An anonymous director reports

HILL INCORPORATED MAKES ASSIGNMENT IN BANKRUPTCY UNDER THE BANKRUPTCY AND INSOLVENCY ACT (CANADA)

Hill Inc., formerly Hill Street Beverage Company Inc., has made an assignment in bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) (the BIA).

Due to dramatic price compression, difficulty in collections of accounts receivable and other significant challenges in the cannabis industry affecting the company's DehydraTECH licensing business, along with the significant cash outlays and costs required in the company's alcohol-free wine business, the company is unable to address its obligations as they become due. After careful consideration of the company's financial position and strategic alternatives, the board of directors concluded that it had no viable option but to make an assignment in bankruptcy under the BIA.

Albert Gelman Inc. has been appointed as the trustee in the bankruptcy proceeding by the official receiver, subject to affirmation of the company's creditors at the first meeting of creditors. Further information may be obtained from the trustee at info@albertgelman.com or 416-504-1650.