TUCKER, Ga.–(BUSINESS WIRE)–GMS Inc. (NYSE: GMS), a leading North American specialty building products distributor, today provided an update on the continued execution of its strategic priorities, including platform expansion and Complementary Product growth, with its acquisition of Jawl Lumber Corporation, which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies (“Home Lumber”) brand name.

“Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key Complementary building materials offered by GMS Canada,” said John C. Turner, Jr., President and Chief Executive Officer. “This acquisition will further strengthen our ability to serve our customers and provide an opportunity to expand our tools and fasteners offerings to a new customer base, reinforcing our existing market position on Vancouver Island. We’d like to welcome the Home Lumber team and their highly-respected brand to the GMS family.”

Jawl Lumber Corporation, d/b/a Home Lumber & Building Supplies; Acquired May 1, 2023

Established in 1960 by the Jawl family, Home Lumber and Building Supplies is one of Vancouver Island’s oldest and most respected suppliers of lumber and other complementary building materials. Like GMS, the Company is committed to providing outstanding service to its customers. Home Lumber operates from a single location in Victoria, Canada.

About GMS:

Founded in 1971, GMS operates a network of approximately 300 distribution centers with extensive product offerings of Wallboard, Ceilings, Steel Framing and Complementary Products. In addition, GMS operates approximately 100 tool sales, rental and service centers, providing a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling GMS to generate significant economies of scale while maintaining high levels of customer service.

For more information about GMS, please visit www.gms.com.

Forward‐Looking Statements and Information:

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Forward-looking statements involve risks and uncertainties, including those factors described in the “Risk Factors” section in our filings with the SEC. We undertake no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise.

Contacts

Carey Phelps

Vice President, Investor Relations

Phone: 770-723-3369

Email: ir@gms.com

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the fiscal year and fourth quarter ending December 31, 2022. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States.

Development and Sales Activities

The key development and sales activities of the Corporation in the fourth quarter ending December 31, 2022, were:

• Woodyard Road / Pennsylvania Avenue Interchange TIF project construction continued and is scheduled to be substantially complete by Q2 2023.
• Presidential Parkway East TIF project is substantially complete; the contractor is working on punch list items and final surveys are being prepared.
• The Presidential Parkway West TIF project is scheduled for substantial completion in Q3 2023.
• The advancement of preliminary engineering for the retail and multi-family space located on parcels A and B below is in process.
  • Parcels C, D, & E are a part of the assets owned by the Corporation.
  • The parcel labeled Central Park is 100 percent constructed and sold townhomes. This land was previously owned by the Corporation.
  • The East parcel of land is currently being developed, with homes being sold. This land was previously owned by the Corporation.
  • Parcels F, N & M are owned by the Corporation. These assets other than Parcel L (~5 acres), are under contract to sell to a third-party commercial developer.
  • Parcel G, H, I, J, & K are owned by a related party of the Manager. Internal discussions are taking place related to the vision and future direction of this asset.
  • The North Parcel is currently under contract with a large national home builder. This land is owned by a related party of the Manager, with the first closing projected to take place in 2023.

Financial Results

• Operating expenses for this quarter remained consistent with Q3 2022.

The Corporation’s audited consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2022, are available under the Corporation’s SEDAR profile at www.sedar.com.

About Walton Global

Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 44 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.4 billion in assets on behalf of its global investors., builders and developer clients and industry business partners. Walton has more than 93,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Except as otherwise noted, all amounts are in Canadian dollars, and are based on audited consolidated financial statements for the year ended December 31, 2022, and related notes, prepared in accordance with International Financial Reporting Standards.

Contacts

MEDIA:
Allison+Partners

waltonglobal@allisonpr.com