CARROLLTON, Texas, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Critical Solutions Holdings, LLC (“CSH”), a company controlled by funds managed by Sentinel Capital Partners, L.L.C. and/or its affiliates (“Sentinel” and together with CSH, the “Acquirors”), announced today that CSH has acquired share consideration of 3,500,000 common shares (“Issuer Shares”) in the capital of AirBoss of America Corp. (the “Issuer”) and cash consideration of USD$20 million (CDN$26,281,209 using the October 23, 2020 Bank of Canada exchange rate of 1 CAD = 0.7610 USD) (with $5 million paid on closing and $5 million payable on a quarterly basis for the three quarters following closing) pursuant to the previously announced sale to the Issuer of its 45% minority interest in AirBoss Defense Group (the “Transaction”). The Issuer Shares were acquired at a deemed issue price of $17.87 per Issuer Share, being the latest closing trading price prior to the announcement of the Transaction. The Issuer Shares represent 13.01% of the Issuer’s outstanding common shares. Immediately prior to the Transaction, the Acquirors held no shares of in the capital of the Issuer.

The Issued Shares were acquired pursuant to the Transaction for investment purposes. The Acquirors may or may not purchase or sell securities of the Issuer in the future on the open market or in private transactions, depending on market conditions, general economic and industry conditions, the Issuer’s business and financial condition and/or other relevant factors.

The common shares of the Issuer are listed for trading on the TSE under the symbol “BOS”.

A copy of the early warning report to be filed by the Acquirors in connection with the investment will be available on AirBoss’ profile on SEDAR at www.sedar.com. For further information please contact: Paul Murphy, President, 2933 Eisenhower Street, Suite 120, Carrollton, TX, 75007, telephone: (972)-242-8500.