Mr. Ashley Allers of Tundra Process Solutions reports

WAJAX ACQUIRES POLYPHASE ENGINEERED CONTROLS

Wajax Corp.'s wholly owned subsidiary, Tundra Process Solutions Ltd., has acquired all of the issued and outstanding shares of Polyphase Engineered Controls (1977) Ltd. Specialized in producing custom electrical and instrumentation equipment, Polyphase employs 44 people, including a team of skilled wiring and panel assemblers, and operates facilities in Calgary and Edmonton, Alta.

"Since 1977, Polyphase has earned a reputation for delivering high-quality electrical controls for the oil and gas, utilities, mining, forestry, and agricultural sectors," said Ashley Allers, chief executive officer of Tundra. "Its addition expands our electrical solutions portfolio to include PLC [programmable logic controller] control panels, protection panels, DCS [distributed control system] panels and marshalling cabinets, to name a few. In-house capabilities related to electrical design, production, testing, staging and project management also expand the breadth of our electrical and instrumentation solutions offerings. The added expertise, combined with the increased capacity from the Polyphase facilities, enhance our ability to undertake large-scale time-critical integration projects. We are very pleased to welcome the Polyphase team to the Tundra and Wajax families."

Founded in 1999 and acquired by Wajax in 2021, Tundra plays a key role in Wajax's industrial parts and engineered repair services growth strategy. It provides maintenance and technical services to customers in the Western Canadian mid-stream oil and gas, oil sands, petrochemical, mining, forestry, and municipal sectors. Tundra also distributes a diverse range of industrial process equipment, representing industry-leading manufacturers of valves and actuators, measurement and analytical solutions, electrical solutions -- including motors, drives and electric vehicle charging -- electrical and control buildings, boilers, and water treatment solutions.

The transaction will be subject to normal postclosing adjustments.

Wajax Corp.

Founded in 1858, Wajax is one of Canada's longest-standing and most diversified industrial products and services providers. The corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas.

The corporation's goal is to be Canada's leading industrial product and service provider, distinguished through its three core capabilities: sales force excellence, the breadth and efficiency of repair and maintenance operations, and the ability to work closely with existing and new vendor partners to constantly expand its product offering to customers. The corporation believes that achieving excellence in these three areas will position it to create value for its customers, employees, vendors and shareholders.

We seek Safe Harbor.