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Sherritt Appoints Leon Binedell as New President and CEO

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO–(BUSINESS WIRE)–
Sherritt International Corporation (“Sherritt”) (TSX:S) today announced the appointment of Leon Binedell, a 25-year mining industry veteran with a history of building shareholder value, as President and CEO effective June 1, 2021.

“In searching for our new Chief Executive, the Board was mindful of the need to recruit a candidate with the strategic capability to drive Sherritt’s future agenda whilst at the same time possessing a thorough understanding of mining,” said Sir Richard Lapthorne, Chair of Sherritt’s Board of Directors. “I am delighted with Leon’s appointment. He is a dedicated leader whose deep sector expertise and proven ability to deliver results in complex stakeholder and multi-jurisdictional landscapes will be great advantages for Sherritt for many years to come. His proactivity, high ethics, strategic mindset and dependability make him a true asset, and we are confident in Sherritt’s ability to create significant value under his leadership.”

Originally from South Africa, Mr. Binedell is a mining executive with 25 years of industry experience in leading global mining companies and adjacent joint ventures. Most recently, he worked as Chief Financial Officer of Guyana Goldfields Inc. (“Guyana Goldfields”), a Canadian-based gold producer focused on gold deposits in Guyana. During his tenure with Guyana Goldfields, Mr. Binedell was instrumental in maximizing shareholder value and ensured stability through the effective recruitment of team members, the renegotiation of all major operating and supply contracts and the development of finance and governance practices that guided Guyana Goldfields through its successful sale.

Mr. Binedell has served in a variety of senior leadership roles at leading mining companies, including nickel and other base metals businesses. Prior to joining Guyana Goldfields, he served as Finance Operating Executive with Resource Capital Funds, a leading private equity fund focused on the mining sector and the commercialization of mining innovation. In his role, he advised a portfolio of 25 companies representing $2 billion in assets under management that spanned seven commodities and mining related innovations across eight countries on improving their overall strategies, financial performance and finance practices. Additional sector experience includes his time as National Leader of Finance Consulting in Mining & Energy at PricewaterhouseCoopers LLP, General Manager of Business Services at Xstrata Nickel (now Glencore) and Chief Financial Officer at Koniambo Nickel SAS.

“I am excited to be joining Sherritt at this important juncture in its ongoing transformation as the Company continues to capitalize on growing demand for high-purity nickel and cobalt, while also expanding its Technologies business,” said Leon Binedell, incoming President and CEO of Sherritt. “Sherritt’s exposure to the electric vehicle revolution and unique ability to deliver crucial hydrometallurgy technology illustrates that the business has a compelling future. I look forward to building on the nearly 100 years of Sherritt’s history in innovation and to delivering long-term value for our shareholders while continuing our focus on safe, environmentally conscious operations for the benefit of our employees and various stakeholders.”

Mr. Binedell will succeed current President and CEO David Pathe, who in November 2020 announced his intention to step down from the role in 2021. As previously communicated, Mr. Pathe will remain with Sherritt for a period of time to ensure an orderly transition. He will leave Sherritt after almost 10 successful years as Chief Executive improving every aspect of its business. He guided the Company through its contractual obligations from the legacy Ambatovy Project to completion, rebuilt the balance sheet by eliminating $3.5 billion in debt, and improved performance from operations, all amid challenging market conditions and an increasingly hostile US policy towards Cuba. Mr. Pathe additionally showed clear commitment to environmental stewardship and fostered the diverse and inclusive culture that Sherritt has today.

“David’s performance as Chief Executive was critical to Sherritt during a difficult and extremely volatile period for the nickel market, which provided no space for financial comfort,” said Sir Richard. “His tireless work over many years addressing financial recovery from the consequences of the Ambatovy investment produced the remarkable balance sheet restructuring completed last year. This, in turn, enabled Sherritt to stop needing to spend all its time looking backwards. Instead, Sherritt is now able to look to the future with confidence and optimism, and has started to create options for setting the Company onto a positive trajectory. That is David’s legacy. The Board and I thank him and wish him great success in his future endeavours.”

