Mr. Marc Aneed reports

EAT WELL GROUP ANNOUNCES CEASE TRADE ORDER

The B.C. Securities Commission has issued a general failure-to-file cease trade order pursuant to National Policy 11-207 (Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions) dated July 7, 2023.

The CTO was issued as a result of the company's failure to file its audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended Dec. 31, 2022, before the prescribed deadline of April 30, 2023, and the company's failure to file its financial statements, management's discussion and analysis, and related officer certifications for the three-month period ended March 30, 2023, before the prescribed deadline of June 30, 2023, as required under applicable securities laws. In addition, the company is required to refile its unaudited interim financial statements for the three and nine months ended Aug. 31, 2022, on a consolidated operating company basis.

The company's 2022 audit currently remains in progress and, as previously disclosed, is experiencing delays caused by the determination that, to comply with international financial reporting standards, it must prepare its financial statements on an operating company consolidated basis, commencing with the period ended Aug. 31, 2022. This effort requires the consolidation of the financial statements of the company, Sapientia Technologies Inc., PataFoods Inc. doing business as Amara Organic Foods, Belle Pulses Canada and Belle Pulses USA, whereas the company's interests in these entities were previously accounted for on an investment company basis.

As previously noted in the June 23, 2023, press release, in April, 2023, the company determined, as part of the company's calendar 2022 year-end audit planning process, that it no longer qualifies as an investment entity under international financial reporting standard 10, which change was effective in August of 2022.

The CTO, amongst other things, replaces the management cease trade order, which was issued by the BCSC on May 2, 2023, and extended until June 30, 2023, in respect to the chief executive officer and the chief financial officer of the company, which prohibited those officers from trading in the company's securities until after the company cured its 2022 annual filings and first quarter 2023 interim filings.

The CTO prohibits the trading by any person of any securities of the company in each jurisdiction in Canada in which the company is a reporting issuer, including trades in the company's common shares made through the Canadian Securities Exchange for as long as the CTO remains in effect.

The company is working diligently with the auditor to complete and file the annual filings, the third quarter 2022 filings and the first quarter 2023 filings. There is no assurance that the company will be able to remedy its filing default and have the CTO lifted in a timely manner or at all.

The company is not currently subject to any insolvency proceedings, and there is no other material information concerning the affairs of the company that has not generally been disclosed.

About Eat Well Investment Group Inc.

Eat Well is a pioneering Canadian-based company leading the way in the future of sustainable, plant-based foods. With a rich history spanning nearly 45 years, its subsidiaries have been at the forefront of processing, distributing and marketing premium-quality plant-based foods. Operating with intellectual-property-driven facilities across North America, it distributes to over 35 countries worldwide. With a talented team of over 80 employees, it takes pride in its products, consistently ranking among the top 10 globally. With its family of private label and owned brands, including Sapientia, Amara Organic Foods, Belle Pulses and Eat Well, it is dedicated to feeding families worldwide with excellence and innovation.

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