Dye & Durham Co-Founder Ronnie Wahi Intends to Reconstitute the Company’s Board and Seek a Sale of the Business

By: Concerned Shareholder of Dye & Durham, Ronnie Wahi via GlobeNewswire

October 01, 2025 at 22:58 PM EDT

Wahi Believes that the Engine Capital-Led Board is not Engaging with Interest from Qualified Potential Acquirers at a Significant Premium While Shareholder Value Continues to be Destroyed

New Board Would Pursue a Mandate to Maximize Value for All Shareholders Through a Sale of the Entire Business

Engine Capital-Led Board has Presided Over an Almost 70% Decline in the Share Price and Led the Company to the Brink of a Debt Default

VANCOUVER, British Columbia, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Ronnie Wahi, Co-Founder, former CFO and board member of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) today announced that he intends to nominate individuals in connection with the Company’s 2025 annual meeting of shareholders (the “Annual Meeting”), and seek to substantially reconstitute Dye & Durham’s board of directors (the “Board”).

Since Engine Capital took control of the Board in December 2024, the Company has pursued a reckless strategy which has caused a severe deterioration of revenue while ramping up spending. The result has been sharp declines in Adjusted EBITDA and cash flow, and surging leverage. Mismanagement is so pervasive that in less than a year the Company has cycled through four different CEOs and three CFOs, defaulted on its debt, faced a management cease trade order for failing to produce its FY2025 financial statements, and then went on to file two Annual Information Forms within 24 hours with materially different debt figures — all of which underscore a clear pattern of failed leadership and oversight.

Over the past several months, Mr. Wahi made repeated and ultimately fruitless attempts to constructively engage with the Board on these critical issues. The Company’s plummeting share price, now below its IPO price, is overwhelming evidence that shareholders have lost faith and are rapidly exiting the stock. The only hope for shareholders to preserve and maximize the remaining value of the business – a full sale of the Company, has been relegated to a rudderless special committee process.

Shockingly, Mr. Wahi understands that Dye & Durham continues to receive interest from qualified buyers at a significant premium to the current share price, refuses to meaningfully engage with them, and may instead be seeking value destructive sales of high growth assets.

The current state of affairs is untenable. Left with no other options, Mr. Wahi intends to nominate highly qualified individuals to reconstitute the Board at the Annual Meeting. Once elected, the new directors will pursue a mandate to maximize value for all shareholders through a sale of the entire business. The new directors will also seek to unwind any asset sales the Company undertakes prior to the reconstitution of the Board.

Mr. Wahi believes that many shareholders share his deep sense of frustration with the Board’s failure to act in the best interests of shareholders and his conviction that only a substantially reconstituted Board can protect shareholders from further value destruction.

Additional Information

The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. There is currently no record or meeting date and shareholders are not being asked at this time to execute a proxy in favour of any of Mr. Wahi’s nominees or any other matter to be acted upon at the Annual Meeting. In connection with the Annual Meeting, Mr. Wahi may file a dissident information circular (the “Information Circular”) in due course in compliance with applicable corporate and securities laws.

This news release and any solicitation made by Mr. Wahi in advance of the Annual Meeting is, or will be, as applicable, made by Mr. Wahi and not by or on behalf of the management of the Company. All costs incurred for any solicitation will be borne by Mr. Wahi, provided that, subject to applicable law, Wahi may seek reimbursement from the Company of Mr. Wahi’s out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Board.

Mr. Wahi is not soliciting proxies in connection with the Annual Meeting at this time, and shareholders are not being asked at this time to execute proxies in favour of any of Mr. Wahi’s nominees (in respect of the Annual Meeting) or any matter to be acted upon at the Annual Meeting. Proxies may be solicited by Mr. Wahi pursuant to an Information Circular sent to shareholders after which solicitations may be made by or on behalf of Mr. Wahi, by mail, telephone, fax, email or other electronic means as well as by newspaper or other media advertising, and in person by directors, officers and employees of Mr. Wahi, who will not be specifically remunerated therefor. Mr. Wahi may also solicit proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, conveyed by way of public broadcast, including through press releases, speeches or publications, and by any other manner permitted under applicable corporate and securities laws. Mr. Wahi may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on behalf of Mr. Wahi.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as, but not limited to, “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Mr. Wahi regarding (i) how Mr. Wahi intends to exercise its legal rights as a shareholder of the Company, and (ii) his plans to make changes at the Board of the Company.

Although Mr. Wahi believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Mr. Wahi as a shareholder and (ii) the actions being proposed and the changes being demanded by Mr. Wahi, may not take place for any reason whatsoever. Except as required by law, Mr. Wahi does not intend to update these forward-looking statements.

Contact

Ronnie Wahi
ronniewahi@gmail.com