As we wind down the balance of 2022 and head into the new year 2023, I want to tell our story and the incredible journey SteelBlue has embarked on since March of this year. Our official formation as a company began with humble beginnings on October 21, 2021. Starting in a small garage space just west of Pittsburgh, PA, with nothing more than a vision and a belief that we could develop, produce, and service the storage industry better than ever before, we designed our first prototypes. First, I would like to recognize Brad Astolos and thank him for his vision in designing the door and who has been highly committed to SteelBlue since its inception. Fast forward to just over a year later, I am beyond proud of the talented Team we have assembled and the outstanding work they have accomplished to date. I want to share the incredible milestones the Team has achieved and close by sharing the exciting outlook and objectives we have planned for 2023.

By March 2022, we believed our product was ready for the market and, at this point, had secured a partnership with our private equity group to support the building of our company. However, we needed equipment and a manufacturing location to get started. Surprisingly, we already had orders to fulfill. Taking advantage of past experiences and a strong workforce who had built storage components in the past, we found our home in Frankfort, Kentucky. We began forming a manufacturing team and installing new equipment at our facility. Starting a new company isn’t always easy, and we encountered challenges as we pressed forward. However, the Team, dedicated to our success, continued to accomplish the objectives of building SteelBlue to new levels of excellence each day.

As we continued onward, we started to onboard other functional departments to make our company inclusive, including Supply Chain, IT, Finance, and Marketing. In addition, we added to our Sales Team robust and experienced industry veterans who together possess over 75 years of storage industry experience. As a result, by June of 2022, we had formed a Corporate Office in Pittsburgh, Pennsylvania, and today SteelBlue employs over 80 people driving our company forward. I am incredibly humbled and thankful to be associated with such a talented group of leaders and team members. They have truly become the foundation of our success and future capabilities.

One of our core values is evolution, which is precisely what we’ve done with our business and products over the last nine months. As a core value, we will continue to evolve our company and our products in service to you, our customers; excellence is our goal. Since his arrival, I would like to recognize Bray Allen, who has been instrumental in driving our operations and development teams to continuously pursue the quality roll-up door that SteelBlue provides to the market today. Recently, Bray has been promoted to Chief Operating Officer in recognition of his numerous contributions to SteelBlue.

Today, after beginning full production in July of 2022, SteelBlue has shipped over 6,000+ doors and associated hallway parts and has quoted just under $200 Million in projects. We now have 30+ active customers and growing. A special thank you to all our vendors and supply chain partners who have supported our start and continue to grow with us. Your continued contributions have been a key to our success.

As we plan for 2023, I want to share some of our key objectives and focus areas as we continue to grow and evolve as an organization. First, we are moving to a larger manufacturing facility to support our tremendous growth in 2022. A special thank you to our customers that have placed their trust and support in SteelBlue. We truly appreciate your business and partnership. We have grown rapidly, and in doing so, our larger facility will increase capacity, introduce new product lines, and continue to expand our manufacturing capabilities.

Additionally, we continue to collaborate with each of our customers. We are taking their feedback and focusing our energies on what matters to them most. Below are some of the projects we will be working to achieve in 2023:

• Product Development – We strive to research and test our products to continue making valuable improvements before bringing them to market to ensure they exceed expectations. We are transparent in our efforts, and you can expect to continue to see improvements to our 7530 Series door and a new release of a larger boat and RV door.
• Customer Portal – To ensure you can receive your quotes and orders faster, we are developing a customer portal. This portal will enable you to upload project information and see the project status.
• Western Region Expansion – To better serve our customers, we are looking to combine regional distribution with an increased manufacturing presence in the western region. Achieving this will improve lead times, service levels, and freight to projects west of the Rockies.

SteelBlue has had an amazing start, and the Team and I are excited about what we’ve accomplished thus far and look forward to the goals we will achieve in the coming year! Again, we thank you for your partnership, support, and continued interest in SteelBlue. Building Tomorrow, Today...We Win Together!

Sincerely,

Rich Saginaw

CEO & President