Lassonde Industries Inc. amends its normal course issuer bid

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ROUGEMONT, QC, Aug. 16, 2022 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) ("Lassonde" or the "Company") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to amend its normal course issuer bid ("NCIB") in order to increase the maximum number of Class "A" subordinate voting shares of its capital (the "Subordinate Voting Shares") that it may purchase for cancellation during the twelve-month period ending on or before December 22, 2022 from 80,000 Subordinate Voting Shares (representing approximately 2.98% of the public float of Subordinate Voting Shares as of December 14, 2021 (the reference date for the NCIB)) to 160,000 Subordinate Voting Shares (representing approximately 5.97% of the public float of Subordinate Voting Shares as of December 14, 2021) (the "Amendment"). The effective date of the Amendment is August 18, 2022. No other terms of the NCIB have been amended.

Based on the average daily trading volume of the Subordinate Voting Shares during the six completed calendar months prior to the commencement of the NCIB on the TSX, daily purchases under the NCIB are limited to 1,000 Subordinate Voting Shares, other than block purchase exceptions. Subordinate Voting Shares purchased under the NCIB will be cancelled.

Purchases under the NCIB began on December 23, 2021, will end no later than December 22, 2022, and are made by means of open market transactions through the facilities of the TSX or alternative trading systems, in accordance with the requirements on normal course issuer bids of the TSX. Purchases made on the open market through the facilities of the TSX and alternative trading systems will be at the prevailing market price at the time of acquisition (plus brokerage fees). As of August 16, 2022, the Company had acquired for cancellation a total of 74,300 Subordinate Voting Shares pursuant to the NCIB at a weighted average price of $134.57.

The Company previously implemented an automatic share purchase plan with its designated broker in order to facilitate purchases of Subordinate Voting Shares under the NCIB (the "Plan"). The Company intends to amend and restate the Plan in order to reflect the Amendment. The Plan constitutes, and the amended and restated automatic share purchase plan will (when adopted) constitute, an "automatic plan" for purposes of applicable Canadian securities legislation.

Lassonde is of the opinion that the acquisition of Subordinate Voting Shares is an effective use of its funds and is in the best interest of the Company and its shareholders. Lassonde  is of the view that it may be advantageous to engage in purchases of Subordinate Voting Shares, from time to time, when, in the opinion of management, such shares are trading at prices which reflect a discount from what management considers to be the appropriate value of the Subordinate Voting Shares. In addition, Lassonde is of the opinion that its shareholders will benefit from the reduction of the number of Subordinate Voting Shares issued and outstanding as a result of purchases made under the NCIB.

Decisions about the timing and extent of future purchases of Subordinate Voting Shares as part of the NCIB are at the discretion of management and are based on various factors, including market conditions. Lassonde retains discretion as to whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements.

To the Company's knowledge, no director, senior officer or associate of a director or senior officer of the Company, person acting jointly or in concert with the Company, or person holding 10% or more of any class of equity securities of the Company currently intends to sell any Subordinate Voting Shares of the Company under the NCIB. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose Subordinate Voting Shares are purchased under the NCIB would be the same as the benefits available to all other holders whose Subordinate Voting Shares are likewise purchased.

Lassonde reserves the right to terminate the NCIB at any time prior to December 22, 2022.

About Lassonde

Lassonde Industries Inc. is a North American leader in the development, manufacture and sale of ready-to-drink juices and drinks marketed under brands such as Apple & Eve, Fairlee, Fruité, Graves, Oasis, Old Orchard, Rougemont and Sun-Rype. Lassonde is the largest producer of fruit juices and drinks in Canada and one of the two largest producers of store brand shelf-stable fruit juices and drinks in the United States. It is also a major producer of cranberry sauces. The Company also produces fruit-based snacks in the form of bars and bites.

Lassonde also develops, manufactures and markets specialty food products such as pasta sauces and soups, mainly under private label, as well as fondue broths and sauces under the brand Canton. The Company also imports and markets selected wines from various countries and manufactures apple ciders and cider-based beverages.

The Company produces superior quality products through the expertise of more than 2,700 people working in 17 plants across Canada and the United States. To learn more, visit www.lassonde.com.

Caution Concerning Forward-Looking Statements

This news release contains statements about future events and plans of the Company that are forward-looking. These statements may involve, but are not limited to, statements about potential purchases of shares for cancellation under the normal course issuer bid, the Company's belief that the normal course issuer bid is an effective use of funds and is in the best interest of the Company and its shareholders, the Company's intentions regarding the normal course issuer bid, and the TSX's approvals. Forward-looking statements can be recognized by such words as "may," "should," "believes," "predicts," "plans," "expects," "intends," "anticipates," "estimates," "projects," "objective," "continues," "proposes," "targets," or "aims" as well as words and expressions of a similar nature and whether they are used in the affirmative or negative or used in the conditional or future tense. Forward-looking statements also include any statements that do not refer to historical facts.

By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. The forward-looking statements contained in this news release describe the Company's expectations at the date of this news release and, accordingly, are subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future events to differ materially from the assumptions and predictions expressed in the forward-looking statements. Such factors include, among others, the economic, industrial, competitive and regulatory environment in which Lassonde operates or factors that are likely to have an impact on its operations, its ability to attract and retain customers, consumers, and qualified staff, the availability and cost of raw materials and transportation, its operating costs, and the price of its finished products in the various markets where it operates. Specifically, there can be no assurance as to how many shares, if any, will ultimately be acquired by the Company under its normal course issuer bid.

The Company cautions that the foregoing list of factors is not exhaustive. This news release is subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in the "Uncertainties and Principal Risk Factors" section of the Company's most recent annual MD&A and the other documents it files from time to time with securities regulators in Canada and available on www.sedar.com. The forward-looking statements contained in this press release reflect the Company's expectations on this date and are subject to change after this date. Lassonde does not undertake to update publicly or to revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation.

SEDAR registration number: 00002099

SOURCE Lassonde Industries Inc.

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