TORONTO - Superior Plus Corp. ('Superior') (TSX: SPB) announced today its financial and operating results for the year and fourth quarter ended December 31, 2021.

Full-year 2021 Adjusted EBITDA1 was $398.4 million, a 5% increase compared to 2020

Full-year net earnings from continuing operations of $17.2 million

Superior is introducing its 2022 Adjusted EBITDA guidance range of $410 million to $450 million

Superior's 2022 Adjusted EBITDA guidance assumes the Kamps Propane acquisition closes in the second quarter, which excludes approximately $17-20 million of estimated Adjusted EBITDA based on historical first quarter results of that business

Superior also expects to complete additional acquisitions in the range of $200 million to $300 million in 2022 which have not been included in the 2022 Adjusted EBITDA guidance

Superior is updating its targeted Leverage ratio2 to 3.5x to 4.0x while it is executing its accelerated acquisition program

Adjusted EBITDA is not a standardized measure under International Financial Report Standards ('IFRS').

'In 2021, we achieved a 5% increase in Adjusted EBITDA compared to 2020 despite the operational and logistical challenges we faced from warmer weather in the U.S. Northeast and Eastern Canada in the fourth quarter and continued public health restrictions impacting commercial demand,' said Luc Desjardins, President & CEO. 'I am proud of our team for their ability to persevere and deliver solid results considering the obstacles we faced. We also completed two acquisitions in Michigan and North Carolina at the end of the fourth quarter, continuing our growth through acquisition strategy in our existing footprint.'

Luc Desjardins further added, 'Following the end of the fourth quarter, we announced a partnership with the Charbone Corporation in Quebec to provide green hydrogen to commercial and industrial customers. We are excited about the opportunity to sell green energy to current and new customers and developing our strategy to offer alternative energy products, including green and low-carbon energy to our customers by leveraging our expertise in the safe and efficient delivery of mobile energy solutions'.

Forward Looking Information

Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such information is typically identified by words such as 'anticipate', 'believe', 'continue', 'estimate', 'expect', 'plan', 'forecast', 'future', 'outlook, 'guidance', 'may', 'project', 'should', 'strategy', 'target', 'will' or similar expressions suggesting future outcomes.

Forward-looking information in this document includes: future financial position, expected 2022 Adjusted EBITDA, the anticipated closing of the Kamps acquisition and the associated timing, commercial demand recovery in the second half of 2022, long-term incentive plan accrual estimates, anticipated value of acquisitions to be completed in 2022, estimated net financial impact of the Cyber security incident and timing for initial deliveries of green hydrogen.

Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, and the historic performance of Superior's businesses and businesses it has acquired. Such assumptions include those listed under the heading '2022 Adjusted EBITDA Guidance and Superior Way Forward Update' as well as the successful conclusion of the regulatory process and the time required to complete the regulatory process for the Kamps acquisition, no material changes to the terms of the Kamps acquisition, completion of $200 million to $300 million in acquisitions at multiples consistent with historical multiples for Superior's acquisitions, achieved synergies from the Kamps acquisition and other acquisitions consistent with historical averages at approximately 25% over the relevant period, no material divestitures, successful negotiation and completion of definitive agreements with Charbone and construction of its facility on the timeline anticipated, anticipated financial performance, current business and economic trends, the amount of future dividends paid by Superior, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, future commodity prices relating to the oil and gas industry, future oil rig activity levels, trading data, cost estimates, our ability to obtain financing on acceptable terms, expected life of facilities, expected net working capital and capital expenditure requirements of Superior or Superior LP, and the assumptions set forth under the 'Financial Outlook' sections of our MD&A.

Contact:

Beth Summers

Tel: (416) 340-6015

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