Notice of Annual Meeting

Sherritt’s 2021 Annual Meeting of Shareholders will be held on May 20th, 2021. As a result of the continuing impact of COVID-19 and to ensure the health and welfare of our shareholders, employees and other stakeholders, the meeting will be held virtually.

• Time: 10:00 am (ET)
• Meeting website: https://web.lumiagm.com/416715960
• Click “Login” and then enter control number and Password: sherritt2021 (case sensitive); OR
• Click “I am a Guest” and then complete the online form.

Attending the Meeting online enables registered shareholders or their duly appointed proxyholders and non-registered shareholders who have duly appointed themselves as proxyholder, or their duly appointed proxyholders, to participate at, submit questions in writing and vote at the Meeting, all in real time.

Sherritt recommends shareholders and guests to log in at least 15 minutes before the Meeting starts.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel and cobalt — metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements set out in the “Outlook” section of this press release and certain expectations regarding production volumes, operating costs and capital spending; supply, demand and pricing outlook in the nickel and cobalt markets; the impact of COVID-19; continued qualification for the Canada Emergency Wage Subsidy (CEWS); the potential impact of Cuba’s currency unification; anticipated payments of outstanding receivables, including re-directed distributions from the Corporation’s Moa Joint Venture partner; the impact of U.S. sanctions on Cuban; and amounts of certain other commitments.

Forward looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; production results; realized prices for production; earnings and revenues; environmental rehabilitation provisions; availability of regulatory and creditor approvals and waivers; compliance with applicable environmental laws and regulations; debt repayments redemptions and deferrals; collection of accounts receivable; and certain corporate objectives, goals and plans. By their nature, forward looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.

The Corporation cautions readers of this press release not to place undue reliance on any forward looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward looking statements. These risks, uncertainties and other factors include, but are not limited to, the impact of the COVID-19 pandemic, changes in the global price for nickel, cobalt, oil and gas, fertilizers or certain other commodities; security market fluctuations and price volatility; level of liquidity; access to capital; access to financing; the risk to Sherritt’s entitlements to future distributions from the Moa Joint Venture; risk of future non-compliance with debt restrictions and covenants and mandatory repayments; Sherritt’s ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partner; variability in production at Sherritt’s operations in Cuba; risks related to Sherritt’s operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; potential interruptions in transportation; uncertainty of gas supply for electrical generation; the Corporation’s reliance on key personnel and skilled workers; the possibility of equipment and other failures; risks associated with mining, processing and refining activities; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; risks related to the Corporation’s corporate structure; political, economic and other risks of foreign operations; risks associated with Sherritt’s operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; foreign exchange and pricing risks; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations and maintaining the Corporation’s social license to grow and operate; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; legal contingencies; risks related to the Corporation’s accounting policies; identification and management of growth opportunities; uncertainty in the ability of the Corporation to obtain government permits; risks to information technologies systems and cybersecurity; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2021; and the Corporation’s ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents. Additional risks, uncertainties and other factors include, but are not limited to, the ability of the Corporation to achieve its financial goals; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; and the ability of the Corporation to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements. Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the Management’s Discussion and Analysis for the three months and year ended March 31, 2021 and the Annual Information Form of the Corporation dated March 19, 2021 for the period ending December 31, 2020, which is available on SEDAR at www.sedar.com.

The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005319/en/

Joe Racanelli, Director of Investor Relations

Telephone: 416-935-2457

Email: [email protected]

www.sherritt.com

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Energy Natural Resources Mining/Minerals Oil/Gas

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Rykä Drops Fresh New Collection with their Signature Made for Women Fit

Rykä fEMPOWER. Empowering Women. Made for Women

ST. LOUIS–(BUSINESS WIRE)–
Founded over 30 years ago with the commitment of a Made for Women fit, Rykä continues to be at the forefront of women’s athletic footwear. From the very first shoe Rykä created, it has refused to settle for anything less than athletic shoes engineered exclusively for women. Today, this vision continues with Rykä fEMPOWER, an elite collection of athletic footwear.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210518005234/en/

The Defiance training shoe and the Devotion Pro walking shoe are among the standouts in the Spring collection. (Photo: Business Wire)

The brand was the first in athletic footwear to develop shoes that were based on the differences in a woman’s foot shape, muscle movement and build. The result is a shoe that requires no break-in, doesn’t slip in the heel and allows for appropriate room in the forefoot. This signature fit and commitment to women’s needs is what drives the brand’s innovation and its fans’ fierce loyalty.

