Mullen Group Ltd. Announces the Completion of the Redemption of its 5.75% Convertible Unsecured Subordinated Debentures due November 30, 2026

OKOTOKS, Alberta, Dec. 01, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") announced today that it has completed the redemption of its 5.75% convertible unsecured subordinated debentures due November 30, 2026 (the "Debentures") on December 1, 2025 (the "Redemption Date").

On October 21, 2025, Mullen Group issued a notice of redemption to the holders of the Debentures to redeem the issued and outstanding Debentures at a redemption price equal to their principal amount, plus accrued and unpaid interest up to, but excluding, the Redemption Date. Holders of the Debentures had the option to convert such Debentures into Common Shares of Mullen Group ("Shares") in accordance with the terms of the governing indenture dated June 21, 2019 by submitting a conversion notice and all necessary documentation on or before November 21, 2025. $117,899,000 of the Debentures were converted into Shares.

On the Redemption Date, holders of the Debentures who did not convert into Shares received $1,000 principal amount of Debentures, representing their principal amount, plus all accrued and unpaid interest up to, but excluding, the Redemption Date. Mullen Group redeemed Debentures in the principal amount of $7,101,000.

As a result of the redemption, the Debentures, which traded on the Toronto Stock Exchange ("TSX") under the symbol "MTL.DB", have been delisted from the TSX.

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, customs brokerage, 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

Forward-Looking Statements

Certain statements included in this news release constitute "forward-looking statements" under Canadian securities laws, including statements relating to the redemption of the Debentures and completion of same. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Corporation cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes", "expects", "anticipates", "assumes", "outlook", "plans", "targets", or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Corporation to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; and other risks detailed from time to time in reports filed by Mullen Group with securities regulators in Canada. Reference should be made to Mullen Group's Management's Discussion and Analysis and Annual Information Form both of which are dated February 12, 2025, and can be found under the Corporation's issuer profile on SEDAR+ () and on Mullen Group's website (-group.com), for a description of major risk factors.

Forward-looking statements reflect information as of the date on which they are made. Mullen Group assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event Mullen Group does update any forward-looking statement, no inference should be made that Mullen Group will make additional updates with respect to that statement, related matters, or any other forward-looking statement.