KERNWOOD LIMITED EXCEEDS A 10% HOLDING IN ROOTS CORPORATION

TORONTO, Dec. 14, 2022 /CNW/ - Kernwood Limited ("Kernwood") reports pursuant to the "Early Warning Requirements" of Ontario's securities laws that it purchased 140,700 common shares ("Roots Shares") in the capital of Roots Corporation ("Roots") on December 14, 2022 in normal course transactions on the Toronto Stock Exchange, with the result that Kernwood, together with its shareholders, owns 4,296,500 Roots Shares representing approximately 10.2993% of the total outstanding Roots Shares. The 140,700 Roots Shares were purchased at an average of $2.4288 per Roots Share, for an aggregate of $341,732.16.

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

The acquisition of the Roots Shares by Kernwood was undertaken for investment purposes. Kernwood does not have any current plans or future intentions to buy or sell further Roots Shares, to solicit proxies or to otherwise participate in any significant transaction involving Roots.  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 Roots.

Kernwood's head office is located at 79 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 Roots' 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