“Rykä fEMPOWER has special meaning to us as a brand as we went back to our origins to draw inspiration and meaning for this collection – we were trailblazers 30 years ago developing something that did not exist in the marketplace,” said Amanda Butler, design director. “Today this spirit and our brand’s commitment to female empowerment is stronger than ever and guided us in the making of our newest collection. From premium performance materials, to special design details to enhanced support features and of course our signature made for women Rykä fit – this elite collection offers something new and exciting to our fans.”

The collection features training, walking and trail shoes with luxe materials including high quality knits, engineered mesh, soft microfiber linings and translucent rubber. Additionally, they are loaded with performance technology, incorporating the brand’s premier comfort cushioning technology – RE-ZORB® – as well as a premium fEMPOWER Anatomical Precise-Return insole that adds cushioning and arch support.

“This premium collection is geared towards today’s ‘Wellness Warrior’ – a healthy-minded person who has a holistic approach to health and well-being and embraces self-care as part of her life,” said Chelsea Aaberg, sales director. “Our broad assortment also includes trail shoes – which capitalizes on her many ways of staying fit and active, including exploring the great outdoors.”

The collection features styles from $90 – $100 and can be found online at Rykä.com as well as Nordstrom.com, Zappos.com and FamousFootwear.com.

For more information, visit ryka.com/fEMPOWER.

ABOUT RYKA

Made for women. Made for more.

We are a fearless tribe of women who want better. And we want it now. Thirty years ago, we took a stand and dared to do things differently. To give women athletic shoes engineered exclusively for us. We’re talking shoes made specifically for a woman’s unique foot shape, muscle movement and build, not just a sized down version of a man’s shoe. (It’s pretty powerful stuff.)

What started with a shoe has become a mantra uniting women everywhere. A Made for Women movement, where our individuality is rightfully celebrated and actions speak louder than words. Because women deserve better. Better shoes, better rights, a better world. Our resolve is stronger than ever to create shoes that keep breaking the mold. Shoes that stand for change. We know the power of our female tribe. It’s an unstoppable force that moves us with every step, every shoe. Because when women come together, we will change the world.

RYKA. MADE FOR WOMEN.

ABOUT CALERES (NYSE: CAL)

Caleres is the home of today’s most coveted footwear brands and represents a diverse portfolio spanning all of life’s styles and experiences. Every shoe tells a story and Caleres has the perfect fit for every one of them. Our collections have been developed and acquired to meet the evolving needs of today’s assorted and growing global audiences, with consumer insights driving every aspect of the innovation, design, and craft that go into our distinctly positioned brands, including Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds, Vionic, Dr. Scholl’s Shoes, and more. The Caleres story is most simply defined by the company’s mission: Inspire people to feel great…feet first.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005234/en/

Holly Campbell

[email protected]

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Fashion Online Retail Retail Consumer Other Retail Women Specialty

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Photo

The Defiance training shoe and the Devotion Pro walking shoe are among the standouts in the Spring collection. (Photo: Business Wire)

Arab Financial Services and Discover Sign Network Alliance Agreement

First acceptance of Discover, Diners Club International and network alliance cards in Bahrain

MANAMA, Kingdom of Bahrain & RIVERWOODS, Ill.–(BUSINESS WIRE)–
Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, and Discover, a digital banking and payments services company, have signed a strategic network alliance agreement that will increase the global acceptance footprint for both organizations. The agreement will initially give Discover, Diners Club International and network alliance cardholders the ability to use their card on AFS Android-based point-of-sale (POS) terminals across the Kingdom of Bahrain. All AFS POS terminals are enabled for contactless debit and credit card payments.

