Mr. Bill Murray reports

GFI ANNOUNCES CREATION OF PET FOOD INGREDIENTS SUBSIDIARY

Global Food and Ingredients Ltd. has created a new subsidiary named Big Sky Milling Inc. as part of the previously announced planned minority investment in its pet food ingredients division (the pet food transaction) with 35 Oak Holdings Ltd. GFI will be transferring all of its pet food ingredients assets and business into Big Sky, which will be fully dedicated to serving the North American pet food industry with existing products as well as new growth planned through product expansion and new investments. As GFI completes the formation of the new dedicated pet food operations under the Big Sky brand, 35 Oak has advanced a $3.0-million deposit for the pending investment. GFI may immediately use such advance in financing its day-to-day operations. GFI is working to complete the pet food transaction reorganization in September, 2023, subject to completion of definitive agreements, satisfaction of customary closing conditions, and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

35 Oak's participation in the pet food transaction constitutes a related party transaction of GFI, within the meaning of Multilateral Instrument 61-101 -- Protections of Minority Security Holders in Special Transactions as 35 Oak is a shareholder of the company. The company determined that the pet food transaction is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance of the exemptions set forth in sections 5.5(e) and 5.7(1)(c) of MI 61-101, respectively, as the pet food transaction is supported by a control person of the company in the circumstances described in Section 5.5(e) of MI 61-101.

About Global Food and Ingredients Ltd.

Global Food is a fast-growing Canadian plant-based food and ingredients company, connecting the local farm to the global supply chain for peas, beans, lentils, chickpeas and other high-protein specialty crops. Global Food's vision is to become a vertically integrated farm-to-fork plant-based company providing traceable, locally sourced, healthy and sustainable food and ingredients. Global Food is organized into four primary business lines: core ingredients, value-added ingredients, plant-based pet food ingredients and downstream products. Headquartered in Toronto, Global Food buys directly from its extensive network of farmers, processes its products locally at its four wholly owned processing facilities in Western Canada and ships to 37 countries across the world.

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