On March 23, 2022, International Baler Corporation (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Avis Industrial Corporation, an Indiana corporation (“Parent”) and AIC Merger Sub Inc., a wholly-owned subsidiary of Parent (“Merger Sub”). At the Effective Time, William E. Nielsen ceased being the Company's Chief Financial Officer with John G. Kuhnash succeeding Mr. Nielsen as Chief Financial Officer. John G. Kuhnash was appointed Vice President and Chief Financial Officer of Parent in October 2021.

Previously, Mr. Kuhnash was Chief Financial Officer for Down-Lite International Inc. from April 2018 to October 2021, and Chief Financial Officer for Thyssenkrupp Bilstein of America Inc. from October 2015 to January 2018. He was also Treasurer of Merger Sub since its formation in March 2022.