Discover, Diners Club International and network alliance cardholders will be able to use their cards for the first time in Bahrain through this strategic alliance. It also enhances the AFS strategy to bring new entrants into the Bahrain market, and AFS banks can opt to issue credit cards that will have access to the Discover Global Network for international purchases and cash access outside of Bahrain. When AFS banks begin to issue AFS Global Cards, cardholders will have access to more than 50 million merchants in 200 countries and territories as part of the Discover Global Network.

Mr. Samer Soliman, AFS Chief Executive Officer, said: “By entering into this network alliance agreement with Discover, we have successfully expanded on the wide range of convenient payment options available through AFS state-of-the-art POS acceptance systems. AFS market-leading POS technology enhances the experience for all customers, giving them smart, secure, and convenient payments acceptance platforms with a variety of benefits and value-added services. With this agreement, customers can now use their Discover, Diners Club International or partner alliance cards, including but not limited to India’s RuPay, and Turkey’s Troy, for seamless payments at AFS POS terminals.”

“This agreement ensures we can provide regional issuers with access to the Bahrain market, while creating mutually beneficial growth opportunities for Discover and AFS,” said Matt Sloan, vice president of international markets at Discover. “By connecting with innovative payment partners like AFS, we are able to provide our cardholders with the global reach and localization they require.”

As the first smart Android-based, integrated POS terminals in Bahrain, the AFS world class payment acceptance solutions give merchants and customers access to state-of-the-art tools for payment. Additionally, AFS’ many value-added benefits include acceptance of all major card schemes, multi-lane integration for hypermarkets, dynamic currency conversion, loyalty programs, easy payment plans, analytics, bill payment and merchant lending.

The Discover Global Network includes Discover Network, Diners Club International, PULSE and more than 20 alliance partner networks across the globe, including relationships in China, Japan, Korea, India, Brazil, Turkey, and Nigeria.

About AFS:

As the brainchild of the MENA region’s banking sector, Arab Financial Services (AFS) exists to empower businesses and consumers by exploring, innovating and investing in superior technologies that help shape the future of financial experiences. Today, we are the region’s leading digital payment solutions provider and Fintech enabler. Owned by 37 banks and financial institutions, we serve over 75 clients in more than 20 countries. Our groundbreaking, end-to-end payment services and solutions span card processing, merchant acquiring, Fintech and a state-of-the-art value-added services suite. Our dedication to innovation has positioned us as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; marketing-leading merchant acquiring services; Bahrain’s leading digital payroll solution Al Rateb; global Contact Centers and more. Providing the highest quality payments solutions that are trusted by businesses, we have been recognized as “Best Fintech Solutions Company 2019” and “The Most Innovative Fintech Solution Provider 2018” at the GCC Enterprise Awards and “Best Payment Service Provider – Bahrain 2017” by Global Banking and Finance Review.

Visit www.afs.com.bh for more information, and join the conversation on LinkedIn.

With over 30 years’ experience, AFS serves over 75 clients across the financial sector in more than 20 countries. Its end-to-end payment services and solutions span card processing, merchant acquiring, fintech and a state-of-the-art value-added services suite. AFS’ products and solutions within the Fintech space include bwallet, Bahrain’s leading mobile wallet; eFloos, the first-of-its-kind digital mobile wallet in the Sultanate of Oman and Al Rateb, Bahrain’s first digital payroll solution. In addition, AFS’ value-added services suite includes contact center solutions that offer multilingual 24/7 service with state-of-the-art e-ticketing technology and an outbound telemarketing set-up covering customers across the globe. AFS is owned by 37 banks and financial institutions and regulated by the Central Bank of Bahrain. With offices and data centers in Bahrain, UAE and Oman, AFS was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified. Recipient of several global awards, AFS has also been recognized as “Best Fintech Solutions Company 2019” and “The Most Innovative Fintech Solution Provider 2018” at the GCC Enterprise Awards in addition to “Best Electronic Payment Service Provider Bahrain 2019” and “Best Payment Service Provider – Bahrain 2017” by Global Banking and Finance Review.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America’s cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005241/en/

Azza Mubarak Matar, Head of Corporate Communications

AFS

+973 1729 9711 / 3965 2012

[email protected]

