Mr. Vincent Narang reports

GREEN RISE FOODS ANNOUNCES RECORD Q3 FISCAL 2023 FINANCIAL RESULTS

Green Rise Foods Inc. has released its interim condensed consolidated financial results for the three- and nine-month periods ended Sept. 30, 2023.

The complete interim condensed consolidated financial statements and associated management's discussion and analysis (MD&A) are available under the company's profile SEDAR+.

Selected highlights for the three- and nine-month periods ended:

• Year-to-date fresh produce revenue of $21.6-million for the nine-month period ended Sept. 30, 2023, versus $18-million for the comparative prior-year period, representing an increase of 19.4 per cent.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $3.5-million for the nine-month period ended Sept. 30, 2023, versus $2.2-million for the comparative prior-year period ended. For the three-month period ended Sept. 30, 2023, adjusted EBITDA equalled $2.8-million as compared with $2.2-million for the three-month period ended Sept. 30, 2022.
• Renewed GR1 Farm one mortgage with a principal amount of $12.8-million that matured on June 30, 2023, for a three-year term fixed annual interest rate of 5.75 per cent.
• Improved liquidity with an increase to the company's operating lines from $6.6-million to $7.3-million.
• A new $800,000 revolver facility (at prime plus 1 per cent) and the reduction of the company's annual fixed coverage ratio from 1.25 to 1 to 1.10 to 1, providing the company with greater operating flexibility.
• Renewal of the 15-acre lease of the company's organic greenhouse to its distribution partner Mastronardi Produce Ltd. for a 3.5-year term to Dec. 31, 2026.

The employees of Green Rise continue their dedication to operating the company's ranges and relationships with care and integrity. The company's risk management practices and 2023 seed and varietal selections have resulted in improved yields, while its finance team continues to be diligent in managing input costs and tracking labour expenses to meet annual targets. Management is now focused on 2024 seed and product selection as well as the company's capital expenditure program. These costs are expected to add incremental revenue through increased yields while assisting leadership to better manage labour programs and enhance efficiencies. The company recently attended the Global Produce and Floral Show in Anaheim, Calif. "It was a pleasure to meet growers and vendors that define our industry. I am excited about the future of the industry and the role that Green Rise has in controlled-environment agriculture (CEA)," said Vincent Narang, the company's chief executive officer.

About Green Rise Foods Inc.

Green Rise is a best-in-class controlled-environment agriculture grower of fresh produce. The company wholly owns 87.5 acres of greenhouse ranges, including a 15-acre organic range leased to Mastronardi Produce. Green Rise is proud to be an environmentally sustainable investment providing bee-pollinated, high-quality fresh products to meet the growing consumer demand for locally grown fresh produce.

We seek Safe Harbor.