Savaria Completes $18,687,500 Bought Deal Private Placement

LAVAL, QUEBEC--(Marketwired - April 15, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Savaria Corporation ("Savaria") (SIS.TO), North America's leader in the accessibility industry, is pleased to announce that it has completed its previously-announced "bought deal" private placement of 5,750,000 units (the "Units") at a price of $3.25 per Unit, for gross proceeds to Savaria of $18,687,500. Each Unit is comprised of one common share and one-half of a common share purchase warrant. Each full warrant entitles its holder to subscribe for one additional common share of Savaria at an exercise price of $4.25 until 5:00 p.m. on August 15, 2017. The common shares and warrants of Savaria comprising the Units and any common shares of Savaria issued upon the exercise of such warrants are subject to a statutory hold period which expires on August 16, 2014.

The private placement was led by Laurentian Bank Securities Inc. and included the participation of PI Financial Corp.

The net proceeds of the private placement will be used by Savaria for product development, working capital and general corporate purposes.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Savaria

Savaria (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts wheelchair accessible automotive vehicles. The diversity of its product line, one of the world's most comprehensive, enables Savaria to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. Savaria records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 360 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).

Forward Looking Statements

This news release contains forward-looking statements and other statements that are not historical facts. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.

The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Savaria disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of Savaria based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to the state of the capital markets, the ability of Savaria to implement its growth strategy, to develop new products, to have access to additional financing and capital, to protect and maintain its intellectual property, unexpected product safety or efficacy concerns, new legislation or regulatory requirements, reliance on third parties for supply and manufacture of products, quarterly fluctuations in sales, product pricing regulation, concentration of credit risks and other risks associated with being an accessibility industry company.