Mr. Jake Bouma reports

ATLAS ENGINEERED ANNOUNCES DEBT PREPAYMENT OF $5 MILLION

Atlas Engineered Products Ltd. has made a debt prepayment of $5-million on its TD term credit facility.

The term facility was part of the amended and restated credit facility agreement with TD Canada Trust entered into on Aug. 23, 2023. The agreement has four facilities, with the second facility being the term facility. Initially this term facility was used to finance the acquisition of Leon Chouinard & Fils Co. Ltd. and refinance previous facilities with TD. This is a committed, non-revolving reducing term facility with an original maturity date of August, 2033.

Currently, the term facility has a floating interest rate of 7.45 per cent. As a result of the debt prepayment, the company reduced the outstanding principal amount of the term facility by $5-million from $28-million to $23-million resulting in an estimated $400,000 in interest expense savings for the company's fiscal 2024 year. Excess cash on hand was used to prepay the term facility. It was determined by the company that this was the best use of cash at this time as the interest expense savings would be sizable, and the company would still have access to debt and further cash on hand for potential future organic and acquisitive growth.

About Atlas Engineered Products Ltd.

Atlas Engineered Products is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. The company has a well-defined and disciplined acquisition and operating growth strategy enabling it to scale aggressively and apply new technologies, giving it a unique opportunity to consolidate a fragmented industry of independent operators.

We seek Safe Harbor.