Aleksandar

CALGARY, May 11, 2022 – In accordance with Toronto Stock Exchange requirements, Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, announced the voting results from its Annual Meeting of Shareholders held on May 11, 2022.

A total of 3,129,236 common shares, representing approximately 55.5% of the Corporation’s issued and outstanding common shares, were voted in connection with the meeting. Shareholders voted in favour of all items of business put forth. The votes for the election of directors are as follows:

Crown has filed a report of voting results on all resolutions voted on at the meeting under the Company’s profile on SEDAR at www.sedar.com.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

CALGARY, May 10, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the first quarter ended March 31, 2022. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com.

Effective July 13, 2021, Crown stopped recognizing Crown Partners Fund as a subsidiary and began recognizing it as an investment in associate using the equity method. As a result, many of our asset, liability, revenue and expense balances as at and for the three months March 31, 2022 are not directly comparable to equivalent balances for the prior period.

Q1 2022 Financial & Operating Highlights

• Continued growth of the Network Services revenue stream and operating profit. Network Services revenue increased to $6.7 million in Q1 2022, up from $6.4 million in Q1 2021. This segment generated net income before income taxes of $1.3 million in Q1 2022, inclusive of depreciation and amortization expenses totaling $0.9 million, up from net income before income taxes of $1.1 million in Q1 2021. The year-over-year improvement is attributable to continued growth in the profitability of Galaxy.
• For Q1 2022, Crown’s share of losses of Crown Partners Fund totaled $(4.4) million, including $(2.5) million in respect of its general partnership interest as a result of a reduction in the accrued performance bonus payable to Crown by Crown Partners Fund and $(2.0) million in respect of its limited partnership interest. This loss was primarily the result of a provision for expected credit loss from a single loan investment which more than offset income from other investments of Crown Partners Fund and was partially offset by a performance bonus recovery of $1.2 million.
• Adjusted Funds from Operations¹ of $0.8 million ($0.12 per basic share) in Q1 2022, down from $4.5 million ($0.49 per basic share) in Q1 2021. Compared with the prior-year, amounts included in respect of the Company’s interest in Crown Partners Fund declined due to the derecognition of the fund as a subsidiary and to the inclusion in the current-year period of a loss recognized in respect of its general partnership interest. The aggregate impact of this was only partially offset by an increase in Adjusted Funds from Operations attributable to the Network Services business.
• Net loss of $(2.6) million ($0.38 loss per basic share), compared with a net income of $1.3 million ($0.14 earnings per basic share) in Q1 2021, reflecting Crown’s share of losses of Crown Partners Fund.
• Total equity at quarter-end decreased to $55.6 million, from $69.1 million at the end of Q4 2021, mainly because of share repurchases totaling $11.0 million and a net loss attributable to shareholders of $2.6 million. Total equity per share increased to $9.85 per basic share from $9.74 as at December 31, 2021 and $9.07 per share as at March 31, 2021.
• In Q1 2022, Crown purchased and subsequently cancelled a total of 1,450,556 Common Shares pursuant to its normal course issuer bid and to a substantial issuer bid (“SIB”), for aggregate consideration of $11.0 million. Over the 12 months ended March 31, 2022, Crown has repurchased for cancellation a total of 3,394,843 Common Shares at an aggregate cost of $24.6 million, representing 38% of Common Shares outstanding as at March 31, 2021.
• During the quarter, Crown advanced an additional $1.8 million to Go Direct Global, a fulfillment and distribution company, increasing the balance of the demand loan to $3.5 million. Crown intends to acquire an equity interest in Go Direct Global during fiscal 2022.
• Subsequent to quarter end, Crown announced that its subsidiary, Community Network Partners Inc. (“CNPI”), was selected as an Internet Service Provider under the Ontario Connects: Accelerated High Speed Internet Program. The aim of the program is to make reliable, high-speed internet connectivity available to all premises in Ontario by the end of 2025. The maximum subsidy available to CNPI under this program is approximately $150 million, which is expected to be a material proportion of the network cost.

