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CALGARY, Alberta, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, "Alaris" or the "Trust") is pleased to announce its results for the three and six months ended June 30, 2025. All amounts below are in Canadian dollars unless otherwise noted.
Highlights:
- Alaris's Net book value (1) per unit of $23.57 at June 30, 2025 decreased by $0.77 from March 31, 2025.. The $0.59 in growth of per unit earnings from Q1 2025 was offset by $0.98 per unit unrealized foreign exchange loss related to the rise in the Canadian/US dollar exchange rate as well as the Trust's quarterly distribution of $0.34 per unit;
- Total revenue and operating income increased by 20.9% to $34.5 million as compared to Q2 2024. The strong growth in both revenue and operating income was driven primarily from positive performance from nine of our Partner investments, which resulted in a $5.5 million net unrealized gain during Q2 2025;
- Year to date, the Trust, through its Acquisition Entities invested approximately $154 million into new and current Partners, including a follow-on US$21.5 million of preferred equity investment in The Shipyard, LLC. Alaris' total invested capital in Shipyard is now US$108.5 million, inclusive of both preferred and common equity;
- Alaris' Run Rate Revenue (5) reached approximately $183 million at the end of the quarter, up 12.5% from $162.6 million in Q2 2024 and up from $178 million in Q1 2025;
- The Trust, together with its Acquisition Entities, earned a total of $42.5 million of revenue from Partners, including $41.8 million of Partner distribution revenue and $0.7 million in third party fees in Q2 2025, which is relatively consistent to $42.3 million earned in Q2 2024;
- During the quarter, the Trust, through its normal course issuer bid ("NCIB"), purchased and cancelled 133,600 units, which in addition to the 218,900 units in Q1 2025, results in a total of 352,500 units purchased and cancelled through the NCIB during the six months ended Q2 2025, and reflects a $0.04 per unit of additional Net book value (1);
- Alaris issued $92 million of convertible debentures during the quarter and used the net proceeds to invest into its Acquisition Entities portfolio;
- The Actual Payout Ratio (3) for the Trust, based on the Alaris net distributable cash (2) flow for the six months ended June 30, 2025 is 65%;
- The weighted average combined Earnings Coverage Ratio (4) for Alaris' Partners is approximately 1.5x with 13 of 20 Partners greater than 1.5x. In addition, 13 of our Partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis.
"Aside from the foreign exchange move in a negative direction, our second quarter showed strength during an uncertain political and economic environment. With a strong majority of partners experiencing gains, ample room on our balance sheet and a robust pipeline of opportunities, we are in an excellent position going into the second half of the year." said Steve King President and CEO.
Results of Operations
| Three months ended June 30 | Six months ended June 30 | |||||||||||||
| $ thousands except per unit amounts | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||
| Total revenue and operating income | $ | 34,457 | $ | 28,495 | +20.9 | % | $ | 70,845 | $ | 58,809 | +20.5 | % | ||
| Earnings (loss) and comprehensive income (loss) | $ | (17,935 | ) | $ | 31,675 | -156.6 | % | $ | 5,030 | $ | 105,448 | -95.2 | % | |
| Cash from / (used in) operations, prior to changes in working capital | $ | (63,145 | ) | $ | 13,399 | -571.3 | % | $ | (43,328 | ) | $ | 34,814 | -224.5 | % |
| Alaris net distributable cashflow (2) | $ | 17,920 | $ | 26,285 | -31.8 | % | $ | 48,036 | $ | 49,237 | -2.4 | % | ||
| Change in Net book value per unit (1) | $ | (0.77 | ) | $ | 0.35 | -320.0 | % | $ | (0.65 | ) | $ | 0.89 | -173.0 | % |
| Weighted average basic units (000's) | 45,498 | 45,498 | 45,513 | 45,498 | ||||||||||
Net book value (1) per unit at June 30, 2025 decreased by $0.77 during the quarter to $23.57 per unit, which also represents a $0.65 per unit decrease for the six months ended June 30, 2025. Overall, this decrease in net book value at June 30, 2025 is primarily the result of an approximate 4.5% improvement in the Canadian dollar as compared to the US dollar and the resulting foreign exchange loss that was recorded during Q2 2025.
