Colabor Group Announces the Departure of Its Chief Financial Officer

BOUCHERVILLE, Quebec, July 30, 2020 (GLOBE NEWSWIRE) -- Colabor Group Inc. (TSX: GCL) ("Colabor" or the "Company") announces today that Mr. Pierre Gagné will be stepping down as Senior Vice President and Chief Financial Officer of Colabor effective August 21, 2020.

"I would like to thank Pierre for his great collaboration in implementing Colabor's transformation and optimization plan. I wish him the best of luck in pursuing his other opportunities, "said Mr. Frenette.

Management will initiate a search to fill in the vacated CFO position. In the interim, Ms. Marie-France Laberge, Corporate Controller of the Company, will assume the CFO position. Ms. Laberge has over 20 years of experience in finance, having held various roles with public and private companies, including FLS Transport Services Limited, GDi Integrated Facility Services and KPMG.

Forward-Looking Statements

This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance, business operations and future events. Such statements are subject to risks, uncertainties and assumptions and the analysis of the debt structure and available alternatives, and risks mentioned in the Corporation's annual information form found under its profile on SEDAR (www.sedar.com), such as the risk of dilution for existing shareholders. As such, these statements are not guarantees of future performance, and actual results, realities or events may differ materially. Except as required by law, the Corporation assumes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions or other factors change.

About Colabor

Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or "HRI" in Quebec, Ontario and in the Atlantic provinces, as well as the retail market (grocery stores and convenience stores). Within its two operating segments, Colabor offers specialty food products such as fresh fish and seafood, meat, as well as food and related products through its Broadline activities.

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