Mr. Andrew Barnes reports

COHO ANNOUNCES THE OPENING OF PUREBREAD'S 7TH LOCATION AT THE VANCOUVER INTERNATIONAL AIRPORT

Coho Collective Kitchens Inc. has noted the opening of the seventh location of Purebread Bakery Inc. at the Vancouver International Airport (YVR).

Previously, on May 29, 2023, Coho announced the execution of a purchase agreement among Coho, Purebread and Purebread's shareholders, pursuant to which Coho, through a wholly owned subsidiary, would acquire all of the issued and outstanding securities of Purebread. The transaction is expected to close on or before July 31, 2023.

This expansion marks a significant milestone in Purebread's growth. Located in the international terminal at YVR, Purebread's newest location replaces the previous Starbucks location, positioning Purebread ideally to attract guests from all around the world. With average daily foot traffic at YVR from over 70,000 visitors, Coho believes the newest location's potential for success is high.

The YVR location is projected to generate an additional $3.5-million in revenue per year for Purebread, representing a 35-per-cent increase in annual income. In its first two weeks of operations, the location has already surpassed financial expectations, and is delivering exceptional products and service to the airport's global customers.

YVR partnered with Purebread for a marketing campaign for the launch, available for viewing on Instagram and the Daily Hive.

"Our mission from day one remains the same -- to bake delicious treats that bring a smile to people's faces," said Mark Lamming, co-founder and owner of Purebread. "From sharing baked goods at a small stand at the Whistler Christmas Market to now serving the millions of passengers who travel through Canada's second-busiest airport, this new storefront is an incredible opportunity for our local bakery. We look forward to continuing to create smiles through our sophisticated yet homemade treats at YVR and our six other locations, from Whistler to Vancouver."

Andrew Barnes, chief executive officer of Coho Collective Kitchens, adds: "It exemplifies the tremendous growth potential of Purebread and its ability to connect with a global audience. We are thrilled for the Purebread team and their unwavering commitment to quality and customer service."

About Coho Collective Kitchens Inc.

Coho is a growth-stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the company's customers, called members, are revenue-generating companies that have signed a membership agreement with Coho for an agreed-upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts.

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