Total revenue and operating income increased by 20.9% and 20.5% in the three and six month periods ended June 30, 2025, respectively, compared to the prior year. While Partner distribution revenue in the current period was relatively consistent with the prior year, the main driver of the increase was the overall net fair value gains on the portfolio. The total net fair value increase to Partner investments during the current quarter was $5.5 million. Partially offsetting fair value increases amongst nine separate investments during the quarter was an FMP fair value write down of US$14.6 million caused by FMP's sudden loss of certain key contracts, as a result of changes in US procurement policies, and Alaris' expectation the deferral of Distributions will continue for a period of time.
Earnings (loss) and comprehensive income in both the three and six months periods were heavily impacted by an unrealized loss on foreign exchange, as the portfolio is marked to the period end foreign exchange rate each quarter. The relative appreciation of the Canadian dollar as compared to the US dollar resulted in a $44.8 million unrealized foreign exchange loss during the quarter (Q2 2024 - $9.8 million gain). For the six month period the unrealized foreign exchange loss recognized was a $49.7 million loss (2024 - $30.6 million gain). In the prior year there was also a $30.3 million gain resulting from the change to investment entity accounting in Q1 2024.
Cash from / used in operations prior to changes in working capital decreased in both the current three and six month periods, compared to the prior year. This decrease was mainly caused by a repayment of outstanding senior debt during the quarter, which was funded by the net proceeds the Trust received from a $92 million convertible debenture raise that closed during Q2 2025.
Alaris net distributable cash flow (2) decreased by 31.8% and 2.4% each, respectively, in the three and six months ended June 30, 2025, as compared to the prior year comparable periods. The decrease of 31.8% in Q2 2025 was mainly driven by higher cash taxes paid and higher transaction costs. However, for the six month period, these higher cash outflows were primarily offset by increased Partner distribution revenue compared to the prior year, resulting in a year-over-year decrease of 2.4%. Higher Partner distribution revenue during the six months ended June 30, 2025, is reflective of year over year positive resets in preferred unit investment Distributions, Distributions from new investments including Berg Demo Holdings, LLC. ("Berg"), and Professional Electric Contractors of Connecticut, Inc. ("PEC"), as well as follow on investments in The Shipyard LLC ("Shipyard") in Q2 2025 and Cresa, LLC ("Cresa") in Q4 2024. This growth has more than offset FMP deferring Distributions during Q2 2025, the redemption of Brown & Settle Investments, LLC and a subsidiary thereof (collectively, "Brown & Settle") in Q2 2024 and a lower cash yield in 2025 from Ohana Growth Partners, LLC ("Ohana") following the asset under management transaction that closed in Q4 2024.
Outlook
In Q2 2025, the Trust together with its Acquisition Entities earned $42.5 million of revenue from Partners, which included $41.8 million of Partner Distributions and $0.7 million of third party transaction and management fee revenue. This was ahead of previous guidance of $41.4 million due to the incremental Distributions received from the follow on investment into Shipyard in May 2025, as well as higher than expected common Distribution received from Sagamore Plumbing and Heating, LLC ("Sagamore"). Alaris expects total revenue from its Partners in Q3 2025 of approximately $56.9 million, which is an increase from Q2 2025 due to incremental common Distributions expected from certain investments.
During Q2 2025, the Trust, through its Acquisition Entities re-invested in Shipyard as a follow-on investment as noted above, which brings the total invested during the six months ended June 30, 2025 to approximately $154 million. During Q2 2025, LMS redeemed $2.0 million of its preferred unit investment. Due to the loss of certain key contracts FMP has deferred Distributions but expects to make partial payments as cashflows allow. These items are reflected in Alaris' Run Rate Revenue (5) for the next twelve months, of approximately $183 million, which includes an estimated $19.1 million of common Distributions and $1.2 million of Distributions from FMP.
The Run Rate Cash Flow (6) table below outlines the Trust and its Acquisition Entities combined expectation for Partner Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and Distributions to unitholders for the next twelve months. The Run Rate Cash Flow (6) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust's method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.
Run rate general and administrative expenses are currently estimated at $18.5 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust's Run Rate Payout Ratio (7) is expected to be within a range of 60% and 65% when including Run Rate Revenue (5), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow as well as the after-tax impact of positive net investments, the impact of every 1% increase in Secure Overnight Financing Rate ("SOFR") based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.
