Mr. Teri McKibbon of Bird Construction reports

BIRD - STUART OLSON TRANSACTION SECURES KEY APPROVALS, EXPECTED TO CLOSE ON SEPTEMBER 25

Bird Construction Inc. has received key approvals in regard to the proposed acquisition of Stuart Olson Inc., pursuant to an arrangement under the Business Corporations Act (Alberta) previously announced on July 29, 2020.

At a special meeting of Stuart Olson shareholders held on Sept. 17, Stuart Olson shareholders voted in support of the arrangement agreement, with 94.84 per cent of Stuart Olson shareholder votes cast at the meeting in support. As well, the senior secured lenders and debentureholders of Stuart Olson unanimously approved the transaction at their respective securityholder meetings held on Sept. 17.

Following Stuart Olson's respective securityholder meetings, Stuart Olson obtained a final order from the Court of Queen's Bench of Alberta in respect of the transaction.

"We are pleased that Stuart Olson shareholders voted in favour of the transaction, and we are excited to bring our two great organizations together," said Teri L. McKibbon, president and chief executive officer of Bird. "We look forward to welcoming Stuart Olson shareholders to what will be a dynamic company, combining two strong, experienced work forces with substantially increased depth and breadth, well positioned to drive sustainable value creation and provide sustainable dividends to shareholders. Integration planning is now positioned for our day one launch, and I appreciate the significant efforts being made by all involved."

On Sept. 8, 2020, it was announced that a no-action letter from the Competition Bureau had been received. The receipt of the no-action letter satisfies another key regulatory condition necessary for completion of the transaction.

The transaction, which was unanimously approved by the boards of directors of both companies, is anticipated to close Sept. 25, 2020.

About Bird Construction Inc.

Bird Construction is one of Canada's leading providers of construction services. The company provides services focused primarily on new construction for industrial, commercial and institutional markets as well as heavy civil construction and contract surface mining sectors. The majority of contracts are contracted with a fixed-price commercial framework.

About Stuart Olson Inc.

Stuart Olson provides construction services, including vertical infrastructure and electrical building systems contracting, in the public and private construction markets as well as a full suite of services, including electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The company operates office locations and projects throughout Western Canada, Ontario and the territories. In 2020 Stuart Olson was recognized as one of Alberta's top employers for the fourth consecutive year.

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