Mr. Patrick Cole reports

ACE FOODS AND LONDON DAIRY CONTINUE EXPANSION

Armada Mercantile Ltd., through its 33-per-cent ownership in Ace Foods, is expanding its London Dairy ice cream distribution business in the United States. London Dairy is currently selling in approximately 3,000 self-service outlets and independent stores in the United States. Additionally, London Dairy is in supermarkets such as Savemart, FoodMaxx, Lucky, Bristol Farms, Super King, Vallarta and Cardenas markets throughout California, Nevada and Arizona. For 2026, the London Dairy new retail chain pipeline includes Smart & Final, Superior, Northgate, F4L PAQ Northern California, Food4Less Kroger Southern California, Big Saver (Los Angeles), Tony's (Chicago), Fiesta (Texas) and El Rancho (Texas). Furthermore, Ace Foods utilizes the distribution services of local, regional and national distribution companies, including KeHe Distribution (Savemart, FoodMaxx and Lucky) and can logistically deliver ice cream anywhere in the United States. Ace Foods is completing the onboarding process for UNFI (Food4Less Kroger Southern California) and C&S Wholesale Grocers (F4L PAQ Northern California), which would allow customers to pull London Dairy from almost any location in the United States.

Data from retailers for London Dairy ice cream movement in stores in the last quarter of 2025 is 1.75 cases per week at regular price and 2.50 cases on promotion (reference sales: the Savemart group of companies), with sales volumes increasing 110 per cent year over year (reference sales: Vallarta Supermarkets).

About Ace Foods

Ace Foods is the master/importer distributor of the London Dairy ice cream brand in the United States. London Dairy is a leader in the global ice cream market, selling in more than 35 countries around the world and supported financially by a multibillion-dollar foods conglomerate. Ace Foods has obtained the approval(s) to import London Dairy ice cream into the United States, including permits and approvals, from the USDA (U.S. Department of Agriculture) and FDA (U.S. Food and Drug Administration).

We seek Safe Harbor.