OLD PSG WIND-DOWN LTD. ANNOUNCES DISSOLUTION FOLLOWING COMPLETION OF FINAL DISTRIBUTION

 VANCOUVER, BC, May 23, 2024 /CNW/ - Old PSG Wind-down Ltd. (formerly, Performance Sports Group Ltd.) (the "Company") announces that, further to its press release dated April 1, 2024, the Company has been formally dissolved effective May 21, 2024 by the issuance of a Certificate of Dissolution pursuant to the voluntary dissolution procedures under the Business Corporations Act (British Columbia) (the "Dissolution").

Prior to the Dissolution, on April 3, 2024, the Company completed final cash distributions to: (i) the holders (the "Shareholders") of common shares in the capital of the Company (each, a "Common Share"); (ii) the former Shareholders, holders of restricted share units ("RSUs") and deferred share units ("DSUs") who previously elected to exchange their Common Shares, RSUs or DSUs for beneficial trust units of a trust created pursuant to the Company's reorganization proceedings; and (iii) the holders of RSUs and holders of DSUs that did not make such election (collectively, the "Final Distribution"). The Final Distribution occurred after receipt of the final tax clearance certificate from the Canada Revenue Agency.

For further information on the background of the Final Distribution and Dissolution, please review the Company's press release dated April 1, 2024 and the management information circular dated February 8, 2023 (the "Circular") available on the Company's SEDAR+ profile at www.sedarplus.ca . Representatives of the Company submitted the Certificate of Dissolution to  the applicable securities commissions in each of the Provinces and Territories of Canada, advising that the Company has been formally dissolved  and requesting that the Company be removed from the list of reporting issuers. As such, it is not anticipated that any further continuous disclosure will be filed on behalf of the Company.

Forward-looking Statement Disclaimer

This news release includes "forward-looking information and statements" within the meaning of securities laws. Such statements relate to the Company's or management's objectives, projections, estimates, expectations, or predictions of the future and can be identified by words such as "plans", "assumes", "will", "anticipate", "expects" and "may" or variations of such words. These statements are based on certain assumptions and analyses by the Company that reflect its experience and understanding of future developments. In respect of the forward-looking information and statements, the Company has made certain assumptions that management believes are reasonable at this time. The assumptions include that the Company will cease to be a reporting issuer upon submission of the Certificate of Dissolution to the applicable securities commissions. Such statements are subject to a number of risks and uncertainties which are beyond the Company's control and, therefore, may cause actual actions or results to differ from those expressed or implied herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For additional information on forward looking information related to the Final Distribution and Dissolution, please consult disclaimer under the heading "Forward-looking Statements" in the Circular. For additional information regarding the assumptions and risks underlying the Final Distribution and Dissolution, please consult the risk factors described under the heading "Risk Factors" in the Circular. The Circular is available on SEDAR+ at www.sedarplus.ca.

SOURCE Old PSG Wind-down Ltd.