ADF GROUP ANNOUNCES THE AWARD OF A SERIES OF NEW CONTRACTS IN CANADA AND IN THE UNITED STATES TOTALLING 90.0 MILLION DOLLARS

TERREBONNE, QC, May 28, 2024 /CNW/ -

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

The management of ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), North America's leader in the fabrication of steel superstructures, announces the signing of a series of new orders in Quebec, in Western Canada and in the US Midwest totalling $90.0 million.

It should be noted that ADF Group announced in April 2023 the award of the first phase of a major contract in the pharmaceutical sector in the US Midwest region, followed by the award of the second phase of that project in December 2023. As part of this same contract, management announced today that ADF Group has once again been entrusted by its client with additional work relating to the second phase of the project. The the nature and scope of this contract consist of the design and engineering of the connections, the fabrication work which includes industrial coating, the supply of the steel, as well as the erecting of the steel structure and heavy steel components of a large-surface industrial-type building. Fabrication began in February 2024 and the project will extend over a period of approximately 12 months.

This series of new orders also includes contracts in Quebec in the industrial sector and in Western Canada in the public infrastructure sector.

Both of ADF's fabrication plants and paint shop in Terrebonne, Canada and in Great Falls, Montana, U.S.A. will be involved in all of these new contracts.

Mr. Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer, pointed out that "we have the means, ample capacity, and above all the talents to deliver the projects we currently have in our order backlog, to the satisfaction of our clients, as shown by the repeat business with them.

The Corporation's order backlog stood at $510.9 million as at January 31, 2024, excluding new orders announced today.

ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2024

ADF Group Inc.'s Annual Meeting of Shareholders will be held on:

Results for the first quarter ended April 30, 2024, will also be released at the Annual Meeting of Shareholders.

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