The Trust's Run Rate Payout Ratio (7) does not include new potential investment opportunities. However, Alaris expects to maintain our track record of net positive capital investment as a result of the demand for Alaris' capital which continues to fill a niche in the private capital markets.
| Run Rate Cash Flow ($ thousands except per unit) | Amount ($) | $ / Unit | ||||||
| Run Rate Revenue, Partner Distribution revenue | $ | 183,000 | $ | 4.03 | ||||
| General and administrative expenses | (18,500 | ) | (0.41 | ) | ||||
| Third party Interest and taxes | (62,800 | ) | (1.38 | ) | ||||
| Net cash from operating activities | $ | 101,700 | $ | 2.24 | ||||
| Distributions paid | (61,800 | ) | (1.36 | ) | ||||
| Run Rate Cash Flow | $ | 39,900 | $ | 0.88 | ||||
| Other considerations (after taxes and interest): | ||||||||
| New investments | Every $50 million deployed @ 14% | +2,561 | +0.06 | |||||
| Interest rates | Every 1.0% increase in SOFR | -2,700 | -0.06 | |||||
| USD to CAD | Every $0.01 change of USD to CAD | +/- 900 | +/- 0.02 | |||||
Alaris' financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.
Earnings Release Date and Conference Call Details
Alaris management will host a conference call at 9am MT (11am ET), Friday, August 8, 2025 to discuss the financial results and outlook for the Trust.
Participants must register for the call using this link: Q2 2025 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q2 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the "Investors" section - "Presentations and Events", at www.alarisequitypartners.com.
An updated corporate presentation will be posted to the Trust's website within 24 hours at www.alarisequitypartners.com.
About the Trust:
Alaris' investment and investing activity refers to providing, through the Acquisition Entities, structured equity to private companies ("Partners") to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, "Distributions") as well as capital appreciation on both preferred and common equity. The principal objective is to generate predictable cash flows for distribution payments to its unitholders while growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a "top-line" financial performance measure such as gross margin or same store sales and rank in priority to common equity position.
Non-GAAP and Other Financial Measures
The terms Net book value, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the "Non-GAAP and Other Financial Measures") are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards ("IFRS"). The Trust's method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust's Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.
(1) "Net book value" and "net book value per unit" are supplemental financial measures and represents the equity value of the company or total assets less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful measures from which to compare the Trust's growth period over period. Change in Net book value per unit is the calculated period over period change as compared to the prior quarter.
| 30-Jun | 31-Mar | 31-Dec | 30-Jun | ||||||||
| $ thousands except per unit amounts | 2025 | 2025 | 2024 | 2024 | |||||||
| Total Assets | $ | 1,251,338 | $ | 1,201,210 | $ | 1,199,683 | $ | 1,093,177 | |||
| Total Liabilities | $ | 178,515 | $ | 92,749 | $ | 97,721 | $ | 91,556 | |||
| Net book value | $ | 1,072,823 | $ | 1,108,461 | $ | 1,101,962 | $ | 1,001,621 | |||
| Weighted average basic units (000's) | 45,513 | 45,534 | 45,503 | 45,498 | |||||||
| Net book value per unit | $ | 23.57 | $ | 24.34 | $ | 24.22 | $ | 22.01 | |||
(2) "Alaris net distributable cashflow" is a non-GAAP financial measures that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and cash tax paid (received) and compare most closely to cash from / (used in) operations, prior to changes in working capital, but include the net cash of the Acquisition Entities as well. Alaris net distributable cash flow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes.