Management commentary: “Our results for the first quarter were again highlighted by solid performance from our Network Services business. This segment is well positioned to continue to benefit from positive long-term demand for enhanced broadband connectivity in rural and remote locations, as evidenced by the recent contract award to support the important Ontario Connects program” said Chris Johnson, President and CEO of Crown. “Consistent with our plan to transition the balance sheet, we closed our third SIB in the first quarter and exited the period with a greatly reduced share count and higher book value per share. We will continue to look for investment opportunities to build further scale in key operating segments and in new ones like Go Direct Global where we see compelling growth potential.”

Q1 2022 Financial Results Summary

¹ Adjusted Funds from Operations is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of income (loss) before income taxes to Adjusted Funds from Operations in this news release. We believe that Adjusted Funds from Operations is a useful supplemental measure in the context of Crown’s specialty finance and network services focus to assist investors in assessing the cash anticipated to be generated by Crown’s business, including cash received in relation to its various revenue streams, that is attributable to Shareholders. Adjusted Funds from Operations should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.       

Conference Call & Webcast

Crown will host a conference call and webcast to discuss its Q1 2022 financial results at 8:30 a.m. ET on May 11, 2022. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (647) 794-4605 or (888) 254-3590 using the conference ID 2836624. The webcast can be accessed at www.crowncapital.ca under Investor Relations. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected. 

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS
This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the alternative financial market, the network services market and the general economy, transaction pipeline, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

CALGARY, May 9, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that its subsidiary, Community Network Partners Inc. (“CNPI”), has been selected as an Internet Service Provider (“ISP”) under the Ontario Connects: Accelerated High Speed Internet Program.  The aim of the program is to make reliable, high-speed internet connectivity available to all premises in Ontario by the end of 2025.

Under the Ontario Connects program, the Government of Ontario has committed nearly $4 billion to connect every region in Ontario to reliable, high-speed internet by the end of 2025.  This is the largest single investment in high-speed internet, in any province, by any government in Canadian history.  This investment will help ensure that every household and business, in every community, has access to the digital world.

Crown subsidiaries provide network connectivity to municipal, commercial and residential end users in otherwise underserviced markets.  In connection with this program, CNPI will design, construct, own and operate a broadband network that will deliver high-speed internet to residential and business customers in select service areas in Northern Ontario.  The contract available to CNPIs under the program is approximately $150 million, which is expected to be a material proportion of the network cost and will bring service to approximately 9,400 households. CNPI expects to immediately commence design and construction and anticipates completion before the end of 2025.

“Access to reliable, high-speed connectivity is essential for living, learning and thriving in today’s digitally connected world.  We’ve been working vigorously to resolve the digital divide for Canadians living in remote and rural regions, and we’re delighted to be part of the Government of Ontario’s transformational program to make this goal a reality for all Ontarians,” said Chris Johnson, President and Chief Executive Officer.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

CALGARY, April 8, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX:CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (“NCIB”) for a 12-month period commencing April 13, 2022.

The renewed NCIB will follow the current NCIB, which ends on April 12, 2022 and under which Crown purchased 170,156 shares at a volume-weighted average price per share of $6.87 up to April 8, 2022.

Under the terms of the renewed NCIB, Crown will have the right to purchase up to 280,000 of its common shares (the “Shares”) representing approximately 10% of the public float and approximately 5.0% of the 5,642,546 issued and outstanding Shares as at March 31, 2022. The number of Shares that can be purchased pursuant to the renewed NCIB is subject to a daily maximum of 1,000 Shares, which is the greater of 1,000 and 25% of the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2022. Shares purchased by the Corporation pursuant to the renewed NCIB will be cancelled. Purchases made pursuant to the renewed NCIB will be made in the open market through the facilities of the TSX and alternative trading systems, if eligible. The renewed NCIB will commence on April 13, 2022 and remain in effect until the earlier of April 12, 2023, the termination of the renewed NCIB by Crown, and Crown purchasing the maximum number of Shares permitted under the renewed NCIB.

In conjunction with the renewal of the NCIB, Crown has entered into a renewed automatic share purchase plan (“ASPP”) with a designated broker to allow for the purchase of Shares under the renewed NCIB at times when Crown would ordinarily not be permitted to purchase Shares due to regulatory restrictions or customary self-imposed trading black-out periods.

Pursuant to the ASPP, before the commencement of any particular trading black-out period, Crown may, but is not required to, instruct the designated broker to make purchases under the renewed NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters established by Crown prior to the trading black-out period in accordance with the terms of the ASPP and applicable TSX rules. The ASPP has been pre-cleared by the TSX and will be implemented effective April 13, 2022.

Outside of the pre-determined trading black-out periods, Shares may be purchased under the renewed NCIB based on the discretion of Crown’s management, in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of Shares purchased under the renewed NCIB.

In the opinion of the Corporation’s board of directors and senior management, the renewed NCIB provides Crown with the flexibility to utilize its capital to acquire Shares from time to time under the appropriate circumstances. At December 31, 2021, Crown’s total equity per basic common share was $9.74.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown is a leading specialty finance company currently operating mainly in the telecommunications infrastructure and distributed power markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding future purchases of Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

CALGARY, April 26, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced it will host a conference call to discuss its 2022 first quarter financial results on May 11, 2022 at 8:30 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q1 2022 CONFERENCE CALL

DATE:                                      Wednesday, May 11, 2022

TIME:                                       8:30 a.m. EST

DIAL IN NUMBER:                (647) 794-4605 or (888) 254-3590

CONFERENCE ID:                  2836624

REPLAY:                                 (647) 794-4605 or (888) 203-1112 (playback code: 2836624)

Available until midnight (EST) May 18, 2022

WEBCAST:                              The audio webcast can be accessed at www.crowncapital.ca under

Investor Relations or at: Crown Capital Q1 2022 Conference Call

ABOUT CROWN CAPITAL PARTNERS (TSX: CRWN)

Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.

For further information, please contact:

Craig Armitage

Investor Relations

craig.armitage@crowncapital.ca

(416) 347-8954

CALGARY, April 8, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX:CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (“NCIB”) for a 12-month period commencing April 13, 2022.

The renewed NCIB will follow the current NCIB, which ends on April 12, 2022 and under which Crown purchased 170,156 shares at a volume-weighted average price per share of $6.87 up to April 8, 2022.

Under the terms of the renewed NCIB, Crown will have the right to purchase up to 280,000 of its common shares (the “Shares”) representing approximately 10% of the public float and approximately 5.0% of the 5,642,546 issued and outstanding Shares as at March 31, 2022. The number of Shares that can be purchased pursuant to the renewed NCIB is subject to a daily maximum of 1,000 Shares, which is the greater of 1,000 and 25% of the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2022. Shares purchased by the Corporation pursuant to the renewed NCIB will be cancelled. Purchases made pursuant to the renewed NCIB will be made in the open market through the facilities of the TSX and alternative trading systems, if eligible. The renewed NCIB will commence on April 13, 2022 and remain in effect until the earlier of April 12, 2023, the termination of the renewed NCIB by Crown, and Crown purchasing the maximum number of Shares permitted under the renewed NCIB.

In conjunction with the renewal of the NCIB, Crown has entered into a renewed automatic share purchase plan (“ASPP”) with a designated broker to allow for the purchase of Shares under the renewed NCIB at times when Crown would ordinarily not be permitted to purchase Shares due to regulatory restrictions or customary self-imposed trading black-out periods.

Pursuant to the ASPP, before the commencement of any particular trading black-out period, Crown may, but is not required to, instruct the designated broker to make purchases under the renewed NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters established by Crown prior to the trading black-out period in accordance with the terms of the ASPP and applicable TSX rules. The ASPP has been pre-cleared by the TSX and will be implemented effective April 13, 2022.

Outside of the pre-determined trading black-out periods, Shares may be purchased under the renewed NCIB based on the discretion of Crown’s management, in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of Shares purchased under the renewed NCIB.

In the opinion of the Corporation’s board of directors and senior management, the renewed NCIB provides Crown with the flexibility to utilize its capital to acquire Shares from time to time under the appropriate circumstances. At December 31, 2021, Crown’s total equity per basic common share was $9.74.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown is a leading specialty finance company currently operating mainly in the telecommunications infrastructure and distributed power markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding future purchases of Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

CALGARY, March 8, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced the final results of its substantial issuer bid to purchase for cancellation up to 1,330,000 of its outstanding common shares (“Shares”) at a price of $7.50 per Share (the “Purchase Price”) from shareholders for an aggregate purchase price not to exceed $9,975,000 (the “Offer”). The Offer expired at 5:00 p.m. Eastern time on March 7, 2022.

