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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). The common shares are expected to be sold through the facilities of the Toronto Stock Exchange and may also be sold or transferred privately.
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 may, depending on market and other conditions, increase or decrease his security holdings in Savaria from time to time as he may determine appropriate for investment purposes. An early warning report will be filed by him under Savaria’s SEDAR profile at www.sedar.com to update his 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. There is no assurance as to the timing of the proposed sales contemplated in the notice, and any such proposed sales may not occur.
About Savaria Corporation
Savaria Corporation (savaria.com) is a global leader in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and elevators for home and commercial use. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, as well as an extensive line of medical equipment and solutions for the safe handling of patients, including ceiling lifts and slings. In addition, Savaria converts and adapts vehicles for personal and commercial uses. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, The Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,250 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.