Mr. Bill Besenhofer reports

THE FRESH FACTORY WELCOMES ILLINOIS STATE TREASURER MICHAEL FRERICHS FOR ON-SITE VISIT

The Fresh Factory B.C. Ltd. welcomed Illinois State Treasurer Michael Frerichs last week, underscoring the direct impact of state investments through the Illinois Growth and Innovation Fund (ILGIF). The visit showcased how the ILGIF's strategic investments are fostering growth, innovation and job creation within Illinois.

Launched in 2016, ILGIF is an initiative led by Mr. Frerichs's office to invest up to 5 per cent of the State of Illinois's investment portfolio into venture-capital firms dedicated to supporting Illinois technology companies. With an evergreen fund size of $1.5-billion, ILGIF targets venture-capital managers that demonstrate a record of nurturing technology-driven enterprises within the state.

The Fresh Factory has flourished, with corporate and production facilities based in Carol Stream, Ill., and additional locations across the Chicagoland area. Founded in 2017 by Bill Besenhofer and Nate Laurell, The Fresh Factory serves direct-to-consumers and businesses, and currently employs 110 people.

During the visit, Mr. Frerichs met with key members of The Fresh Factory leadership team, including Bill Besenhofer, its co-founder and chief executive officer, Carl Purnell, senior vice-president of operations, Siva Rangaswamy, manager of research and development and commercialization, Colin Gleeson, director of supply chain, and Sam Mackintosh, production manager. The visit gave insight into the company's operations and its role in driving economic growth within Illinois.

Speaking about the visit, Mr. Frerichs emphasized: "The Fresh Factory exemplifies the positive outcomes of strategic investments made through ILGIF. By supporting companies like The Fresh Factory, we create jobs; we bolster our local, regional and state economies; and we foster innovation and sustainability right here in Illinois."

"We've evolved from a team of just four employees operating a single press to a work force of 110 individuals, occupying a sprawling space here in Carol Stream," Mr. Besenhofer explained. "Our journey has been marked by continuous investment in cutting-edge technology and machinery, all aimed at ensuring top-notch quality, fostering the professional development of our team, and expanding our capacity to serve an ever-growing clientele of both businesses and consumers."

The Fresh Factory's commitment to safety, quality, innovation, operational excellence, integrity and sustainability is evident in its diverse product offerings and community initiatives. The company manufactures a range of products, including salad dressings, soups, aiolis, dips, sauces, spreads, hummus, salsa, purees, baby foods, cold-pressed juices, smoothies, infused water and refrigerated snack bars.

The Fresh Factory remains dedicated to community support and sustainability by donating all product extras, sourcing locally, utilizing product seconds and composting all of its waste, and is currently working toward creating a carbon-neutral facility.

"Chicago is the central hub for products being able to go in each direction in the country," Mr. Besenhofer explains. "With its strategic location, we are capable of reaching nearly every corner of the country within a one-to-two-day time frame, a logistical advantage distinct from coastal locations. I emphasize to every customer we encounter that the Midwest functions as a key hub, offering seamless connectivity to every region of the United States."

Mr. Frerichs is optimistic about the future of Illinois businesses, and reaffirmed his office's commitment to driving growth and innovation throughout the state.

"Too often the bad news drowns out the good," Mr. Frerichs said. "We have incredibly talented, entrepreneuria and visionary people who are founding innovative companies right here in Illinois. I am proud of our state's ability to invest in businesses that are committed to creating great job opportunities, retaining great talent, and producing goods and services that benefit the common good."

About The Fresh Factory B.C. Ltd.

The Fresh Factory is a vertically integrated company focused on accelerating the growth of the fresh, clean-label, plant-based food and beverage brands of tomorrow. The Fresh Factory owns or partners with emerging brands in the plant-based space to develop, manufacture and sell products made from fresh produce and recognizable ingredients. It operates from its centrally located manufacturing facility near Chicago, serving customers across the United States. As a public benefits corporation, The Fresh Factory is ESG (environmental, social and governance) focused, driven to make a lighter, greener impact on the environment and a stronger, positive impact on local communities and the food system as a whole.

We seek Safe Harbor.