Sarah Grage Silberman

Discover

+1-224-405-6029

[email protected]

@Discover_News

KEYWORDS: United States Bahrain North America Middle East Illinois

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Legion Partners Issues Presentation Highlighting the Immediate Need for New Independent and Qualified Directors at OneSpan

Details How the Board’s Deeply Ingrained, Insular Culture and Company’s Strategic Failures Have Resulted in Severe Stock Price Underperformance

Company’s Reactive Maneuvers Have Not Resulted in Improved TSR and Do Not Represent True Refreshment

Encourages Fellow Stockholders to Vote on the WHITE Proxy Card FOR Its Independent Directors – Sarika Garg, Sagar Gupta, Michael J. McConnell and Rinki Sethi

LOS ANGELES–(BUSINESS WIRE)–
Legion Partners Asset Management, LLC, which, together with its affiliates (collectively, “Legion Partners” or “Legion”), beneficially owns 2,790,121 shares of common stock of OneSpan Inc. (“OneSpan” or the “Company”) (Nasdaq: OSPN), representing approximately 6.9% of the outstanding stock, today issued a presentation highlighting the need for new independent directors on OneSpan’s Board of Directors (the “Board”). Legion Partners has nominated four highly-qualified independent directors for election to the Company’s Board at the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”): Sarika Garg, Sagar Gupta, Michael J. McConnell and Rinki Sethi.

The full presentation is available at: https://protectonespan.com/wp-content/uploads/2021/05/Legion-Partners-OSPN-Proxy-Fight-Presentation-vFF-5.16.21.pdf

Key points from the presentation include:

• OneSpan’s stock has been a serial underperformer: The Company currently trades at ~70% valuation discount to peers and its total shareholder returns (“TSR”) has severely underperformed across 1, 3, 5, 10, and 15 year periods.^[1] The Company’s Board lacks directors with relevant skillsets needed to remedy this issue including improving strategic oversight and corporate governance.

• The Board’s reactive maneuvers have failed to improve total shareholder return: OneSpan is transitioning from Hardware to a cloud-first, recurring revenue Software company, but the Board’s skill sets do not appear to have appropriately evolved with this strategy. Despite our significant efforts to collaborate on refreshment to address this issue, the Board has defensively added new directors with questionable qualifications and fit, as well as prior connections to existing directors, and have only made these moves in the face of public pressure.

• The Board has no credible plan to fix OneSpan’s valuation: In the presentation, Legion offers several plans to address multiple issues weighing on OneSpan’s valuation, including plans to improve OneSpan’s financial disclosures, investor communications, capital allocation, strategic oversight, governance, and executive compensation. Legion’s nominees would seek to take a holistic approach to reversing decades of underperformance overseen by the Board.

• The Board’s leadership and culture need to change: Legion contends that the Company’s TSR has not improved because the real power in the boardroom has not changed as longer tenured and underqualified directors continue to hold key leadership positions – and are highly reluctant to meaningfully engage with stockholders, including Legion.

Legion’s nominees represent a world-class group of technologists, operators, executives and investors who have overseen, led and invested in numerous successful modern public software and hardware companies.

For more information about Legion’s case for change at OneSpan, please visit https://protectonespan.com/.

VOTE FOR LEGION’S FOUR NOMINEES ON THE WHITE PROXY CARD TODAY

About Legion Partners

Legion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, CA. Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world’s largest institutional and HNW investors.

1. As of 2/24/21 (the “Unaffected Date”) (one day following Q4 2020 earnings on 2/23/21 after market close, and one day prior to Legion’s public nomination on 2/25/21 before market open)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005579/en/

Media Contact:

Sloane & Company

Joe Germani / Dan Zacchei

[email protected] / [email protected]

Investor Contact:

Saratoga Proxy Consulting LLC

John Ferguson / Joe Mills

(212) 257-1311

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Professional Services Finance

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AJAX I and Cazoo Announce First Quarter Fiscal 2021 Results for Cazoo

Record performance with 481% YoY increase in Revenue & 9,762 Vehicles Sold in Q1

LONDON & NEW YORK–(BUSINESS WIRE)–
AJAX I (“AJAX”) (NYSE: AJAX), a publicly-traded special purpose acquisition company (“SPAC”), today announced that its merger partner, Cazoo Holdings Limited (“Cazoo” or “the Company”), the UK’s leading online car retailer, which makes buying a car as simple and seamless as purchasing any other product online, announced financial results for its first quarter ended March 31, 2021.

