Mr. Ilan Sobel reports

BIOHARVEST SCIENCES ANNOUNCES MAJOR PRODUCT LAUNCH OF VINIA-BASED FUNCTIONAL COFFEES

Bioharvest Sciences Inc. has created a new functional coffee product line featuring Vinia red grape superfood, its flagship nutraceutical product. Tens of thousands of subscribers take Vinia daily to improve blood flow, which enhances their physical energy and mental alertness, and now consumers can experience those same blood flow improvements conveniently together with one daily cup of great-tasting Vinia superfood coffee, now available on the Vinia website.

"We expect our hot beverages product line to be a disruptor in the $6-billion (U.S.) North American coffee pod market," stated chief executive officer Ilan Sobel. He added: "In the case of our decaffeinated coffee, consumers will now be able to enjoy a delicious Vinia coffee that delivers more energy and mental alertness, but no caffeine. These new Vinia coffee products are the first of three key delivery mechanisms implementing the Vinia Inside strategy. We have strategically chosen to deliver superior functionality which best fits consumers' lifestyles. In addition to building out our hot beverages lineup, we are creating additional major health-food-related products, including protein bars, and we are entering the $13-billion (U.S.) hydration electrolyte beverage market in early 2024."

Superior science, superior taste and superior efficacy

Bioharvest Sciences' mission is to bring the power of the plant to the people, and every product aligns with the strategy of superior science, superior taste, and superior efficacy.

Superior science -- the Bioharvest Sciences botanical synthesis platform delivers non-GMO (genetically modified organism), fingerprint-consistent plant cells with elicited levels of active phytochemicals not available in nature. All benefits and claims are supported by scientific studies and clinical trials.

Superior taste -- all product formulations are extensively taste tested via blind quantitative taste test research versus market leaders. Vinia's sensory taste profile is especially suited to food and beverage formulations, as it has a uniquely neutral taste profile which pairs perfectly with other core ingredients. For the new Vinia coffees, Bioharvest has partnered with one of the world's top coffee makers, Seattle-based Joe's Garage, to create a one-of-a-kind functional coffee with exceptional taste. In a blind taste test of coffee drinkers, two out of three prefer Vinia superfood coffee when compared with a leading better-for-you national coffee brand (competitor). In a blind taste test of decaf coffee drinkers, two out of three prefer Vinia superfood decaf over a leading decaf brand sold on Amazon.

Superior efficacy -- Vinia's piceid resveratrol is 25 times more soluble in water than regular resveratrol. It enters the bloodstream on average only 20 minutes after ingestion and its bioavailability reaches a peak blood plasma level after one hour and remains bio-active in blood plasma for at least 12 hours. Vinia is clinically proven to significantly dilate arteries. It achieves this unique outcome by increasing nitric oxide levels in the blood (which act as a vasodilator) and by reducing the endothelin-1 levels in the blood (which act as a vasoconstrictor).

Bioharvest vice-president of e-commerce Jared Turner commented on how this product launch follows the company's superior science, superior taste, superior efficacy strategy:

"Vinia is not only a highly effective product, but its taste neutrality, solubility and consistency advantage make it easy to integrate with food and beverage, and cosmetic formulations. We have chosen coffee as our first Vinia delivery mechanism, and it is just one example of how we can create products that intercept conveniently with the consumer's daily schedule and lifestyle activities, providing a pleasant, economical experience with healthy functional impact," stated Mr. Turner, adding, "We are very bullish on the sales growth and revenue expectations for these disruptive products."

Bioharvest currently has a direct-to-consumer focus, with 93 per cent of Vinia sales occurring on the Vinia website being via subscription. Bioharvest also uses Amazon as a key channel to source new customers. Formulated by leading scientists and coffee connoisseurs, Vinia superfood coffee contains 100 per cent premium Arabica beans and is infused with a matrix of the red grape polyphenols found in red wine, with zero alcohol. Vinia superfood coffee is available for on-line purchase in North America on the Vinia website. Each medium roast and decaf Vinia superfood coffee pod includes Vinia red grape powder (23 milligrams of polyphenols, including six mg of piceid resveratrol) which is equivalent to one Vinia capsule. Vinia superfood coffee is compatible with Keurig and most single-serve brewing systems.

Vinia superfood functional coffees are expected to be available in 2024 in Nespresso-compatible pods, and the company has announced that it will add tea products to its hot beverages business, including black and green teas. The company expects to release financial guidance on the new Vinia superfood coffee and tea portfolio at the end of Q1 2024.

Live corporate webinar Dec. 13, 2:30 p.m. ET

Bioharvest Sciences will hold a live shareholder presentation on Dec. 13 at 2:30 p.m. Eastern Time, hosted by CEO Mr. Sobel. The interactive meeting will include a discussion of the December, 2023, Vinia superfood coffee launch, the Q3 2023 financials announced Nov. 29 and updates on additional major corporate initiatives.

A live question-and-answer session will follow the presentation. All media and investors are invited to preregister. For any questions regarding the event, please contact info@Bioharvest.com.

Vinia financial performance

Vinia U.S. revenues and customer base have seen steady growth since its North American e-commerce launch in June, 2021.

Q3 corporate highlights released Nov. 29:

• Q3 Vinia revenues of $3.24-million (U.S.) represent growth of 113 per cent compared with Q3 2022 and an 18-per-cent increase compared with Q2 2023;
• Year-over-year Q3 gross profit improved from 18 per cent to 45 per cent;
• Q4 2023 revenue range guidance of $4.2-million (U.S.) to $4.5-million (U.S.);
• Vinia total active subscriber count grew by 213 per cent year-over-year;
• Vinia has received over 3,300 verified reviews and scores an average 4.8/5 stars.

Reported net loss per share for Q3 2023 was 0.4 U.S. cent per share, for a total of $1.72-million (U.S.) (compared with $2.85-million (U.S.) in Q2 2023). With the continued improvement of gross margins expected in the next two quarters along with an increase in production capacity, management will be focusing on maximizing revenue delivery in 2024.

About Bioharvest Sciences Inc.

Bioharvest Sciences is a fast-growing biotech firm listed on the Canadian Securities Exchange. Bioharvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself. Bioharvest is currently focused on leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions, within two major business verticals -- nutraceutical health and wellness products such as dietary supplements, and development of plant cell-based active pharmaceutical ingredients (APIs) that focus on specific medical indications.

We seek Safe Harbor.