KERNWOOD LIMITED ANNOUNCES ACQUISITION OF ADDITIONAL SHARES OF EXCO TECHNOLOGIES LIMITED

TORONTO, Feb. 7, 2022 /CNW/ - Kernwood Limited ("Kernwood") reports pursuant to the "Early Warning Requirements" of Ontario's securities laws that it purchased 200,000 common shares ("Exco Shares") in the capital of Exco Technologies Limited ("Exco") on February 7, 2022 in normal course transactions on the Toronto Stock Exchange with the result that Kernwood, together with its shareholders and related family members, collectively own 8,050,100 Exco Shares representing approximately 20.4991% of the total outstanding Exco Shares.  The 200,000 Exco Shares were purchased at an average of $9.1501 per Exco Share, for an aggregate of $1,830,020.

An officer, director or shareholder of Kernwood also holds deferred share units to acquire up to 32,795 Exco Shares.

Kernwood is a private holding company that invests in securities of private and public companies.

The acquisition of the Exco Shares by Kernwood was undertaken for investment purposes. Kernwood does not have any current plans or future intentions to buy or sell further Exco Shares, to solicit proxies or to otherwise participate in any significant transaction involving Exco.  Kernwood intends to review its investment on a continuing basis.  Depending on various factors, Kernwood may in the future purchase or sell securities or engage in other activities relating to Exco.

Kernwood's head office is located at 75 Wellington St. W., TD South Tower, Suite 605, P.O. Box 346, TD Centre, Toronto, Ontario M5K 1K7.  

Kernwood will be filing an Early Warning Report under Exco's profile on SEDAR and copies of the report may be obtained at www.sedar.com or from Kernwood by contacting Edward Kernaghan at [phone].

SOURCE Kernwood Limited