Summary Results

Q1 Financial highlights

• Revenue increased 481% to £113.9 million driven by significant retail order growth in the UK
• Vehicles sold up 373% to 9,762 in Q1 as the Company continued its rapid growth trajectory
• Retail GPU up to £143 through improved buying mix, stock turn & higher finance attachment
• Gross profit positive at £3.7 million & margin improved to 3.3% due to operational efficiencies
• Cash position remained strong with £117.6 million of cash on hand at the end of March 2021
• 25,000th retail vehicle sold in May and on track to achieve FY21 revenues approaching $1bn

Q1 Strategic highlights

• Agreed business combination with AJAX on NYSE for $7.0 billion, due to complete in Q3 2021
• Successfully completed 3 acquisitions during quarter to accelerate strategy & enhance proposition:
  • Drover (acquired 25th Jan 2021): helping drive the launch of Cazoo’s subscription service
  • Smart Fleet Solutions (acquired 11th Feb 2021): enhancing Cazoo’s refurbishment capacity
  • Cluno (acquired 23rd Feb 2021): accelerating Cazoo’s entry into further European markets
• Plans for launching Cazoo Europe in Germany & France by the end of the year remain on track
• Opened 4 additional Cazoo Customer Centres, bringing the total in operation in the UK to 17
• Record customer satisfaction with world-class NPS of c.80 and UK brand awareness of c.70%
• Announced 5 new director appointments to join Cazoo Board post business combination: Dan Och, Duncan Tatton-Brown, Anne Wojcicki, Moni Mannings & Luciana Berger

Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “In Q1 we continued our rapid growth trajectory, delivering record revenue growth of almost 500% YoY, demonstrating the strength of our market-leading brand and fully-integrated platform in the UK, which we intend to replicate across Europe. Since the end of the period our growth has continued to accelerate, with the sale of our 25,000^th retail vehicle this month. We continue to see improvements to GPU and remain on track to achieve revenues approaching $1 billion in 2021.”

“Our recent acquisitions will enable us to bring our UK vehicle reconditioning entirely in-house by the end of H1 and to launch the full Cazoo proposition in France and Germany by the end of the year and we are hugely excited by the growth opportunities that lie ahead. We are just at the start of our mission to transform the car buying experience across the UK and Europe and our business combination with AJAX will provide us with the capital to continue to pioneer the shift to online car buying.”

Dan Och, Founder of AJAX, said, “We are delighted with Cazoo’s continued pace and progress, proving the power of the strong brand and integrated proposition they have built. The extraordinary growth this quarter further reinforces our confidence in the tremendous opportunities for the business as it continues to drive for digital share in the $700 billion European market, which we believe will create compelling shareholder value.”

Conference Call

The Company will hold a pre-recorded conference call on Tuesday, May 18, 2021, at 8:30 a.m. ET to review its first quarter financial results and related matters. The call may be accessed through the Investor Relations section of the Company’s website at www.cazoo.co.uk/investors or by dialling 1-844-512-2921, or for international callers, 1-412-317-6671. The Conference ID is 1144830.

Preliminary Proxy Filing

On Friday, May 14, Cazoo and AJAX announced the filing of the preliminary proxy statement/registration statement on Form F-4 by Capri Listco with the U.S. Securities and Exchange Commission (“SEC”) in connection with the previously announced business combination transaction between Cazoo and AJAX. The filing can be accessed at https://ajaxcap.com/ or by searching for Capri Listco on the SEC’s website at https://www.sec.gov/edgar.shtml.

