Burnaby, British Columbia--(Newsfile Corp. - May 25, 2023) - Canlan Ice Sports Corp. (TSX: ICE) ("Canlan" or "the Company") announced today that its Board of Directors ("Board") has initiated a process to evaluate potential alternatives with respect to its portfolio of owned real estate assets. In connection with this process, the Company has retained Scotiabank as its financial advisor to assist with the review of potential alternatives to unlock the value of its real estate holdings and ultimately maximize value for the Company's shareholders.

There can be no assurance that the Company's review of alternatives regarding its portfolio of owned real estate assets will result in any change to its corporate structure, its real estate holdings or its asset base generally. At the present time, we cannot speculate on the terms, structure or timing of a transaction if one is ultimately undertaken. The Company does not expect to disclose further developments with respect to this process until the Board concludes its review of potential alternatives regarding its real estate portfolio.

About Canlan

Canlan is the North American leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. We are amongst the largest private sector owners and operators of recreation facilities in North America and currently own, lease and/or manage 17 facilities in Canada and the United States with a total of 49 ice surfaces, as well as five indoor soccer fields, and 20 sport, volleyball, and basketball courts. To learn more about Canlan please visit .

Canlan is listed on the Toronto Stock Exchange under the symbol "ICE".

Caution concerning forward-looking statements.

Certain statements in this news release may constitute ''forward-looking'' statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. Forward-looking statements in this news release include the expectation that Scotia Capital will identify a range of possible alternatives to maximize shareholder value in respect of the Company's real estate portfolio. These forward-looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; changes in industrial real estate supply or demand in the markets in which Canlan holds real estate properties, political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices, as well as factors identified in Canlan's public disclosure file available at , and in particular those identified on pages 19 to 26 of Canlan's annual 2022 MD&A and pages 12 to 19 of Canlan's first quarter 2023 MD&A. The foregoing list of factors is not exhaustive. These statements reflect management's current expectations regarding future events, speak only as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Canlan disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.

For more information:

Canlan Ice Sports Corp.
Ivan Wu
CFO
604-736-9152

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