In total, 1,983,655 Shares were tendered to the Offering. In accordance with the terms and conditions of the Offer, the Corporation has taken up and paid for 1,330,000 Shares at the Purchase Price, for an aggregate cost of $9,975,000, excluding fees and expenses relating to the Offer. As the Offer was oversubscribed, other than odd lot shareholders of the Corporation who will be fully redeemed, shareholders of the Corporation will be redeemed approximately 67% of their tendered amount.

The Shares purchased for cancellation under the Offer represent approximately 18.8% of the Shares issued and outstanding before giving effect to the Offer. After giving effect to the Offer, 5,763,102 Shares remain outstanding.

The Corporation has made payment for the Shares tendered and accepted for purchase by tendering the aggregate purchase price to TSX Trust Company, the depositary for the Offer (the “Depositary”), in accordance with the Offer and applicable laws and payment to the shareholders will be effected by the Depositary. Payment for Shares will be made in cash, without interest. Any Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a leading specialty finance company currently operating in the alternative corporate finance, distributed power and telecommunications infrastructure markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

Craig Armitage

Investor Relations

craig.armitage@crowncapital.ca

(416) 347-8954

CALGARY, February 24, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced it will host a conference call to discuss its 2021 fourth quarter and full-year financial results on Friday, March 11, 2022, at 10:00 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q4 2021 CONFERENCE CALL

DATE:                                      Friday, March 11, 2022

TIME:                                       10:00 a.m. EST

DIAL IN NUMBER:                (647) 794-4605 or (888) 204-4368

CONFERENCE ID:                 3439134

REPLAY:                                 (647) 436-0148 or (888) 203-1112 (playback code: 3439134)

Available until midnight (EST) March 18, 2022

WEBCAST:                              The audio webcast can be accessed at www.crowncapital.ca under

Investor Relations or at: https://bit.ly/3LrOVUa

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a leading specialty finance company currently operating mainly in the telecommunications infrastructure and distributed power markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

Craig Armitage

Investor Relations

craig.armitage@crowncapital.ca

(416) 347-8954

CALGARY, January 24, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its intention to commence a substantial issuer bid (the “Offer”) pursuant to which the Corporation will offer to purchase for cancellation up to 1,330,000 of its outstanding common shares (the “Shares”) at a purchase price of $7.50 per Share in cash (the “Purchase Price”). The Corporation will fund the Offer using cash on hand and available credit facilities.

The closing price of the Shares on the Toronto Stock Exchange (the “TSX”) on January 21, 2022, the last full trading day prior to the Corporation’s announcement of its intention to make the Offer, was $7.02.

The board of directors of the Corporation (the “Board”) believes that the recent trading price of the Shares is not fully reflective of their intrinsic value based on the value of Crown’s assets and its business and future prospects. The Board also believes there is currently substantial interest from shareholders of the Corporation (“Shareholders”) for the Offer given that the substantial issuer bid completed by Crown in December 2021 was significantly oversubscribed. Accordingly, the Board believes that the Offer is a prudent use of the Corporation’s financial resources given the Corporation’s business profile and assets, the current market price of the Shares and the Corporation’s cash requirements. The Corporation’s directors and officers do not have a present intention to tender any Shares pursuant to the Offer.

The Purchase Price represents a 2.28% premium over the 30-day volume weighted average closing price of the Shares on the TSX for the period ending on January 21, 2022, and a 6.84% premium over the closing price of the Shares on the TSX on January 21, 2022, the last full trading day prior to the Corporation’s announcement of its intention to make this Offer. The number of Shares subject to the Offer represents approximately 18.75% of the total number of Shares outstanding.

Details of the Offer, including instructions for tendering Shares to the Offer and the factors considered by the Board making its decision to approve the Offer, will be included in the formal offer to purchase and issuer bid circular and other related documents (the “Offer Documents”), which are expected to be mailed to shareholders, filed with applicable Canadian Securities Administrators and made available free of charge on or about January 28, 2022 on SEDAR at www.sedar.com and on the Corporation’s website at https://crowncapital.ca/. Shareholders should carefully read the Offer Documents prior to making a decision with respect to the Offer. The Offer will not be conditional on any minimum number of Shares being tendered but will be subject to various other conditions that are typical for a transaction of this nature.

