Stuart Olson Announces Chair Succession

David Filmon to succeed Albrecht Bellstedt as Chair following Annual and Special Meeting

CALGARY, April 17, 2019 /CNW/ - Stuart Olson Inc. (TSX: SOX, SOX.DB.A) ("Stuart Olson" or the "Company") today announced that the Board of Directors has selected David C. Filmon to succeed Albrecht Bellstedt as Chair following the Company's annual and special meeting of shareholders on May 22, 2019. Mr. Bellstedt is retiring from the role after over ten years' service as Chair. Mr. Filmon is a current member of the Board and sits on the Audit and Human Resources and Compensation Committees. Mr. Filmon's appointment as Chair is subject to his election as a director by Stuart Olson's shareholders at the May 22, 2019 shareholders meeting.

Following a distinguished business career that included serving as the Executive Vice-President, Law and General Counsel of TransCanada Corporation, Mr. Bellstedt joined the Company's Board in 2007 and became Chair in 2008.

"It has been an honour to work alongside my board colleagues, the management team, and the talented employees of Stuart Olson. Through the different opportunities and challenges, our Board has always worked to ensure Stuart Olson would be well positioned to execute on its strategies and build value for shareholders," said Albrecht Bellstedt, Chair of the Board. "David Filmon has already made a terrific contribution to our efforts, and I retire knowing that the Company is well positioned to succeed and deliver value for both clients and shareholders".

A resident of Winnipeg, Mr. Filmon is a distinguished lawyer with extensive experience in all forms of public company transactions across a wide scope of business sectors. He was instrumental in the merger that recently formed MLT Aikins, making it one of Western Canada's largest law firms and fifteenth largest in Canada, and was selected by his peers to Chair the new firm.  Mr. Filmon is a recognized business leader in Manitoba, one of Stuart Olson's key markets, and has extensive board experience including currently chairing the Board of Directors of CentrePort Canada, Canada's largest inland port. Mr. Filmon joined the Board of Directors of Stuart Olson in 2018.  

"Stuart Olson has built a tremendous reputation for safely and efficiently delivering quality projects that have a positive impact on businesses and communities across Canada," said Mr. Filmon. "I look forward to working with my colleagues on the Board to ensure the Company's strategic approach is one that builds significant shareholder value by honoring the Stuart Olson tradition of positively impacting the businesses we serve, the communities in which we operate, and the lives we touch."

"I look forward to working with David. His expertise, perspectives and relationships will be invaluable as we build our business across Canada. On behalf of the Board, I would like to extend our sincere thanks and appreciation to Al for the leadership and guidance he has provided while serving as the Chair. We wish him all the best in his upcoming retirement," said David LeMay, President and CEO.

About Stuart Olson Inc.

Stuart Olson Inc. provides general contracting and electrical building systems contracting in the public and private construction markets as well as general contracting, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The Company operates office locations and projects throughout Western Canada, Ontario and the territories. Stuart Olson was recognized as one of Alberta's Top Employers in 2019 for the third consecutive year. Stuart Olson's common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and "SOX.DB.A", respectively. www.stuartolson.com

Forward Looking Information 

This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, without limitation, statements relating to the composition of Stuart Olson's board, the outcome of voting at the Company's shareholder meeting, Stuart Olson's goals, and growth and diversification strategies. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions, government policies and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.

The forward-looking information in this press release is included solely for the purpose of assisting investors in understanding Stuart Olson's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that Stuart Olson's anticipated results will not be achieved. Although Stuart Olson believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the risks and uncertainties described in Stuart Olson's Annual Information Form filed with the securities regulatory authorities in Canada under Stuart Olson's profile at www.sedar.com. Readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undppue reliance upon such information when making investment decisions.

The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While Stuart Olson may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.

SOURCE Stuart Olson Inc.