Infracon Announces the Acquisition of Hangingstone Ventures Inc, Appointment of Chad Henderson as President

Kamloops, British Columbia--(Newsfile Corp. - April 4, 2023) - Infracon Construction, Inc., (the "Company" or "Infracon") is pleased to announce that it has acquired all of the assets of Hangingstone Ventures Inc ("HSV"), of Fort McMurray, AB.

HSV is a hydro-vac and air-vac service company operating in Western Canada with locations in Alberta and BC, efficiently mobilizing crews and equipment to its clients' work sites. HSV provides single-axle and tri-axle hydro-vac services and air excavation technology to a wide range of clients. Combining HSV's expertise, relationships and history of delivering successful solutions to its customers with the extensive capabilities of the Infracon Group will make a compelling service offering.

HSV is the fourth acquisition by the Infracon Group in Western Canada in the last three years. In 2019, in partnership with the Lower Nicola Indian Band, Infracon acquired Ogilvie Mountain Holdings, Inc, a pipeline integrity contractor with MSA's with Enbridge and Trans Mountain Pipelines. In 2021, Infracon acquired AWS, Inc., one of the top pipeline welding service providers in Western Canada. In 2022, Infracon acquired SCS, a civil construction service company providing services such as the installation of pond liners, field welding, culverts, fencing and barriers, geo textiles supply and installation, road maintenance and light civil construction services. With the acquisition of HSV, Infracon has expanded its geographic coverage to Alberta and added hydro-vac and air excavation to its service offering.

Infracon is also pleased to announce that Chad Henderson, General Manager of Ogilvie Mountain Holdings LP ("OMH"), Infracon's partnership with the Lower Nicola Indian Band, has been promoted to President of the Infracon Group of Companies. He will continue to act as General Manager of OMH.

Chad began his career as a pipeline sandblaster working on integrity digs. His keen interest in providing quality service advanced his career rapidly and has led to 25 years in pipeline inspection, integrity, construction and remediation. Chad's leadership and industry expertise has resulted in the over 100% annual growth that OMH has experienced over the last five years. Having worked in multiple aspects of the oil & gas sector, from gathering systems to transmission lines, and with a strong understanding of the design and civil aspects of the industry, his leadership has created an environment for the company to build its capacities, revenues and customer base while maintaining one of the best safety records in BC.

Geoff Hampson, CEO of Infracon, states, "HSV is a great fit for the Infracon Group as it further expands competencies and geographical reach. It is also a good cultural fit for Infracon and our management style. HSV's management provides "best in class" customer service and commits to continuously developing their people's skills. HSV is also a technology leader, introducing the newest technology to the market. Infracon recognizes the growing opportunity in Western and Northern Canada and can provide comprehensive end-to-end solutions for our clients. Chad has proven himself a strong leader who makes things happen. Our clients have come to appreciate Chad's dedication. We are confident that Infracon and the new HSV division will continue to grow and prosper under Chad's leadership. Infracon is well positioned for many years to come."

ABOUT THE INFRACON GROUP

The Infracon Group of Companies ("Infracon") is a group of specialty construction companies involved in the heavy civil, pipeline, welding and construction materials business in Western Canada. It is one of the fastest growing construction groups in Canada with year over year average revenue growth of over 65%. The group has grown from revenues of under $30 million in 2018 to over $180 million in 2022. Infracon also has a number of highly successful indigenous partnerships which contribute to local communities. The Company has operations centers in Kamloops, Hope and Dawson Creek BC. The company focuses on pipeline integrity and construction, heavy civil construction, mine construction, contract mining and mine remediation in both urban and remote projects.

On behalf of the Board of Directors

"C. Geoffrey Hampson"Chief Executive Officer

For further information, please contact Andrea Laird, telephone: +1-604-259-0302

All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws.

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References

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