The Offer will expire at 5 p.m. Eastern time on March 7, 2022, unless terminated or extended by the Corporation. If more than 1,330,000 Shares are properly tendered to the Offer, the Corporation will take-up and pay for the tendered Shares on a pro-rata basis according to the number of Shares tendered, except that “odd lot” tenders (of holders beneficially owning fewer than 100 Shares) will not be subject to pro-ration. Assuming that 1,330,000 Shares are purchased pursuant to the Offer, the aggregate purchase price pursuant to the Offer will be $9,975,000.

The Board has obtained a valuation (the “Valuation”) from Evans & Evans, Inc. to the effect that, based on and subject to the assumptions and limitations stated in such opinion, as of September 30, 2021, the fair market value per Share falls within the range of $7.69 to $7.95 per Share. A copy of the Valuation will be included in the Offer Documents.

The Board has authorized the making of the Offer. However, the Board is not making any recommendation to any Shareholders as to whether to tender or refrain from tendering their Shares under the Offer. Shareholders are strongly urged to consult their own financial, tax and legal advisors and to make their own decisions whether to tender or to refrain from tendering their Shares to the Offer and, if so, how many Shares to tender.

The Corporation completed a substantial issuer bid on December 22, 2021, pursuant to which the Corporation purchased 1,333,333 Shares from tendering shareholders for cancellation at a price of $7.50 per Share for aggregate purchase price of $9,999,997.50.

The Corporation completed a substantial issuer bid on July 27, 2021, pursuant to which the Corporation purchased 599,854 Shares from tendering shareholders for cancellation at a price of $5.50 per Share for aggregate purchase price of $3,079,197.

The Corporation was authorized by the TSX to purchase up to 600,000 Shares pursuant to a normal course issuer bid (the “NCIB”) that commenced on April 13, 2021 and expires on April 12, 2022. Since April 13, 2021, the Corporation has purchased 49,600 Shares through the NCIB. There will be no further purchases of Shares under the NCIB until after the expiry of the Offer or date of termination of the Offer. Under the Corporation’s prior normal course issuer bid that commenced on April 13, 2020 and expired on April 12, 2021, the Corporation purchased a total of 393,930 Shares at a volume-weighted average price of $4.09 for cancellation thereunder.

Any questions or requests for information may be directed to TSX Trust Company, as the depositary for the Offer, as follows:

North American Toll Free: 1-866-600-5869
Telephone: 416-342-1091
Facsimile: 416-361-0470
E-Mail: TMXEInvestorServices@tmx.com

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a leading specialty finance company currently operating mainly in the telecommunications infrastructure and distributed power markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the commencement of the Offer. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the Board. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:
Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

TORONTO, December 23, 2021 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX:CRWN), a capital partner to entrepreneurs and growth businesses, today announced the final results of its “modified Dutch auction” substantial issuer bid to purchase for cancellation up to $10,000,000 in value of its outstanding common shares (“Shares”) from shareholders for cash (the “Offer”). The Offer expired at 5:00 p.m. Eastern time on December 22, 2021.

In total, 2,599,183 shares were tendered at prices ranging from $6.50 per Share to $7.50 per Share. In accordance with the terms and conditions of the Offer, the Corporation will take up and pay for 1,333,333 Shares at a purchase price of $7.50 per Share, for an aggregate cost of $10,000,000, excluding fees and expenses relating to the Offer. As the Offer was oversubscribed, other than Odd Lot Shareholders who will be fully redeemed, Shareholders will be redeemed approximately 51% of their tendered amount.

The Shares purchased for cancellation under the Offer represent approximately 15.8% of the Shares issued and outstanding before giving effect to the Offer. After giving effect to the Offer, 7,093,102 Shares remain outstanding.

The Corporation will make payment for the Shares tendered and accepted for purchase by tendering the aggregate purchase price to TSX Trust Company, the depositary for the Offer (the “Depositary”), in accordance with the Offer and applicable laws and payment to the shareholders will be effected by the Depositary. Payment for Shares will be made in cash, without interest. Any Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a leading specialty finance company currently operating in the alternative corporate finance, distributed power and telecommunications infrastructure markets. We focus on alternative asset classes that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:
Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954