<SEC-DOCUMENT>0001437749-21-009195.txt : 20210419
<SEC-HEADER>0001437749-21-009195.hdr.sgml : 20210419
<ACCEPTANCE-DATETIME>20210419100148
ACCESSION NUMBER:		0001437749-21-009195
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210419
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
FILED AS OF DATE:		20210419
DATE AS OF CHANGE:		20210419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Perma-Pipe International Holdings, Inc.
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		21833532

	BUSINESS ADDRESS:	
		STREET 1:		6410 WEST HOWARD STREET
		CITY:			NILES
		STATE:			IL
		ZIP:			60714
		BUSINESS PHONE:		8479661000

	MAIL ADDRESS:	
		STREET 1:		6410 WEST HOWARD STREET
		CITY:			NILES
		STATE:			IL
		ZIP:			60714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFRI INC
		DATE OF NAME CHANGE:	19970402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ppih20210416_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>UNITED STATES</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">_______________________</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>FORM 8-K</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>CURRENT REPORT</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Pursuant to Section 13 or 15(d) of</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>the Securities Exchange Act of 1934</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">_______________________</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Date of Report (Date of earliest event reported): <b>April 19, 2021</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>PERMA-PIPE INTERNATIONAL HOLDINGS, INC.</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(Exact name of registrant as specified in its charter)</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Delaware</b></p>
			</td>
			<td style="width: 17.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>001-32530</b></p>
			</td>
			<td style="width: 17.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>36-3922969</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(State or other jurisdiction of</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">incorporation)</p>
			</td>
			<td style="width: 17.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(Commission File</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Number)</p>
			</td>
			<td style="width: 17.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(IRS Employer</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Identification No.)</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>6410 West Howard Street, Niles, Illinois 60714</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(Address of principal executive offices, including zip code)</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>(847) 966-1000</b></p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(Registrant&#8217;s telephone number, including area code)</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&#9744;</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&#9744;</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
		</tr>

</table>

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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&#9744;</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
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</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-right: auto; margin-left: auto;">

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			<td style="width: 4.2%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&#9744;</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Title of each class</b></p>
			</td>
			<td style="width: 17.8%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Trading Symbol(s)</b></p>
			</td>
			<td style="width: 17.8%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Name of each exchange on which registered</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Common Stock, $.01 par value per share</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">PPIH</p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">The NASDAQ Stock Market LLC</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Emerging growth company &#9744;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<hr style="margin: 3pt 0px; border: currentColor; border-image: none; width: 100%; height: 1px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Item 2.01.</b></p>
			</td>
			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Completion of Acquisition or Disposition of Assets.</b></p>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; text-indent: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">On April 19, 2021, Perma-Pipe International Holdings, Inc. (the "Company")&nbsp;issued a press release announcing its entry into a purchase and sale agreement with Nash88, LLC, pursuant to which the Company sold its land and buildings in Lebanon, Tennessee (the "Property")&nbsp;for a purchase price of $10.4 million. The transaction generated net proceeds of $8.7 million in cash. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement whereby the Company will lease back the Property at an annual rental rate of approximately $0.8 million, subject to annual rent increases. The Company has four consecutive options to&nbsp;extend the term of the lease by five years for each such option. At closing, $0.4 million was placed in a short term escrow account to&nbsp;cover certain post-closing contingencies that may arise.&nbsp;A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Exhibit</p>

<p style="margin: 0pt 0pt 0pt 8pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><u>Number</u></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<td style="width: 4.2%; vertical-align: middle;">&nbsp;</td>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">(99.1)</p>
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			<td style="width: 0%; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Press Release of Perma-Pipe International Holdings, Inc., dated April 19, 2021, regarding its sale and leaseback transaction generating $8.7 million in net proceeds.</p>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<hr style="margin: 3pt 0px; border: currentColor; border-image: none; width: 100%; height: 1px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>SIGNATURES</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: justify; text-indent: 63pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 0%; vertical-align: top;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">PERMA-PIPE INTERNATIONAL HOLDINGS, INC.</p>
			</td>
			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
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			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Date: April 19, 2021</p>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">By:</p>
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			<td style="width: 0%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">/s/ D. Bryan Norwood</p>
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			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">D. Bryan Norwood</p>
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			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Vice President and Chief Financial Officer</p>
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			<td style="width: 0%; vertical-align: top;">&nbsp;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex_241621.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 16, 2021
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<p style="margin: 0px; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exhibit 99.1</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<div style="text-align: right;"><img alt="logo01.jpg" src="logo01.jpg"></div>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

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			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>COMPANY: </b></p>
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			<td style="width: 0%; vertical-align: top;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Perma-Pipe International Holdings, Inc. </b></p>
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			<td style="width: 17.3%; vertical-align: top;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>CONTACT: </b></p>
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			<td style="width: 0%; vertical-align: top;">
			<p style="margin: 0pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>David Mansfield, President and CEO </b></p>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 96pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Perma-Pipe Investor Relations </b></p>

<p style="margin: 0pt 0pt 0pt 96pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>(847) 929-1200 </b></p>

<p style="margin: 0pt 0pt 0pt 96pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>investor@permapipe.com</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-align: center; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Perma-Pipe International Holdings, Inc. Announces Sale and Leaseback Transaction Generating $8.7 Million in Net Proceeds </b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 77pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp; &nbsp; &nbsp;</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>NILES, IL,</b>&nbsp;<b>April 19, 2021 - </b>Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today that it has completed a sale and leaseback transaction with Nash88, LLC, generating $8.7 million in net proceeds.</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">The property sold consisted of land and buildings in Lebanon, Tennessee related to the coating and fabrication of district heating and cooling piping systems.&nbsp; Perma-Pipe will continue to occupy the facility under an initial fifteen-year lease term, with an option to renew up to an additional twenty years.</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">At closing $0.4 million&nbsp;was placed in a short term escrow account to cover certain post-closing contingencies that may arise.</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&#8220;Our objective in the transaction was to raise capital and to reinvest this into the business which will allow us to continue to pursue our planned programs for growth at a time when the future market recovery and operational cash flows are uncertain,&#8221; noted President and CEO David Mansfield.</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&#8220;We have a number of very compelling opportunities to pursue, and the additional funds generated from the transaction will allow us to proceed unhindered by the severe restrictions we have operated under since the start of the pandemic a year ago. We believe that these opportunities will provide a significantly better return on our investment than our previous investment in the Lebanon property,&#8221; concluded Mr. Mansfield.</p>

<p style="margin: 0pt 0pt 0pt 15pt; text-align: justify; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-indent: 9pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;"><b>Perma-Pipe International Holdings, Inc.</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-indent: 9pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges</p>

<p style="margin: 0pt 0pt 0pt 8pt; text-indent: 9pt; font-family: Times New Roman; font-size: 10pt; font-variant: normal;">regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.</p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
