Mr. Jeffrey Hasham reports

REDISHRED CAPITAL CORP. ANNOUNCES THE ACQUISITION OF SECURITY SHREDDING IN NEW JERSEY

Redishred Capital Corp. has completed the acquisition of Security Shredding, effective Aug. 31, 2023. Security Shredding offers paper and hard drive shredding, product destruction, and paper recycling services. Security Shredding earned approximately $660,000 (U.S.) in revenue during fiscal 2022.

The company also wants to highlight the pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) margin of Security Shredding, which is estimated to be in the range of 40 per cent to 45 per cent, and views this acquisition as accretive to the company's cash flows and earnings per share. The acquisition was financed by utilizing Redishred's cash reserves.

The acquisition includes on-site paper and hard drive shredding trucks, containers, client relationships, and other assets used in the shredding and paper recycling business.

Jeffrey Hasham, Redishred's chief executive officer, noted: "The acquisition of Security Shredding allows us to further solidify our position in the New Jersey area, and achieve routing synergies, with the significant overlap of Security Shredding's routes with our existing New Jersey location. We also want to thank John O'Hagan for the business he has developed and his long-standing care for his customers, and we look forward to continuing this service and care."

About Redishred Capital Corp.

Redishred is the owner of the Proshred trademarks and intellectual property in the United States and internationally. Proshred shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. Proshred is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001:2015 certification. It is Proshred's vision to be the system of choice and provide shredding and recycling services on a global basis. Proshred currently services over 40 markets in the United States. Redishred grants Proshred franchise businesses in the United States. Redishred also operates 15 corporate shredding businesses directly. The company's plan is to expand its business by way of both franchising and the acquisition and operation of document destruction businesses that generates stable and recurring cash flow through a scheduled client base, continuous paper recycling and concurrent unscheduled shredding service.

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