Arbutus Distributors and the Blenheim Foundation Plan to Sell HDI Common Shares for Philanthropic Reasons

Vancouver, British Columbia–(Newsfile Corp. – August 13, 2021) – Two groups controlled by Peter Bull, Arbutus Distributors Ltd. and the Blenheim Foundation, announced today that they have filed Form 45-102F1 and provided the applicable notice to regulators of their intention to sell up to a combined 250,000 common shares of Hardwoods Distribution Inc. (TSX: HDI), subject to market conditions. This represents less than 1.2% of HDI’s outstanding common shares. Peter Bull currently controls, directly or indirectly, 4,444,772 common shares of HDI, representing approximately 20.88% of the outstanding common shares of HDI.

The intention to sell common shares of HDI is a result of philanthropic and estate planning and is consistent with other contemplated or actual dispositions of shares of other companies, directly or indirectly, held or controlled by Mr. Bull.

Mr. Bull is a member of HDI’s Board of Directors and expects to remain a significant long-term shareholder of HDI.

Contact:

Len Ruppenthal
604-682-2911

Forward-looking statements

This press release contains forward-looking information about a control person’s intention to trade in the Company’s common shares. Such information can generally be identified by the use of forward-looking wording such as “expects”, “intention”, “believes” or similar variations. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements due to a number of factors. Readers are cautioned that actual results may vary from the forward-looking information in this press release, and undue reliance should not be placed on such forward-looking information. Material factors and assumptions used to develop the forward-looking information in this press release include the intentions of the control person, financial planning and market conditions. Unless otherwise indicated, the forward-looking statements in this release are based on the parties expectations at the date of this press release. HDI undertakes no obligation to update such forward-looking information or statements, except as required by law. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities described herein.

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