Letko Brosseau Reaffirms its Intention to Vote AGAINST AGT Food and Ingredients Management Buyout

MONTREAL, Jan. 29, 2019 /CNW Telbec/ - Letko, Brosseau & Associates Inc., an independent investment manager that exercises investment control or direction over approximately 18.6% of the outstanding shares of AGT Food and Ingredients Inc. ("AGT" or the "Company") and is the Company's largest shareholder, today reaffirms its intention to vote AGAINST the proposed going private transaction of AGT by a group of investors led by President and CEO, Murad Al-Katib, and including Fairfax Financial Holdings Limited, Point North Capital Inc. and certain other members of AGT's management team.

Letko Brosseau believes that the forecasts provided in the Company's management information circular dated January 7, 2019 are not reflective of AGT's long-term earnings potential. Since 2017, the Company's financial performance has been negatively impacted by industry factors and the proposed transaction comes during this time of weak performance and low share price. We believe these industry pressures will ease and expect that the Company's financial performance should strengthen as industry conditions improve. In light of this anticipated improvement in financial performance and our evaluation of the Company's long-term earnings potential, we continue to believe the proposed transaction significantly undervalues the Company.

Letko Brosseau is a Canadian independent investment manager founded in 1987. The firm manages approximately $30 billion in assets for institutional investors and private clients.

FORWARD-LOOKING STATEMENTS

Certain information contained in this press release may constitute forward-looking statements. Forward-looking statements may include estimates, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Letko Brosseau believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Letko Brosseau's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and Letko Brosseau does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

SOURCE Letko, Brosseau & Associates Inc.

Peter Letko, [phone], [email protected]; Daniel Brosseau, [phone], [email protected]