Superior Plus Provides an Update on Quarterly Dividend Policy and Announces Timing of First Quarter 2023 Results Conference Call and Webcast

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) today provided an update to its quarterly cash dividend policy. As previously communicated and subject to approval of future common share dividends by the Board of Directors, Superior intends to move from a monthly common share dividend payment to a quarterly common share dividend payment, following the monthly March 2023 dividend which is payable on April 17, 2023. Consistent with our current practice, quarterly dividend payments of $0.18 per share are expected to be declared to shareholders of record on the last day of March, June, September and December and paid on the 15^th day of the month immediately following such record date. Should the dividend payment date fall on a weekend or on a statutory holiday, the dividend payment date will be the next succeeding business day following the weekend or statutory holiday.

Subject to approval by the Board of Directors, the first quarterly dividend on the common shares is expected to have a record date of June 30, 2023 and to be paid on July 17, 2023. Superior’s current annualized cash dividend of $0.72 per share is expected to remain unchanged.

2023 First Quarter Results and Conference Call

Superior expects to release its 2023 first quarter results on Tuesday May 9, 2023 at 4:00 PM EDT. A conference call and webcast to discuss the 2023 first quarter financial results will be held at 10:30 AM EDT on Wednesday, May 10, 2023. To listen to the live webcast, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: www.superiorplus.com under the Events section.

Superior Plus Virtual-Only 2023 Annual Meeting of Shareholders

Superior will hold its Annual Meeting of Shareholders (“AGM”) on Tuesday, May 9, 2023 at 4:00 PM EDT. The AGM will be held as a virtual-only meeting, which will be conducted via live video webcast at: meetnow.global/MGCH9ZV. Participants are recommended to register for the virtual webcast at least 10 minutes before the AGM start time. For further information on Superior’s virtual AGM, please refer to Superior’s Management Information Circular available at: superiorplus.com/investor-relations/financial-reports/ and on SEDAR.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 936,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: [phone], or Rob Dorran, Vice President, Capital Markets, Tel: [phone], E-mail: [e-mail], Toll-Free: 1-866-490-PLUS (7587).

Forward-Looking Information

This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends, which may be declared on Superior’s common shares, including the timing and the amount of such dividend payments. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; no change in the dividend policy by Superior’s board of directors; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms promptly. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2022, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.