Savaria Announces $16,250,000 Bought-Deal Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Savaria Corporation ("Savaria") (TSX:SIS), North America's leader in the
accessibility industry, today announced that it has entered into an agreement
with Laurentian Bank Securities Inc. pursuant to which Laurentian Bank
Securities has agreed to purchase, on a bought-deal private-placement basis,
5,000,000 units of Savaria (the "Units") at a price of $3.25 per Unit for gross
proceeds to Savaria of $16,250,000 (the "Offering"). Each Unit will be comprised
of one common share and one-half of a common share purchase warrant of Savaria.
Each full warrant will entitle its holder to subscribe for one additional common
share of Savaria at an exercise price of $4.25 for 36 months from the closing
date of the Offering. The Offering will be effected pursuant to prospectus
exemptions under applicable securities legislation. The pricing of the Offering
is the result of arm's-length negotiations between Savaria and Laurentian Bank
Securities. The issue price of the Units represents a discount of approximately
8% to the current market price of Savaria's common shares and the exercise of
the warrants comprised in the Units represents a premium of approximately 21% to
such market price. 


Savaria has also granted an option to Laurentian Bank Securities to purchase up
to 750,000 additional Units at the issue price of $3.25 per Unit (the "Option"),
which if exercised in full would result in total gross proceeds of $18,687,500
to Savaria from the Offering. The Option is exercisable in whole or in part at
any time until 5:00 p.m. on the second business day preceding the closing of the
Offering.


The net proceeds of the Offering will be used by Savaria for product
development, working capital and general corporate purposes.


Mr. Marcel Bourassa, President and Chief Executive Officer of Savaria, and Mr.
Jean-Marie Bourassa, Chief Financial Officer of Savaria, have committed to
acquire through a holding company owned by them in equal proportions, an
aggregate of 1,000,000 Units, or 20% of the Units to be issued pursuant to the
Offering. After giving effect to the issuance of the common shares comprised in
these Units and those issuable further to the exercise of the warrants comprised
therein, but without giving effect to the Option, an aggregate of 1,500,000
common shares, representing approximately 6.3% of the current number of issued
and outstanding common shares, will be issued to such executives. Savaria will
not pay any commission in respect of their subscription for Units.


The Offering is expected to close on or about April 15, 2014 and is subject to
certain conditions, including the receipt of all necessary regulatory approvals.
The securities issued by Savaria in the Offering will be subject to a hold
period of four months and one day in Canada calculated from the closing date of
the Offering.


The Offering represents the possible issuance of up to 8,625,000 common shares
(assuming the exercise in full of the Option and after giving effect to the
issuance of the common shares issuable upon exercise of the warrants comprised
in the Units), which represents approximately 36% of the 23,804,614 common
shares issued and outstanding as of the date hereof. Savaria does not anticipate
that the completion of the Offering will have a material effect on its control
or result in the creation of any new holder of 10% or more of the common shares.


Pursuant to the rules of the Toronto Stock Exchange (the "TSX"), shareholder
approval must be obtained for private placements for an aggregate number of
listed securities which is greater than 25% of the number of securities of the
listed issuer which are outstanding, on a non-diluted basis, prior to the date
of closing of the transaction if the price per security is less than the market
price. As the aggregate number of common shares comprised in the Units and
issuable further to the exercise of the warrants comprised in the Units exceeds
25% of the current number of issued and outstanding common shares, Savaria
intends to obtain the requisite shareholder approval by way of written consent
in lieu of holding a shareholders' meeting as permitted by Section 604d) of the
TSX Company Manual. Savaria has been advised that Messrs. Marcel Bourassa and
Jean-Marie Bourassa, who together currently control, directly or indirectly,
approximately 58.9% of the outstanding the common shares, will consent to the
issuance of common shares pursuant to the Offering. 


This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination in
the United States. The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not constitute an
offer for sale of securities in the United States.


About Savaria

Savaria (www.savaria.com) is North America's leader in the accessibility
industry focused on meeting the needs of people with mobility challenges.
Savaria designs, manufactures, installs and distributes primarily elevators for
home and commercial use, as well as stairlifts and vertical and inclined
platform lifts. In addition, it converts and adapts wheelchair accessible
automotive vehicles. The diversity of its product line, one of the world's most
comprehensive, enables Savaria to stand out by proposing an integrated and
customized solution for its customers' mobility needs. Its operations in China
have substantially grown and the collaboration with Savaria's other Canadian
facilities increases its competitive edge in the market place. Savaria records
some 60% of its revenue outside Canada, primarily in the United States. It has a
sales network of some 600 retailers in North America and employs some 360 people
at its head office in Laval and at its plants and sales offices in Montreal
(Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China). 


Forward-Looking Statements

This news release contains forward-looking statements and other statements that
are not historical facts, including statements about the proposed closing of the
Offering and the intended use of the proceeds therefrom. Such forward-looking
statements are subject to known and unknown risks, uncertainties and assumptions
that could cause actual results to vary materially from target results and the
results or events predicted in these forward-looking statements. As a result,
investors are cautioned not to place undue reliance on these forward-looking
statements.


The forward-looking statements contained in this news release are made as of the
date of this release. Except as required by applicable law, Savaria disclaims
any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Forward-looking information reflects the current expectations or belief of
Savaria based on information currently available and such information is subject
to a number of assumptions, risks and uncertainties, including risks related to
the state of the capital markets, the ability of Savaria to implement its growth
strategy, to develop new products, to have access to additional financing and
capital, to obtain regulatory approvals, to protect and maintain its
intellectual property, unexpected product safety or efficacy concerns, new
legislation or regulatory requirements, reliance on third parties for supply and
manufacture of products, quarterly fluctuations in sales, product pricing
regulation, concentration of credit risks and other risks associated with being
an accessibility industry company. 


www.savaria.com

FOR FURTHER INFORMATION PLEASE CONTACT: 
Helene Bernier, CPA, CA
Vice-President, Finance
1-800-931-5655, ext. 248
helene.bernier@savaria.com


Marcel Bourassa
President and Chief Executive Officer
1-800-661-5112
marcel.bourassa@savaria.com
www.savaria.com
Savaria (TSX:SIS)
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