About Cazoo – www.cazoo.co.uk

Cazoo’s mission is to transform the car buying experience for consumers across the UK and Europe by providing better selection, quality, transparency, convenience, flexibility and peace of mind. Cazoo aims to make buying a car no different to any other product online today, where consumers can simply and seamlessly purchase, finance or subscribe to a car entirely online for either delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, has a highly experienced management team and is backed by some of the leading global technology investors.

About AJAX – www.ajaxcap.com

AJAX is a blank check company whose purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. AJAX was founded by renowned US investor Dan Och in partnership with Glenn Fuhrman and strategic advisors including Steve Ells (founder, Chipotle), Jim McKelvey (co-founder, Square), Kevin Systrom (co-founder, Instagram) and Anne Wojcicki (co-founder, 23andMe).

Cautionary Statement

All amounts shown throughout this press release are unaudited. The numbers presented throughout this press release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Additional information and Where to Find It

This communication relates to a proposed business combination among Cazoo Holdings Limited (“Cazoo”), AJAX I (“AJAX”) and Capri Listco (“Listco”). In connection with the proposed business combination Listco has filed a registration statement on Form F-4 that includes a proxy statement of AJAX in connection with AJAX’s solicitation of proxies for the vote by AJAX’s shareholders with respect to the proposed business combination and a prospectus of Listco, which has not yet become effective. The proxy statement/prospectus will be sent to all AJAX shareholders and Listco and AJAX will also file other documents regarding the proposed business combination with the SEC. This communication does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AJAX and Listco through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AJAX may be obtained free of charge from AJAX’s website at https://ajaxcap.com or by written request to AJAX at 667 Madison Avenue, New York, NY 10065 and documents filed by Cazoo may be obtained free of charge from Cazoo’s website at https://www.cazoo.co.uk or by written request to Cazoo at 41-43 Chalton St, Somers Town, London NW1 1JD, United Kingdom.

Participants in Solicitation

AJAX, Listco and Cazoo and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from AJAX’s shareholders with respect to the proposed business combination. You can find information about AJAX’s directors and executive officers and their ownership of AJAX’s securities in AJAX’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on May 7, 2021 and is available free of charge at the SEC’s web site at www.sec.gov. Additional information regarding the participants in the solicitation of proxies from AJAX’s shareholders and their direct and indirect interests is included in the proxy statement/prospectus for the proposed business combination when. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Cazoo and the markets in which it operates, and Cazoo’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against AJAX, Cazoo, Listco or others following the announcement of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed business combination due to the failure to obtain approval of the shareholders of AJAX, to obtain financing to complete the proposed business combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the proposed business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; (5) the ability to meet stock exchange listing standards following the consummation of proposed business combination; (6) the risk that the proposed business combination disrupts current plans and operations of AJAX or Cazoo as a result of the announcement and consummation of the proposed business combination; (7) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the proposed business combination; (10) the possibility that AJAX, Cazoo or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the impact of COVID-19 on Cazoo’s business and/or the ability of the parties to complete the proposed business combination; (12) Cazoo’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; and (13) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-4 and the proxy statement/prospectus included therein. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AJAX’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other documents filed by AJAX from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo, AJAX and Listco assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of Cazoo, AJAX or Listco gives any assurance that any of Cazoo, AJAX or Listco will achieve its expectations.

Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Any financial and capitalization information or projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of AJAX, Listco and Cazoo. While such information and projections are necessarily speculative, AJAX, Listco and Cazoo believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of financial information or projections in this communication should not be regarded as an indication that AJAX, Listco or Cazoo, or their respective representatives and advisors, considered or consider the information or projections to be a reliable prediction of future event.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005120/en/

Media:

Cazoo: Lawrence Hall, Group Communications Director, [email protected]

Brunswick: Chris Blundell / Simone Selzer +44 20 7404 5959 / [email protected]

AJAX:

Gagnier Communications, Dan Gagnier / Jeff Mathews +1 646-569-5897 / [email protected]

Investor Relations:

ICR for Cazoo – [email protected]

KEYWORDS: New York Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Retail Data Management Technology Finance Banking Other Automotive Professional Services Online Retail Other Retail General Automotive Aftermarket Other Technology Specialty Automotive Software

