DIRTT Environmental Solutions
TSX : DRT

DIRTT Environmental Solutions

November 28, 2013 08:36 ET

DIRTT Completes Initial Public Offering and Commences Trading on the Toronto Stock Exchange

CALGARY, ALBERTA--(Marketwired - Nov. 28, 2013) -

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DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") is pleased to announce that it has completed its initial public offering of 15,000,000 common shares ("Common Shares") at an offering price of $3.00 per Common Share for total gross proceeds of $45 million (the "IPO") and that the Common Shares will begin trading today on the Toronto Stock Exchange under the symbol "DRT".

"DIRTT has a business model and a culture that we hope will lead the way in redefining how the world manufactures and constructs," said CEO Mogens Smed. "We are not a conventional manufacturer or construction company: we are the owner of a powerful technology that brings unprecedented efficiency to the manufacturing and interior construction sectors."

DIRTT is a leading technology-driven manufacturer of highly customized interiors. DIRTT combines ICE®, its proprietary 3D design, configuration and manufacturing software, with integrated in-house manufacturing. A dedicated and successful network of Distribution Partners across two continents has assembled an extensive client list that includes some of the largest and most profitable companies in the world. DIRTT is underpinned by a strong entrepreneurial culture and provides a unique, end-to-end solution for the inefficient and fragmented construction industry.

"The IPO provides us with important growth capital to continue to invest in ICE and innovative construction solutions," said President Scott Jenkins. "It is an important milestone for DIRTT, but we truly believe this is just the start of chapter two as we continue to show the world there is a better way to build."

The IPO was conducted through a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Genuity Corp., National Bank Financial Inc., TD Securities Inc. and Cormark Securities Inc. (collectively, the "Underwriters"). The Company also granted the Underwriters an over-allotment option to subscribe for an additional 2,250,000 Common Shares at an offering price of $3.00 per Common Share to cover the Underwriters' over-allotment position, if any, and for market stabilization purposes, exercisable at any time up to January 27, 2014.

Torys LLP acted as legal counsel to DIRTT and Wildeboer Dellelce LLP acted for the Underwriters.

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 Environmental Solutions (Doing It Right This Time) uses a proprietary 3D software platform to design, price, specify and produce custom prefab interiors. DIRTT builds large and small corporate, government, educational and healthcare projects all over the world. DIRTT's goal is to build and deliver complete, engaging, well-designed, high-quality spaces faster and more efficiently than traditional construction methods which often entail cost overruns, inconsistent quality, delays and significant material waste.

DIRTT manufacturing facilities are in Phoenix, Savannah, Kelowna and Calgary. Our teams support more than 100 Distribution Partners throughout North America, the Middle East and Asia. For more information please visit www.dirtt.net.

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 references in this news release to DIRTT's growth strategy and the use of proceeds from the IPO constitute forward-looking statements. 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 Company's final prospectus dated November 22, 2013. 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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