to distribute securities (Form 45-102F1) filed by him is available under Savaria’s SEDAR profile. It is not possible to predict the date of any proposed sales.
About Savaria Corporation
Savaria Corporation (savaria.com), a global leader within the accessibility industry, is It provides mobility and accessibility solutions for people with disabilities to improve their independence, comfort, mobility, and independence. Its product portfolio is one of the largest on the marketplace. Savaria designs, manufactures vertical and inclined wheelchair lifts as well as elevators for residential and commercial use. It also produces and markets a wide range of pressure management products, long-term care beds, and an extensive line medical equipment and solutions that allow for safe handling of patients. Savaria also adapts and converts vehicles for commercial and personal uses. The Corporation has a worldwide network of dealers and direct sales offices in North America and Europe (UK. The Netherlands. Switzerland. Italy. Germany. Poland. Czech Republic). Australia. Savaria employs around 2,250 people worldwide. Its plants are spread across Canada, the United States and Mexico.
This press release includes certain statements that are “forward-looking statements” within the meaning of the securities laws of Canada. Any statement in this release that is not historical fact can be considered forward-looking. When used in this press release, the words “believe”, “could”, “should”, “intend”, “expect”, “estimate”, “assume” and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation’s expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria’s or the industry’s outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation’s actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate.
Changes to assumptions can have an effect on other assumptions that are interrelated. This could make the impact of the change more or less significant. It is impossible for the Corporation to guarantee that any forward looking statement will come to pass. The reader should not place undue trust in these forward-looking remarks. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation’s business. Forward-looking statements do not take into account the impact of any sales, monetizations, mergers or acquisitions, asset writing-downs, and other charges, which may occur after forward looking statements are made.
Savaria, except as required by applicable securities law, disclaims any intention to revise or update forward-looking statements. This could be due to new information, future events, or other factors. The foregoing risks and uncertainties include 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.
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President and Chief Executive Officer