Asbestos Corporation Limited Announces Changes to its Board of Directors

THETFORD MINES, QC, May 26, 2022 /CNW Telbec/ - Asbestos Corporation Limited announced today that, at its Annual Meeting of Shareholders held on May 26, 2022 in Thetford Mines, Quebec, Mr. Jean-François Boulet and Mrs. Chantal Grenier were elected to the Board of Directors in replacement of Messrs. Clément Godbout and Laurent Langevin.

Messrs. Clément Godbout and Laurent Langevin were elected to Asbestos Corporation's Board of Directors on December 29, 2003 and on March 28, 2008, respectively. Mr. Godbout chaired the Audit Committee and Mr. Langevin was a member.

« Mr. Godbout's experience played a key role in the evolution of Asbestos Corporation in all the years he acted as a director and he will continue to support the organization by remaining a member of the board of directors of the parent company, Mazarin inc. », commented John LeBoutillier, Chairman of the Board of the Corporation.

« Mr. Langevin has played a leading role in the success of Asbestos Corporation. His expertise as a businessman and real estate developer has been decisive in the evolution of the Corporation during all these years when he was a director », added Mr. LeBoutillier.

« On behalf of Asbestos Corporation Limited, I would like to thank them both for their contribution and dedication. I wish them all the best as they move forward in their professional and personal life », concluded Mr. LeBoutillier.

Mr. Jean-François Boulet holds a bachelor's degree in Human Resources Management from Université Laval. He began his career as a professor of administration at the Thetford Mines College. Subsequently, he has held several management positions in the following companies : Inglis / Whirlpool, Desjardins General Insurance Group and EXFO. From 2003 to 2021, he held various responsibilities as Vice-President and then Executive Vice-President, Customer & Employee Experience, responsible for continuous improvement and brand strategy within IA Financial Group. Involved in the community, he was Chairman of the Board and a founding member of Bénévole d'expertise.

Mrs. Chantal Grenier is General Manager of the family business Prolab Technolub inc. since 1988. She has sat and still sits on several boards of directors: the Quebec Center for Industrial Research (CRIQ), the Thetford Mines College, DPME Chaudières-Appalaches, Practice Enterprise Translab, the College Center for Technology Development Kemitek, the Carrefour Jeunesse Emploi of Thetford Mines, the Foundation of a house for palliative care "Les couleurs du vent" and the "Fonds régionaux (Regional Funds) FTQ Chaudière-Appalaches".

Asbestos Corporation Limited is a natural resource company whose focus in on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H.

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation's filings with Canadian Securities Administrators.

Forward-looking statements are based on the expectations and opinions of the Corporation's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Asbestos Corporation Limited