Perma-Pipe International Holdings, Inc., Announces CEO Retirement and the Appointment of Saleh Sagr as President

SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced the notification of Chief Executive Officer David Mansfield to retire and the appointment of Saleh Sagr as President.

Mr. Mansfield’s decision to retire follows a highly successful tenure as CEO, during which the Company experienced significant prosperity, with notable improvements in both profitability and share price. Under Mr. Mansfield’s leadership, the Company significantly increased its financial performance, all the while executing a strategic initiative to continue its international expansion, both organically and through strategic partnerships. Additionally, this decision also marks the culmination of a remarkable career, characterized by strategic leadership, exemplary execution, dedication to employees, shareholders, and customers, and a culture of excellence that has propelled the Company to new heights, ensuring it is well-positioned for long-term success.

Reflecting on his decision to retire as CEO, Mr. Mansfield shared, “Leading Perma-Pipe has been one of the greatest honors of my career. Over the last eight years, I’ve had the distinct privilege of working alongside some of the best, brightest, and most dedicated individuals, and together we have achieved remarkable things. I’m deeply thankful to the employees, shareholders, and partners who have supported me over the years. Our journey has been nothing short of extraordinary, and I leave knowing that the Company is in a strong position to continue thriving for years to come. I look forward to watching the next chapter unfold with great optimism and enthusiasm.”

On Mr. Sagr’s appointment as President, Mr. Mansfield commented, “Saleh has done a fantastic job during his tenure at Perma-Pipe. His leadership as the Senior Vice President of the MENA region demonstrates his ability to continue to drive growth and prosperity across the organization. Saleh will apply to the broader organization the leadership and principles that contributed to the success we have experienced in the MENA region. I take great pleasure in knowing that the global organization will have the opportunity to benefit from Saleh’s leadership.”

Mr. Sagr has served as the Company’s Senior Vice President of the MENA region since June 2021, where he was responsible for overseeing operations in the U.A.E., Saudi Arabia, India, and Egypt. He joined the Company in May 2019 as Vice President of the MENA region. Prior to joining Perma-Pipe, Mr. Sagr served as General Manager for Global Anti Corrosion Techniques Co. Ltd, in Saudi Arabia, a Saudi pipeline company he co-founded in 2005. From 1995 to 2005, Mr. Sagr held various positions in BrederoShaw, such as engineering, startups, and operations management. Additionally, over the past 15 years, Mr. Sagr has gained extensive knowledge and experience in strategic planning, business development, startups, and turnarounds. Additionally, Mr. Sagr was instrumental in establishing our joint venture with Gulf Insulation Group, a subsidiary of Zamil Industries.

On his appointment, Mr. Sagr commented, “I am grateful to David and the Board of Directors for this opportunity to build upon Mr. Mansfield's success. I have had the pleasure of working with David for the past five years at Perma-Pipe, over which time I have learned a lot under his leadership. He will be missed as CEO. I am honored to build upon his success and to continue working toward materializing our collective vision for the Company and execute on strategic initiatives we have planned for the future.”

In connection with today's announcements, Jerome Walker, who serves as the Chairman of the Board of Directors, commented, "Dave Mansfield has done a tremendous job as CEO, turning around a languishing Company, navigating it through some difficult times and emerging it into the strong, profitable growth engine it is today. The Board has worked diligently with David on succession planning to ensure a seamless transition and continuance of Company performance.”

As part of Mr. Sagr’s appointment as President, the Company has also appointed Adham Samir Sharkawy to succeed Mr. Sagr as Senior Vice President of MENA.

In connection with Mr. Sharkawy’s appointment, Mr. Sagr commented, “Adham has done a tremendous job and demonstrated significant growth during his tenure. I am confident that he will continue to capitalize on MENA’s success.”

Mr. Mansfield commented, “Appointing Mr. Sagr and Mr. Sharkawy to their respective positions ensures a smooth transition and continuity for the organization. The Company has significantly benefited from their presence, and their appointments ensure that continues for the foreseeable future.”, concluded Mr. Mansfield.

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH, “Perma-Pipe”, or the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vi) the impact of global economic weakness and volatility; (vii) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (viii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (ix) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (x) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company’s backlog; (xv) the Company's ability to collect an account receivable related to a project in the Middle East; (xvi) risks and uncertainties related to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the Company’s ability to interpret changes in tax regulations and legislation; (xx) the Company's ability to use its net operating loss carryforwards; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; (xxii) the Company’s failure to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com).

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Perma-Pipe International Holdings, Inc.

David Mansfield, CEO

Perma-Pipe Investor Relations

847.929.1200

investor@permapipe.com

Source: Perma-Pipe International Holdings, Inc.