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Garmin’s new Fusion MS-RA60 stereo offers a premium audio experience at an accessible price point – now that’s music to the ears

Compact, entry-level marine stereo features modern aesthetics, music streaming over Bluetooth and more

OLATHE, Kan.–(BUSINESS WIRE)–
Garmin^® International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), the world’s largest¹ and most innovative marine electronics manufacturer, today announced the MS-RA60 marine stereo from Fusion^® Entertainment, a Garmin brand, delivering boaters a high-quality onboard entertainment experience at an affordable price with a new modern look. Featuring an anti-fogging display and compact design, the MS-RA60 is Fusion’s latest entry-level marine stereo solution for boat owners wanting a full-featured stereo that fits their boat’s style and size.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210518005217/en/

The Fusion MS-RA60 is a full-featured, compact marine stereo with modern aesthetics delivering boaters a premium audio entertainment experience at an affordable price. (Photo: Business Wire)

“We are thrilled to introduce this fresh take on the existing Fusion MS-RA55 and RA50 marine stereos,” said Dan Bartel, Garmin vice president of global consumer sales. “With the new MS-RA60 onboard, boaters can enjoy the look and feel of a premium marine stereo without breaking the bank. The conveniently small form factor and ability to reproduce powerful, high-quality audio makes the MS-RA60 the perfect fit for boats with limited space at the helm, from pontoons to small fishing boats.”

Boasting Fusion’s latest audio technology, the MS-RA60 is designed to amplify every minute spent on the water. Modern features include:

• Stylish design: Anti-fogging, daylight readable edge-bonded display with modern style
• Wireless connectivity: Stream music over Bluetooth^® with control via the Fusion-Link™ app
• Multi-Zone™ control: Volume control for two independent audio zones on the boat
• Wireless control: Control music via ANT-compatible smartwatches or the ARX70 remote
• Weather resistant: IPX6 and IPX7 Water Ingress Protection standards
• Power and efficiency: Class D amplification powers up to four speakers onboard
• Built-in Digital Audio Broadcasting (DAB)tuner: Access a wider range of radio stations by reducing interference and static

With its stylish new look, the MS-RA60 enhances the dash of any boat while continuing to deliver the best of Fusion technology for an unparalleled onboard entertainment experience. Boaters can conduct over-the-air software updates from compatible smart devices – via Bluetooth connection – with the Fusion-Link app, and wirelessly control music with the Fusion-Link app, handheld ARX70 remote or compatible Garmin quatix 6 series smartwatch. Thanks to a built-in DAB tuner, a first for Fusion stereos, boaters can tap into more frequencies than AM or FM radio alone, meaning no more tedious tuning to access a desired radio station.

Built to last season-after-season, the MS-RA60 is engineered and designed with marine elements in mind. For protection against salt, fog, UV, dust and more, a quality edge-bonded display with IPX6 and IPX7 weather resistance ensures that the MS-RA60 will consistently perform well in harsh marine environments.

The MS-RA60 marine stereo will be available in Q2 with a suggested retail price of $199.99, backed by Fusion’s one-year consumer warranty. For boats that currently have a Fusion MS-RA55 stereo installed onboard, the MS-RA60 fits easily in the same cut-out for an effortless and simple upgrade. For more information about the MS-RA60 and its seamless integration with Garmin marine electronics, visit www.garmin.com/fusionaudioentertainment.

Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the sixth consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Navionics^®. For more information, visit Garmin’s virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.

¹ Based on 2019 reported sales.

About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Fusion and Navionics are registered trademarks and Multi-Zone, Fusion-Link and True-Marine are trademarks of Garmin Ltd. or its subsidiaries.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005217/en/

Riley Swickard

[email protected]

KEYWORDS: Kansas United States North America

INDUSTRY KEYWORDS: Powerboating Sports Consumer Electronics Consumer Technology Other Consumer Maritime Audio/Video Yachting Transport Other Technology Sailing

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The Fusion MS-RA60 is a full-featured, compact marine stereo with modern aesthetics delivering boaters a premium audio entertainment experience at an affordable price. (Photo: Business Wire)