Mr. Paul Antoniadis reports

GOOD NATURED EXECUTES MORTGAGE REFINANCING FOR ITS BRAMPTON, ONTARIO FACILITY

Good Natured Products Inc. signed a definitive agreement with a major Canadian financial institution on Feb. 13, 2024, to refinance the mortgage outstanding with Business Development Bank of Canada (BDC) on the land and building located at the company's Brampton, Ont., facility.

Under the terms of the agreement, the BDC mortgage will be refinanced with a $12.9-million three-year fixed rate mortgage, featuring a 25-year amortization period. Principal and interest will be paid monthly at a rate within a range of 5.8 per cent to 6.2 per cent per annum. The rate will be fixed at closing. The company anticipates receiving net proceeds of approximately $2.1-million following repayment of the BDC mortgage and the remaining vendor takeback loan associated with the Shepherd Thermoforming & Packaging Inc. acquisition. The close of the transaction is expected to occur on or around Feb. 26, 2024.

"This refinancing reduces our interest rate payable on this facility and will result in annual cash flow savings of approximately $300,000 without any material increase to our net debt," stated Paul Antoniadis, chief executive officer of Good Natured. "This action is consistent with our stated objective to restructure and renegotiate our debt obligations in order to reduce the burden of cash interest payments."

About Good Natured Products Inc.

Good Natured is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products that use more renewable materials, less fossil fuel and no chemicals of concern.

Good Natured offers over 400 products and services through wholesale, direct-to-business and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.

We seek Safe Harbor.