Primo Water Corporation Files Supplement to Proxy Statement

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Apr 22, 2021, 14:37 ET

TAMPA, Fla., April 22, 2021 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified and spring bottled water, and self-service refill drinking water in the U.S. and Canada, announced today that it has filed a supplement to its proxy statement (the "Supplement") for its annual and special meeting of shareowners to be held on May 4, 2021 (the "Meeting"). The Supplement amends the proxy statement of the Company dated March 25, 2021 in respect of the Meeting (the "Proxy Statement").

The Supplement amends and supplements the Proxy Statement to change information regarding proposal five in the Proxy Statement, the proposed continuance of the Company under the Business Corporations Act (Ontario) from the Canada Business Corporations Act (the "Continuance Proposal"). After discussing the Continuance Proposal, and the proposed constating documents that will apply to the Company following the continuance, with shareowners and institutional shareowner advisors, the Company has decided to make certain additional changes to the advance notice provisions of the proposed by-laws of the Company, including: (1) removal of the maximum 60 day notice period in respect of annual meeting of shareowners; (2) providing that the adjournment or postponement of a meeting shall commence a new notice time period; and (3) removal of the Company's blanket discretion to require a proposed nominee to furnish additional information. After such discussions with shareowners and institutional shareowner advisors, the Company has decided not to make any changes to the quorum requirements in its proposed constating documents that will apply following the continuance (which are consistent with the Company's current quorum requirements) since these provision already meet applicable best corporate governance practices.

Except as noted above and as further described in the Supplement, the Proxy Statement remains unchanged from the version that was filed on EDGAR and SEDAR on March 25, 2021. A copy of the Supplement and the Proxy Statement is available on the Company's profile on EDGAR at www.sec.gov and SEDAR at www.sedar.com.

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.0 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to commercial businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively. Primo also offers water filtration units across its 21-country footprint representing a top five position.

Primo's water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

SOURCE Primo Water Corporation