ADF GROUP ANNOUNCES NEW CONTRACTS IN THE UNITED STATES WORTH A TOTAL OF 142 MILLION DOLLARS

    (All amounts are in Canadian dollars unless otherwise indicated.)

    TERREBONNE, QC, May 30, 2023 /CNW/ - The management of ADF INC GROUP. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, announces the signing of a series of new orders worth a total of $142 million in the United States, including a major contract for the first phase of a construction project in the pharmaceutical industry in the Midwestern region.

    This major new contract, which is the largest contract in this series of new orders, in terms of value, consists in the design and engineering of connections, fabrication, including the supply of steel and industrial coating, as well as the installation of the steel structure of a new large industrial building.

    This project requires a high-volume production. Work will begin in the coming weeks at ADF's Terrebonne plant and will extend over a period of 12 months.

    Mr. Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer, pointed out that "this project will be carried out largely using our new robot-assisted fabrication line, and all work related to the fabrication and assembly of the complex steel components part of this building's construction are entrusted to the know-how of our production teams. Our recent investments in our infrastructure and in new technologies give us the ability to effectively meet this project's requirements and our client's ambitious targets."

    Mr. Paschini added that the Corporation has already begun negotiations with its client for the second phase of this construction project.

    The Corporation's order backlog reached $376.5 million as at January 31, 2023.

    Conference Call with Investors

    A conference call with investors is scheduled for Wednesday, June 7, 2023, at 10 a.m. (Montreal time) to discuss the results of Corporation's first quarter ended April 30, 2023.

    To join the conference call without operator assistance, you can register with your phone number on https://emportal.ink/40D7CuB to receive an instant automatic reminder. You can also join the conference call with operator assistance by dialing 1 (888) 390-0620 a few minutes prior to the conference call scheduled start time.

    A replay of the conference call will be available from 1:00 p.m, Wednesday, June 7, 2023, until midnight, Wednesday, June 14, 2023, by dialing 1 (888) 259-6562; followed by the access code 020433 #.

    The conference call (audio) will also be available at www.adfgroup.com. Members of the media are invited to join in listening mode.

    Annual Meeting of Shareholders for the Fiscal Year Ended January 31, 2023

    ADF Group Inc. is holding its Annual Meeting of Shareholders on June 7, 2023, at 11:00 a.m. (EST), which will also be available by way of a webcast available at https://app.webinar.net/9K2PYLZrLVm.

    About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products.

    Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations.

    SOURCE ADF Group Inc.

    Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer; Jean-François Boursier, CPA, Chief Financial Officer, Telephone: (450) 965-1911, Website: www.adfgroup.com