Saturday, October 1 2022

TORONTO, September 15, 2022 /CNW/ – Toromont Industries Ltd. (TSX: TIH) announced today that it has filed with the Toronto Stock Exchange (the “TSX”) a notice of intention to make a normal course issuer bid (“NCIB”) for certain of its common shares through the facilities of the Toronto Stock Exchange and other Canadian trading systems.

Pursuant to this notice, Toromont has the right to purchase up to 8,193,292 common shares, representing 10% of its 81,932,922 common shares in the “float” from September 9, 2022during the 12 month period commencing September 19, 2022 and ending September 18, 2023 or on any date prior to which Toromont completes or terminates its purchases of shares under the issuer bid. Toromont had 82,238,087 common shares issued and outstanding as of September 9, 2022.

The maximum daily purchase limit permitted under this public takeover bid is 33,498 common shares. The average daily trading volume for the six-month period ending August 31, 2022 was 133,995 common shares. Exceptions may be made to this daily purchase limit in accordance with the “bulk purchase” exemptions of the TSX rules.

Toromont believes that, from time to time, purchasing its common stock at prevailing market prices may be a sound investment and in the best interests of Toromont and its shareholders. All shares purchased under the OPRA will be cancelled. At or about the commencement of the issuer bid, Toromont will also enter into an automatic securities purchase program (“ASPP”) with a designated broker to facilitate the purchase of common shares under the redemption, subject to certain trading parameters established by Toromont when not. in possession of any material nonpublic information about himself or his securities and in accordance with the terms of the ASPP. Under the ASPP, the Broker may repurchase Common Shares within established trading parameters at any time, at its discretion and without Toromont’s control or influence. The Broker may make purchases during periods when Toromont would not otherwise do so, including during internally imposed trading blackout periods or periods when Toromont is subject to insider trading restrictions. Outside of the effective period of the AESP, Toromont may redeem Common Shares at its discretion, subject to applicable law. Toromont will not enter into, modify, modify or terminate the ASPP or any of the trading parameters contained therein unless Toromont is not in possession of material nonpublic information relating to itself or to its ordinary shares. The AESP has been entered into in accordance with the requirements of applicable Canadian securities laws and the rules of the TSX.

In connection with its previous normal course issuer bid which expires on September 14, 2022, Toromont has been authorized to repurchase up to 8,245,102 common shares. A total of 943,700 shares were repurchased during this period, at an average price of $104.37 CAD per share. The purchases were made through the TSX and other Canadian trading systems.

ABOUT TOROMONT

Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the largest Caterpillar dealerships by revenue and geographic territory – covering the Canadian provinces of Newfoundland & Labradors, New Scotland, New Brunswick, Prince Edward IslandQuebec, Ontario and Manitoba in addition to most of the territory of Nunavut. In addition, the Group includes advanced rental activities, a complementary material handling activity and an agricultural equipment activity. CIMCO is a market leader in the design, engineering, manufacture and installation of industrial and recreational refrigeration systems. Both segments offer full product support capabilities. This press release and more information about Toromont Industries are available at www.toromont.com.

SOURCE Toromont Industries Ltd.

For further information: Michael S. McMillan, Executive Vice President and Chief Financial Officer, Toromont Industries Ltd., Tel. : (416) 514-4790

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