Mullen Group Ltd. – 2023 business plan and budget

Okotoks, AB, January 16, 2023 /PRNewswire/ – (TSX: MTL ) Mullen Group Ltd. (“Mullen Group“,”We“,”Ours“and/or”Corporation“) one North America The largest logistics provider announced today that its 2023 budget and business plan has been approved by its board of directors.Board“)

“Today we are detailing our expectations and priorities for 2023 to our shareholders and interested investors. As we enter the new year, there is considerable uncertainty due to policy changes by banks and regulatory authorities to slow economic growth and lower inflation from current unsustainable levels. We factored in a slowdown in global trade and consumer spending in this year’s plan.He commented. Murray K. MullenSenior Executive and Chairman.

“One of the most important lessons I have learned in my career is that predicting future outcomes is risky and one should always be prepared for the unexpected. Last year, for example, the freight market reached a point where supply chain capacity was stretched, leading to higher prices as customers struggled to move their stranded cargo. This combination of strong freight volumes and price increases contributed to our record results. By the end of the year, however, supply chain issues began to normalize, cargo demand eased and competition intensified. And while we haven’t finalized our fourth quarter results, early signs are that earnings will be on track 500.0 million dollarsAlthough margins softened. The final results are available February 9 After the audit is completed.

“As we enter 2023, there are signs that higher interest rates are taking a toll on overall economic activity, a fact we have factored into our budget and business plan. Therefore, it is reasonable to assume that our 2022 results will not be repeatable in 2023 with our existing business units. However, we are not over-leveraged in any single vertical or segment of the economy in our diversified business model, which gives us the opportunity to have another very good year for our company. Additionally, we use 2022 to strengthen our balance sheet, positioning our company to take advantage of weakness in the market to gain market share or pursue acquisitions. Last year we gave our business units the opportunity to increase prices, this year we will focus on costs and expect acquisitions.” added Mr Mullen.

Highlights of the 2023 business plan and budget

Shareholder classification

One of the key components of our 2023 business plan is to return cash to shareholders through monthly dividends and a share repurchase plan. The Board has determined that the appropriate allocation for 2023 will be as follows:

1. The share for the shareholders remains constant 0.06 dollars per Common Share every month or 0.72 dollars Common share every year.
2. in March 2023We intend to seek approval from the Toronto Stock Exchange to renew the regular course issuer bid (“NCB“) program. In 2022, we repurchased 1,827,483 shares of common stock. 22 dollars.9 million by NCB.

Priorities

We have established and will focus on the following priorities to achieve the operational results outlined in the 2023 budget.

1. Capital investments 85.0 million dollars In environmental and efficient operating assets, purchases from companies or investments in facilities, land and buildings.
1. 1. 70.0 million dollarsMaintenance capital – to improve our business units
   2. 15.0 million dollars Capital focused on sustainability – continued focus on reducing emissions
2. Prioritize margin over market share: Work with business units to drive process improvements.
1. 1. Effective technology deployment
   2. Improve the operations of the business units.
   3. Monetization of non-core assets
3. Pursue breakthroughs: Be blessed with opportunities for togetherness and appreciation.
1. 1. Tack-ins: Opportunities to make our existing business units more profitable
   2. Strategic: opportunities to expand the network
4. Maintain balance sheet flexibility

About Mullen Group Ltd.

Mullen Group is one. North America The largest logistics providers. The independently managed business network offers a wide range of service offerings, including less than heavy cargo, trucking, warehousing, logistics, transshipment, oversize, third-party logistics and specialized freight transportation. We also provide a variety of services related to the energy, mining, forestry and construction industries in the Western world. Canadaincluding water management, liquid extraction and environmental restoration. The corporate office provides capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

The Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol “MTL“Additional information is available on our website at www.mullen-group.com or the Corporation’s issuer profile on SEDAR at www.sedar.com.

Your identity information

Mr. Murray K. Mullen – chair, High Executive Officer and president
Mr. Richard J. Maloney – Senior Operating Officer
Mr. Carson P. Urlacher – Senior accounting officer
Mrs. Joanna K. Scott – Senior corporate officer

121A – 31 Southridge Drive
Okotoks, AlbertaCanada T1S 2N3
Phone: 403-995-5200
Fax: 403-995-5296

Disclaimer

Mullen Group may make statements in this news release that reflect its current beliefs and estimates and that are based on information currently available and that contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) pursuant to applicable securities laws. This news release may contain forward-looking statements regarding risks associated with the general economy and the oil and natural gas business. These forward-looking statements relate to future events and the future performance of the Mullen Group. All forward-looking statements included herein that are not expressly historical in nature are forward-looking statements, including the words “may,” “will,” “could,” “could,” “expect,” “plan,” “intend.” “anticipate”, “believe”, “estimate”, “proposal”, “anticipate”, “potential”, “continue”, “intend” or the negative of such words or other similar expressions are generally intended to identify forward-looking statements. Descriptions. Such forward-looking statements represent Mullen Group’s internal forecasts, estimates, expectations, beliefs, plans, intentions, assumptions, ideas or statements regarding future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in the forward-looking statements. The Mullen Group believes that the expectations contained in these forward-looking statements are reasonable; However, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, objectives and expectations on which they are based will be realized. In particular, forward-looking statements include, but are not limited to: (i) our financial goals and expectations for 2023; (ii) our capital expenditure plans for 2023; (iii) our 2022 results may not be replicated in 2023 by our existing business units; (iv) Our fourth quarter earnings will be reached 500.0 million dollars Although the margins are smooth; (v) our company has the potential to have another very good year; (vi) our 2023 strategic initiatives, including but not limited to strategic and leveraged acquisitions; and (vii) our plan to renew our regular course offering. These forward-looking statements are based on certain assumptions and analyzes made by the Mullen Group in light of its experience and historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. These assumptions include, but are not limited to, the following: (i) Mullen Group generates sufficient cash in excess of our financial obligations to support our divisions; (ii) Mullen Group’s business units require capital to fund their ongoing operations and growth opportunities, and we generate sufficient cash in excess of our financial obligations to fund capital expenditures; (iii) Mullen Group’s expectations of how our current business units will perform in 2023; (iv) Mullen Group’s expectations of how our current business segments will perform in the fourth quarter of 2022; (v) Mullen Group’s view is that we have a diversified business model and are not over-leveraged to any single vertical or segment in the economy; (vi) Mullen Group will have sufficient liquidity to pursue similar and acceptable acquisitions; (vii) Mullen Group will have the opportunity to monetize non-core assets, deploy technology and optimize the operations of our business units; and (viii) Mullen Group’s proposed renewal of the normal course issuer bid is approved by regulatory authorities. For more information on any strategic, financial, operational and other perspectives of Mullen Group’s business, please see Mullen Group’s Management’s Discussion and Analysis available on SEDAR at www.sedar.com. Additional information on risks that could affect Mullen Group’s operations or financial results can be found in the 2021 Annual Financial Review under the heading “Principal Risks and Uncertainties” beginning on page 69, as well as in reports from the relevant securities regulatory authorities and on file. An issuer profile for Mullen Group can be found on the SEDAR website at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained herein speak as of the date of this news release and Mullen Group disclaims any need or obligation to publicly update such forward-looking statements as a result of new information, future events or results or otherwise. Except as required by applicable Canadian securities laws. The Mullen Group relies on litigation protection for forward-looking statements.

Source Mullen Group Ltd.