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AirBoss Announces Organizational Management Changes

NEWMARKET, Ontario, June 03, 2019 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (BOS.TO) (the "Company" or "AirBoss") today announced that Lisa Swartzman will assume the role of Vice-Chair of AirBoss and Chris Bitsakakis, the current COO, will assume the role of President and COO. Both changes are effective immediately.  Gren Schoch will continue in the roles of Chairman and CEO of AirBoss.

“Over the last five years Lisa has been an integral part of the growth of our business and a driving force behind many of our key strategic initiatives at AirBoss, including the recently announced agreement to create AirBoss Defense Group, and has helped establish a strong foundation that will support future growth. I look forward to her continued guidance and leadership as our Vice-Chair,” said Gren Schoch, Chairman and CEO of AirBoss.

“It’s been a privilege to be the President of AirBoss and to have had the opportunity to play a role in the transformational changes we’ve undertaken.  I am proud of the team we’ve built, the talent we’ve been able to attract and the progress we’ve made over the past five years towards turning AirBoss into a world class organization," said Lisa Swartzman.  "I look forward to continuing to support the business and our CEO in my new capacity as AirBoss continues to focus on the achievement of predictable, sustainable and profitable growth that delivers value to our customers, our people and our shareholders."

“Since joining AirBoss 18 months ago, Chris has rapidly implemented enhanced operational discipline, streamlined key areas of the business and attracted experienced management talent to the organization, all aimed at supporting growth and enhancing performance over the mid- to long-term,” said Gren Schoch, Chairman and CEO of AirBoss. “His comprehensive grasp of our operations and both the opportunities and challenges facing the business make him ideally suited to play a leadership role in our next phase of growth and I look forward to working closely with him as he transitions into his new role.

“While our near-term focus remains on managing costs and improving margins, we continue to invest in customer-focused innovation, growing capacity in our existing business lines, and diversifying our product offering,” said Chris Bitsakakis, President and COO of AirBoss. “As a team we are focused on unlocking the long-term potential for the business and driving sustainable, long-term shareholder value and I look forward to playing a key role in the process.”

AirBoss of America Corp.

AirBoss of America Corp. is a group of complementary businesses using compounding technology and engineering expertise to create value for its customers. With a capacity to process approximately 400 million turn pounds of rubber annually, AirBoss Rubber Solutions is one of North America’s largest custom rubber compounding companies and a leading supplier of essential calendered and extruded products for a broad range of applications. AirBoss Engineered Products is a world leader in the supply of life saving products for the military and a leading supplier of innovative anti-vibration solutions to the North American automotive market. The Company’s shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com.

Contact: Chris Bitsakakis, President or Gren Schoch, Chairman and CEO at 905-751-1188.

AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “is expected to”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions.  These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies.  AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information.  Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction.  This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements.  Investors are cautioned not to put undue reliance on forward-looking information.  All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice.  Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws.  Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.