Toromont to Hold Virtual Annual Meeting of Shareholders on May 1, 2020

TORONTO, March 24, 2020 (GLOBE NEWSWIRE) -- Toromont Industries Ltd. (TIH) is advising of a change in the format of its Annual Meeting of Shareholders to be held on May 1, 2020, which was previously announced on February 11, 2020.

This year, due to global public health concerns regarding the COVID-19 pandemic, we will be holding our Annual Shareholders' Meeting in a virtual-only format, via live audio webcast. Our intention is to mitigate the risks to our shareholders, employees and other stakeholders and to ensure all shareholders have an equal opportunity to participate at the meeting regardless of their location or constraints. There will be no physical attendance at the meeting.

Toromont has been active in managing its business and workforce through this rapidly changing environment. We started by activating our Critical Incident Executive Response Team focused on developing plans, assessing developments and responding appropriately. Our focus is on the safety of our employees, customers and other stakeholders, while ensuring that we can continue to deliver services that are critical to the communities that we serve. By way of example only, without our products and support there could be disruption to food production and distribution networks, power generation, critical infrastructure, transportation and emergency response. We have instructed employees to work from home where possible and have instituted precautions to protect those who cannot.

While our businesses have been declared essential in all circumstances requiring such a designation to date, we are not insulated from the broader economic, financial and market impacts of COVID-19. Temporary closures of certain mine sites and construction projects, as well as the impact of the health crisis on the global economies and financial markets, are expected have at least a temporary impact on our business, operations and financial condition. Toromont enters this situation in a strong financial position. The collective management and leadership teams continue to monitor the situation closely and are implementing responsible measures to manage and protect the long term health of the business.

Shareholders and other interested parties can attend the Annual Shareholders' Meeting virtually by going to https://web.lumiagm.com/154118689 (password "toromont2020"). Detailed instructions about how registered and beneficial shareholders may vote their shares and participate at the meeting are included in Company's Notice of Meeting and Management Information Circular and related proxy materials, which will be available at www.sedar.com and on our website at www.toromont.com. Proxy forms or voting instruction forms are also being distributed to shareholders, which will include instructions about how to access the meeting and vote their shares. Registered shareholders and duly appointed proxyholders (including beneficial shareholders who appoint themselves as proxyholders) who participate at the meeting will be able to listen to the meeting, ask questions and vote, all in real time, provided they are connected to the Internet. Guests, including non-registered shareholders who do not appoint themselves as proxyholder, can log in to the meeting and listen.

About Toromont

Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO.  The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario and Manitoba in addition to most of the territory of Nunavut.  In addition, the Group includes industry leading rental operations, a complementary material handling business and an agricultural equipment business.  CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont can be found at www.toromont.com.

For more information contact:

Michael S. McMillan
Executive Vice President and Chief Financial Officer
Toromont Industries Ltd.
T: (416) 514-4790