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| $ thousands except per unit amounts | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
| Cash from / (used in) operations, prior to changes in working capital | $ | (63,145 | ) | $ | 13,399 | -571.3 | % | $ | (43,328 | ) | $ | 34,814 | -224.5 | % | ||
| Add back: Net repayment of loans receivable from Acquisition Entities | - | (267,602 | ) | - | (291,934 | ) | ||||||||||
| Add back: Net investment in Acquisition Entities | 78,675 | 261,549 | 73,691 | 274,489 | ||||||||||||
| Changes in working capital, Income tax payable and receivable | (2,308 | ) | 590 | (2,282 | ) | 830 | ||||||||||
| Cash interest paid | - | - | (2,031 | ) | (2,031 | ) | ||||||||||
| Distributable cashflow included in Net gain on Corporate investments: | ||||||||||||||||
| Partner Distribution revenue - Preferred | 39,549 | 37,848 | 80,128 | 76,041 | ||||||||||||
| Partner Distribution revenue - Common | 2,222 | 3,705 | 4,615 | 4,306 | ||||||||||||
| Operating costs and other | (649 | ) | (856 | ) | (1,515 | ) | (1,759 | ) | ||||||||
| Transactions costs | (2,148 | ) | (791 | ) | (4,017 | ) | (2,153 | ) | ||||||||
| Finance costs, senior credit facility and convertible debentures | (7,697 | ) | (7,220 | ) | (14,308 | ) | (15,231 | ) | ||||||||
| Acquisition Entities cash taxes paid | (7,170 | ) | (2,535 | ) | (5,182 | ) | (2,472 | ) | ||||||||
| Management and advisory fees paid to Trust | (4,789 | ) | (4,954 | ) | (9,395 | ) | (8,208 | ) | ||||||||
| Interest on intercompany loans | (3,051 | ) | (7,369 | ) | (6,244 | ) | (17,469 | ) | ||||||||
| Acquisition Entities dividends paid to Trust | (11,047 | ) | - | (21,574 | ) | (507 | ) | |||||||||
| Realized gain / (loss) on foreign exchange contracts | (522 | ) | 521 | (522 | ) | 521 | ||||||||||
| Alaris net distributable cashflow | $ | 17,920 | $ | 26,285 | -31.8 | % | $ | 48,036 | $ | 49,237 | -2.4 | % | ||||
| Alaris net distributable cashflow per unit | $ | 0.39 | $ | 0.58 | -32.8 | % | $ | 1.06 | $ | 1.08 | -1.9 | % | ||||
Effective for this press release for the three and six months ended June 30, 2025, the Trust has revised the calculation of its non-GAAP financial measure Alaris net distributable cash flow. The adjustment for changes in working capital has been removed, and tax expense has been replaced with cash taxes paid to better reflect actual cash available for distribution. In addition, the presentation of the calculation of this measure has also been adjusted to better align the reconciliation to the most comparable GAAP measure, Cash from / (used in) operations, prior to changes in working capital. As a result, the current period presentation differs from that of prior periods, and comparative figures may not reconcile to those previously presented. Prior period amounts have been adjusted.
(3) "Actual Payout Ratio" is a supplementary financial measure and refers to Alaris' total distributions paid during the period (annually or quarterly) divided by Alaris net distributable cashflow generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.
(4) "Earnings Coverage Ratio ("ECR")" is a non-GAAP financial ratio and refers to Trust total cash distributions paid during the period (annually or quarterly) divided by the Alaris net distributable cash flow for the period. It represents the free cash flow after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.
(5) "Run Rate Revenue" is a supplementary financial measure and refers to Alaris' total revenue expected to be generated over the next twelve months based on contracted Distributions from current Partners and third party transaction and management fee revenue, excluding any potential Partner redemptions. It also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.
(6) "Run Rate Cash Flow" is a forward looking supplementary financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris' consolidated statements of cash flows.
(7) "Run Rate Payout Ratio" is a forward looking supplementary financial measure that refers to Alaris' distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. The Trust's method of calculating this financial ratio may differ from the methods used by other issuers. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.
(8) "Per Unit" values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.
The terms Alaris net distributable cash flow, Net book value, Acquisition Entities operating costs and other expenses, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts should only be used in conjunction with the Trust's unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") under applicable securities laws, including any applicable "safe harbor" provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management's expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris' capital offering; the Trust's Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and Run Rate Payout Ratio; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity Distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust's net cash from operating activities, the impact of future deployment; the Trust's ability to deploy capital; expected gains on common equity and future exits; payout of Alaris' AUM strategy including, without limitation, the impact of management fees and profit participation; the yield on the Trust's investments and expected resets on Distributions; changes in interest rates, including SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust's return on its investments; and Alaris' expenses for the next twelve months. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, "FOFI"), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris' financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.
By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris' business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris' expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.
There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: impact of widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, tariffs and internal trade disputes on the Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)); the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris' financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; a negative impact on the Trust or Partners with risk to cybersecurity and or implementation of artificial intelligence; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading "Risk Factors" and "Forward Looking Statements" in Alaris' Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which is or will be (in the case of the AIF) filed under Alaris' profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.
Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris' possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris' actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.
The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris' future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For more information please contact:
Investor Relations
Alaris Equity Partners Income Trust
403-260-1457
ir@alarisequity.com
