Mr. Jeffrey Hasham reports

REDISHRED CAPITAL CORP. ANNOUNCES THE ACQUISITION OF PROSHRED BALTIMORE

Redishred Capital Corp. has completed the acquisition of Proshred Baltimore, effective Sept. 5, 2023. Proshred Baltimore offers paper and hard drive shredding, product destruction, and paper recycling services. Proshred Baltimore earned approximately $2.0 million USD in revenue during fiscal 2022.

The Company also wants to highlight the pro forma EBITDA margin (See "Cautionary Note Regarding Non-IFRS measures") of Proshred Baltimore for 2023 which is estimated to be in the range of thirty-three to thirty-seven percent.

The acquisition includes on-site paper and hard drive shredding trucks, box trucks, containers, client relationships, and other assets used in the shredding and paper recycling business. Redishred views this acquisition as accretive to its cash flows and earnings on a per share basis.

Jeffrey Hasham, Redishred's Chief Executive Officer, noted, "First and foremost, we would like to thank Martin and Karen Fisher, the former franchisees of this business, for their 15 plus years of dedication to the Proshred system and brand. We wish them well as they enter the next stage of their lives and careers. The acquisition of Proshred Baltimore provides Redishred with a platform to continue the strong growth seen in Baltimore and also completes the North Virginia, the District of Columbia and Baltimore corridor, allowing for fleet, management, administrative and sales synergies."

The purchase price for this acquisition, including earnouts, is estimated to be between $3.6 million and $4.0 million USD, depending on the performance of Proshred Baltimore relative to earn-out targets. The Company financed this acquisition through a combination of cash on hand and borrowings under its acquisition loan facility.

About Redishred

Redishred Capital Corp. is the owner of the PROSHRED(TM) trademarks and intellectual property in the United States and Internationally. PROSHRED(TM) shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. PROSHRED(TM) is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001:2015 certification. It is PROSHRED(TM)'s visionto be the 'system of choice' and provide shredding and recycling services on a global basis. PROSHRED(TM) currently services over 40 markets in the United States. Redishred Capital Corp. grants PROSHRED(TM) franchise businesses in the United States. Redishred Capital Corp. also operates fifteen corporate shredding businesses directly. The Company's plan is to grow 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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