Ms. Chelsie Hodge reports

BLENDER BITES SIGNS TERM SHEET FOR $2 MILLION LOAN WITH EXPORT DEVELOPMENT CANADA

Blender Bites Ltd.'s parent company, Blender Bites (Holdings) Ltd., has entered into a term sheet with Export Development Canada (EDC) for a term loan credit facility of up to $2-million. The facility is expected to be used to support working capital requirements and for inventory purchases related to the company's recent expansion into the United States through its launch into Walmart U.S. and Albertsons (Safeway, Albertsons, Jewel-Osco, Vons, Randalls, Pavilions, Tom Thumb and ACME).

"Our recent launch into the United States requires a substantial amount of capital for brand building and marketing initiatives, alongside scaling our production efforts. The credit facility with EDC will allow us to meet the rapid expansion in demand for our products without having to dilute our existing shareholders. We are very pleased to have the support of EDC as we continue to expand our exports to the United States," said Chelsie Hodge, chief executive officer of Blender Bites.

The proposed facility will be available in three drawdowns within the first six months from the date that a definitive credit agreement is signed, and is payable in 60 equal, consecutive, monthly instalments commencing on the 20th day of the 13th month following the first advance. The facility will be secured by a second-ranking security interest over the assets of the company, and includes customary terms and conditions. The facility will bear interest at the Canadian prime rate plus 4 per cent. The approval of the facility by EDC remains subject to the successful completion of due diligence and know-your-customer rules completed by EDC, as well as the finalization of customary closing documentation.

About Blender Bites Ltd.

Blender Bites is an award-winning Canadian company focused on the development and sale of premium frozen beverage products, with a focus on convenience and functionality. Blender Bites was founded in 2016, with the mission to simplify the time-consuming steps required to make a satisfying, functional, nutritional and organic smoothie. Today, Blender Bites is a leader in the easy smoothie category in North America, and has continued to innovate and add to its product lines. Blender Bites products are certified organic, non-GMO (genetically modified organism), gluten free, dairy free and soy free, and contain functional ingredients such as whole food vitamins, collagen and probiotics.

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