22NW Fund Will No Longer Rely on the Alternative Monthly Reporting System with Respect to DIRTT Environmental Solutions Ltd

Seattle, Washington--(Newsfile Corp. - October 8, 2021) - 22NW, LP ("22NW") will cease to file reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues for DIRTT Environmental Solutions Ltd. ("DIRTT").

22NW has engaged, and intends to continue to engage, in communications with DIRTT's management team and Board of Directors (the "Board") regarding means to enhance shareholder value.

22NW intends to review its investment in DIRTT on a continuing basis and to communicate with DIRTT's management and Board about a broad range of operational and strategic matters. Depending on various factors including, without limitation, DIRTT's financial position and investment strategy, the price levels of DIRTT's common shares ("Shares") and conditions in the securities markets and general economic and industry conditions, 22NW may in the future take such actions with respect to its investment in DIRTT as it deems appropriate including, without limitation, engaging in additional communications with management and the Board, engaging in discussions with shareholders of DIRTT and others about DIRTT and 22NW's investment, making proposals to DIRTT concerning changes to the capital allocation strategy, capitalization, ownership structure, Board structure (including Board composition) or operations of DIRTT, purchasing additional Shares, selling some or all of its Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing its intention with respect to any and all matters referred to above.

22NW owns 15,515,801 Shares, representing approximately 18.2% of the outstanding Shares. In addition, individuals associated with 22NW collectively own 229,884 Shares, representing approximately 0.3% of the outstanding Shares. Together, 22NW and these individuals own 15,745,685 Shares, representing approximately 18.5% of the outstanding Shares.

A report on Form 62-103F2 - Required Disclosure by an Eligible Institutional Investor under Section 4.3 of National Instrument 62-103 is being filed by 22NW in accordance with applicable securities laws and will be available under DIRTT's profile at http://www.sedar.com. DIRTT's head office is located at 7303 - 30^th Street S.E., Calgary, Alberta T2C 1N6. 22NW's address is 1455 NW Leary Way, Suite 400, Seattle, Washington 98107.

22NW may purchase further Shares in ordinary course transactions on NASDAQ. 22NW reserves the right to sell its Shares at any time.

FOR MORE INFORMATION

For further information or to receive a copy of the report filed in connection with this press release, please see DIRTT's profile on the SEDAR website (http://www.sedar.com) or contact Aron English at 206-227-3078 or info@englishcap.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99045