Ms. Chelsie Hodge reports

BLENDER BITES ANNOUNCES $2 MILLION LOAN FROM EXPORT DEVELOPMENT CANADA

Further to Blender Bites Ltd.'s Nov. 9, 2023, press release, its operating subsidiary, Blender Bites (Holdings) Ltd., has entered into a definitive agreement with Export Development Canada (EDC) for a term loan credit facility of up to $2-million. The facility is now available to the company and will be used to support the company's operations and the enhancement of the company's brand presence in the United States.

"Our expansion into the U.S. market has been instrumental in the company's growth, and provides a solid foundation for our long-term success. The facility provides us with additional means to effectively meet the growing demand for our products in the United States, and we are thrilled to have EDC's support as we further our expansion into the American marketplace," said Chelsie Hodge, chief executive officer of Blender Bites.

The facility is available in three drawdowns within the next six months, with interest-only payments for the first 12 months. Principal payments become due on 20th day of the 13th month following the first advance under the facility, and will be made in 60 consecutive monthly installments. The facility is secured by a security interest over the assets of Blender Bites (Holdings) and is guaranteed by the company and Blender Bites U.S. Ltd. The facility bears interest at the Canadian prime rate plus 4.00 per cent per annum and is subject to financial covenants.

About Blender Bites Ltd.

Blender Bites is a multiaward-winning Canadian company involved in the development and marketing of a line of premium frozen beverage products with a focus on functionality. Blender Bites was founded in 2017 and quickly became a leader in the easy smoothie category in North America. With a focus on better-for-you ingredients and convenience, the company is proud to be preportioned without the use of any inner plastic packaging. 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. Blender Bites 1-Step Smoothies and 1-Step Frappes are distributed across Canada and the United States, and are currently sold in over 5,000 stores, including Walmart Canada, Walmart USA, the Albertsons group of companies and the Southeastern Grocers group of companies.

We seek Safe Harbor.