Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION COMPLETES ACQUISITION OF BVGLAZING SYSTEMS

Exchange Income Corp. has successfully closed its acquisition of BVGlazing Systems Ltd. The acquisition was first announced on March 16, 2023, and obtained regulatory approval under the Competition Act (Canada) on April 28, 2023.

EIC paid a purchase price of $95-million, subject to customary postclosing adjustments, of which $23-million or 24 per cent was paid through the issuance of common shares of Exchange Income. The balance, or $72-million, was financed through the corporation's credit facility.

BVGlazing designs, engineers, manufactures and supplies window, door, and railing systems for mid-rise and high-rise building projects in Canada and the United States. BVGlazing manufactures unitized and stick curtain wall systems and railing systems, in addition to window wall glazing systems similar to those produced by EIC existing subsidiary Quest Window Systems. BVGlazing's added capability to provide curtain wall and railing products together with Quest's integrated installation capability will allow the company's collective window operations to offer complete solutions to their customers, an increasingly important attribute as developers turn to mixed-use projects that integrate residential, office and retail spaces to make more efficient use of their properties.

The transaction is accretive to the company's key per-share metrics based on its historical performance before any synergies.

About Exchange Income Corp.

Exchange Income is a diversified acquisition-oriented company, focused in two sectors: aerospace and aviation services and equipment, and manufacturing. The corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.

About BVGlazing Systems Ltd.

Founded in 1958, BVGlazing Systems is a manufacturer of unitized window wall, stick curtain wall, unitized curtain wall,and railing systems used in mid-rise and high-rise multi-residential mixed used developments. These products are manufactured in its facilities in Concord and Niagara Falls, Ont., and installed on site in many major North American urban markets.

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