Market Overview

MBI represents 60 companies based in Canada, including 26 manufacturers of modular structures. MBI estimates that there are about a total of 45 modular manufacturers in Canada fabricating for a variety of markets including residential, multi-family, commercial, educational, and industrial sectors. There are also an estimated 15 or so smaller fabrication warehouses doing renovations and modifications for various markets.

MBI directly obtained revenue data from eight Canadian manufacturers engaged in permanent modular construction (PMC) and surveyed all Canadian member companies actively engaged in the relocatable building (RB) industry. Not all companies provided data for all calculations. For example, MBI obtained revenue data from 14 companies, employment data from 13 companies, lease fleet data from 10 companies, and capital expenditure data from six companies. When possible, this data was applied to the total number of industry participants to gauge the overall industry size in Canada. MBI also obtained data from public sources including:

SEDAR (www.sedar.com) is the official site that provides access to most public securities documents and information filed by issuers with the 13 provincial and territorial securities regulatory authorities (“Canadian Securities Administrators” or “CSA”) in the SEDAR filing system.

MBI also obtained relevant information from annual filings on the following companies:

ATCO Ltd. was incorporated under the laws of the province of Alberta and is listed on the Toronto Stock Exchange.

Horizon North Logistics Inc. is a corporation registered and domiciled in Canada and is a publicly-traded corporation, listed on the Toronto Stock Exchange under the symbol HNL.

MBI also gleaned information from SEC filings from Civeo, Willscot, and General Finance (Pac-Van, Inc.) to supplement the member survey. On average, manufacturers in Canada generated approximately $11,012,676 in revenues and drove nearly one billion dollars in construction projects.