Mr. Richard Fearn reports

FAB-FORM ANNOUNCES 2023 FIRST QUARTER RESULTS AND OPERATIONAL UPDATE ON FAST-TUBE

Fab-Form Industries Ltd. has released 2023 first quarter results. The company generated a net profit of $111,922 for the quarter compared with a net profit of $223,002 in the previous year as a result of a decrease in sales of 37.85 per cent. The performance of Q1 was expected due to the contraction in the housing market as a result of higher interest rates. However, sales have picked up in April, with demand similar to Q2 2022. There has been an increase in the number of quotes for row houses/townhouses in 2023 compared with 2022. Demand for ICFs will significantly increase when ICFs are accepted in this market segment.

Fab-Form is excited to announce that Fab-Form placed its first order of Fast-Tube fabric from Hagihara in May, which will be delivered in September. Production of Fast-Tube will commence in early October, 2023, as planned. Fast-Tube will be produced using existing welding technology, with no significant change to the existing machinery. Development of polymer-based technology is currently in progress. Manufacturing using an augur will require five months of testing, with the company's supplier in Thailand having commenced production. Fab-Form expects the augur to arrive in August, 2023, and testing of the polymer will commence immediately.

About Fab-Form Industries Ltd.

Fab-Form Industries is a leading concrete forming products manufacturer located in Vancouver, B.C., Canada. Since its inception in 1986, the company has invented, developed and commercialized foundation products that are more sustainable and efficient for the building industry.

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