DIRTT Environmental Solutions Ltd.

DIRTT Environmental Solutions Ltd.

November 22, 2013 11:55 ET

DIRTT Announces Initial Public Offering Update

CALGARY, ALBERTA--(Marketwired - Nov. 22, 2013) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") announced today that it has filed a final prospectus (the "Final Prospectus") with the securities regulatory authorities in each of the provinces of Canada in connection with a proposed initial public offering (the "Offering") of 15,000,000 common shares ("Common Shares") of the Company at an offering price of $3.00 (the "Offering Price") per Common Share for total gross proceeds of $45 million. In addition, the Company has granted the underwriters an over-allotment option to subscribe for an additional 2,250,000 Common Shares at the Offering Price to cover the underwriters' over-allotment position, if any, and for market stabilization purposes, exercisable at any time up to 60 days following the Closing Date (as defined below). A copy of the Final Prospectus, which contains important information relating to the Offering, is available on SEDAR (www.sedar.com).

The Offering is being led by Raymond James Ltd., with the remaining syndicate of underwriters being Canaccord Genuity Corp., National Bank Financial Inc., TD Securities Inc. and Cormark Securities Inc.

DIRTT has received conditional approval for the listing of its Common Shares on the Toronto Stock Exchange (the "TSX") under the symbol "DRT" subject to DIRTT fulfilling all of the requirements of the TSX on or before February 18, 2014.

Completion of the Offering is expected to occur on or about November 28, 2013 (the "Closing Date") subject to and conditional upon the receipt of all necessary approvals, including regulatory approvals.

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom.

About DIRTT

DIRTT - Doing It Right This Time - is a leading technology-driven manufacturer of highly customized interiors. DIRTT combines its proprietary 3D design, configuration and manufacturing ICE® software with integrated in-house manufacturing of its innovative prefabricated interior construction solutions and an extensive Distribution Partner network across two continents. DIRTT is underpinned by a strong entrepreneurial culture and provides a unique, end-to-end customer solution for the inefficient and fragmented construction industry.

Certain statements contained in this news release constitute forward-looking statements as defined under applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Specifically, the reference in this news release to the size of the Offering, the Offering Price and the Closing Date constitutes a forward-looking statement. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, see "Special Note Regarding Forward-Looking Information" and "Risk Factors" in the Final Prospectus. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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