Mullen Group Ltd. To Acquire Leading Customs Brokerage Company

OKOTOKS, Alberta, April 14, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has entered into a definitive share purchase agreement to acquire the shares of Cole Group Inc., Cole International Inc., Abco International Freight Inc. and all related entities (collectively the "Cole Group"), subject to receiving regulatory approvals. The parties have filed the necessary regulatory submissions and expect the transaction to close in the second quarter.

The Cole Group is an industry leading privately owned, full spectrum logistics services company specializing in customs brokerage, freight forwarding and trade consulting, operating throughout Canada and the United States ("U.S."). Employing over 700 employees and operating from 43 locations throughout Canada and the U.S., which includes strategically situated offices at various air and seaports of entry and land border crossings, the Cole Group provides industry leading customs and logistics services to a diverse group of North American and international customers through a suite of proprietary technology solutions.

"Today, we announced that we will be adding another outstanding company to our portfolio of independently managed Business Units. Not only is the Cole Group an industry leader in customs brokerage and trade consulting, which happens to be one of the most talked about issues of the day, they have a sizeable 3PL freight service offering, a service that aligns very closely with our U.S. & International Logistics segment. These will be great additions to the Mullen Group," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer.

"When I first met the owner of Cole Group, Mr. Don Lucky, it was evident that our companies shared in a very similar set of values – integrity, people focused and customer service as the center piece of the company. These are qualities that Mr. Lucky instilled in the Cole Group over his long tenured career as the owner, qualities that will remain a priority in the Mullen Group. The Cole Group will continue to be overseen by the current senior leadership team, a very talented and seasoned group, who are supported by over 700 professional associates. Together we will build on the legacy of the founders. I am both delighted and honoured to welcome the Cole Group into our growing organization," added Mr. Mullen.

Mullen Group intends to fund this transaction through its existing cash and credit facilities.

About Cole Group of Companies

The Cole Group of Companies is a full-service logistics provider specializing in navigating commercial shipments for customers across North America. For over a half century the highly trained and certified professionals in Cole Group have helped customers simplify and promote the seamless transportation of goods within the supply chain. Today, the Cole Group is a leader in customs brokerage, trade consulting, and international freight forwarding.

Additional information is available on the company website - .

About Mullen Group Ltd.

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at -group.com or on the Corporation's issuer profile on SEDAR+ at

Contact Information

Mr. Murray K. Mullen - Chair, Senior Executive Officer and President

Mr. Richard J. Maloney - Senior Operating Officer

Mr. Carson P. Urlacher - Senior Financial Officer

Ms. Joanna K. Scott - Senior Corporate Officer

121A - 31 Southridge Drive

Okotoks, Alberta, Canada T1S 2N3

Telephone: 403-995-5200

Fax: 403-995-5296

Disclaimer

Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws.   This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the oil and natural gas business. These forward-looking statements relate to future events and Mullen Group's future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", "aim", or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group's internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) the closing of the acquisition of Cole Group in the second quarter; and (ii) Mullen Group's intention to fund the transaction through its existing cash and credit facilities. These forward-looking statements are based on certain assumptions and analysis made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that Mullen Group will receive the required regulatory approvals and that final closing conditions will be met; and (ii) that Mullen Group will have the cash and access to its credit facilities at the time of closing to fund this transaction. The forward-looking statements contained in this news release is expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements.