Mr. Matt Alexander reports

BUILDDIRECT ANNOUNCES AMENDMENTS TO 2018 AND 2022 SECURED NOTES

Builddirect.com Technologies Inc. has amended secured notes issued by BuildDirect Operations Ltd., a wholly owned subsidiary of the company, to (a) Deans Knight Capital Management Ltd. in its capacity as portfolio manager on behalf and for the benefit of two fully managed accounts in March, 2018, as most recently amended in December, 2022; and (b) Pelecanus Investments Ltd., Lyra Growth Partners Inc. and Beedie Investments Ltd. in June, 2022, as recently amended in December, 2022.

2018 and 2022 Notes

BuildDirect Operations issued the 2018 Notes to Deans Knight Noteholders in an aggregate principal amount of approximately CAD $5,000,000 pursuant to a Note Purchase Agreement in March 2018. BuildDirect Operations and the Deans Knight Noteholders have agreed to amend the 2018 Notes pursuant to which: (a) the maturity date of the 2018 Notes is extended to September 30, 2025; (b) the interest rate applicable to the 2018 Notes is decreased to 12% effective October 1, 2023; (c) BuildDirect Operations will continue to make certain amended quarterly payments towards the aggregate outstanding principal amount of the 2018 Notes commencing December 31, 2023 (the "Quarterly Principal Payments"); and (d) a fee in the amount of 6% of the aggregate outstanding principal amount of the 2018 Notes (after the payment of the September Principal Payment, described below) will be added to the aggregate outstanding principal amount of the 2018 Notes and paid by BuildDirect Operations as part of such principal amount in accordance with the 2018 Notes as amended. The above noted amendments to the 2018 Notes are conditional upon BuildDirect Operations making the following payments to the Deans Knight Noteholders on or before September 30, 2023: (i) an approximately CAD $1.5 million payment toward the outstanding principal amount of the 2018 Notes (the "September Principal Payment"); and (ii) accrued quarterly interest on the 2018 Notes as of September 30, 2023; and (iii) a fee equal to 6% of the September Principal Payment.

BuildDirect Operations issued the 2022 Notes to the Lenders in an aggregate principal amount of USD $4,500,000 in June 2022. BuildDirect Operations and the Lenders have agreed to amend the 2022 Notes pursuant to which (a) the maturity date of the 2022 Notes is extended to April 1, 2026 (b) the interest rate applicable to the 2022 Notes is decreased to 12% effective October 1, 2023 and (c) a commitment fee payable in relation to the 2022 Notes is, effective September 30, 2023, increased to a total of 2% of the aggregate principal amount of the 2022 Notes and which fee is payable upon repayment of the 2022 Notes.

"We are pleased to announce these amendments to our debt, which extend the maturity date of the 2018 and 2022 Notes to September 2025 and April 2026, respectively, result in the payment of approximately CAD$1.5 million toward the outstanding principal, and decrease the interest rates for these Notes to 12%, enabling us to achieve approximately $350,000 in interest cost savings annually," said Shawn Wilson, CEO of BuildDirect. "A key focus of our company is to maintain a healthy balance sheet and these debt amendments will allow us to continue reducing our outstanding liabilities efficiently while allocating more resources to driving further growth in our operations."

"I am excited to report that these debt amendments do not include any new operational covenants or pre-payment fees or penalties other than as disclosed," added Matthew Alexander, Interim-CFO of BuildDirect. "We expect these amendments to improve our debt to adjusted EBITDA ratio and may allow us to explore alternative debt or refinancing opportunities at a lower cost of capital."

About BuildDirect

BuildDirect (TSXV: BILD) is a growing omnichannel building material retailer. BuildDirect connects North American home improvement B2B and B2C organizations, and homeowners with quality building materials and services through its robust global supply chain network. BuildDirect's growth trajectory, strong product offering, and proprietary heavyweight delivery network are delivering value today, solidifying its position as an innovative player in the home improvement industry. For more information, visit www.BuildDirect.com.

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