TERRAVEST ANNOUNCES THE ACQUISITION OF SIMPLEX INC.

TERRAVEST ANNOUNCES THE ACQUISITION OF SIMPLEX INC.

TORONTO, April 30, 2025 /CNW/ - TerraVest Industries Inc. (TSX: TVK) ("TerraVest") is pleased to announce that it has acquired Simplex, Inc. ("Simplex" or the "Company") – a leading technology company that designs and manufactures electrical test systems (load banks) and fuel supply systems for the standby power generation industry. The market for these products has been driven by demand for emergency back up power generators at data centers, hospitals and other public utilities. Simplex was acquired for an enterprise value of approximately US$28.0 million, including the assumption of certain liabilities, and subject to customary closing adjustments.  Headquartered in Springfield, IL, Simplex products are installed in some of the most demanding, mission critical environments. 

"Simplex was founded in 1934 by Michael Debrey.  The business has been in our family since that time.  Our family is most pleased to find a company like TerraVest to continue the business and grow the legacy of Simplex for many years to come." – Tom Debrey Owner of Simplex Inc.

John Jacob, President of Highland Tank welcomes the employees and management of Simplex and looks forward to their continuing commitment to the Company and dedication to their customers.  "I am excited to welcome the Simplex team into the TerraVest family. Simplex is a well-recognized manufacturer with a leading reputation for product innovation, and we see this as a strategic fit.  Simplex products are highly complementary with both Highland Tank and the broader portfolio of TerraVest businesses, and we expect to see immediate benefits." said Mr. Jacob.

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements.  All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, the anticipated benefits and synergies for TerraVest resulting from the transaction, the anticipated effect of the transaction on TerraVest's strategy, operations and financial performance,  the growth capabilities and opportunities of TerraVest and Simplex Inc., TerraVest's plans with respect to its existing portfolio businesses and long-term acquisition strategy and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

SOURCE TerraVest Industries Inc.