Ms. Suzette Ramcharan reports

PLANTIFY FOODS PROVIDES OPERATIONAL UPDATE WITH NEW PRODUCTION LINE

Plantify Foods Inc.'s wholly owned subsidiary and operating entity, Peas of Bean (POB), has commissioned a new production line in order to meet growing sales demand. The new production line will be dedicated to dips, spreads and salads, and soups, where the company has seen a significant increase in sales in these two product categories.

"The foundational work and pragmatic approach by the operations team is commendable and is a pivotal step towards scaling our operations and alleviating the growing pains associated with expansion," said Suzette Ramcharan, chief executive officer of Plantify Foods.

"The new production line is more efficient, which will reduce labour costs and provide operational flexibility. It is a testament to our commitment to meeting and increasing demand for our salads and soups. We offer a total of 21 different salad options and five soup variations and we continue to conduct R&D to improve and increase our product offering. The soups and certain salads are also the highest margin products that we produce," said Noam Ftecha, chief executive officer of POB.

Ready to scale

In response to new retail customers and white label partners for its salads and soups, the company purchased new manufacturing equipment and assembled a new production line. The new production line is three times faster than the existing line, which will:

• Serve the growing demand for the salads and soups, especially in new markets;
• Reduce labour costs while increasing operational efficiencies.

The current operations (a new facility commissioned in 2023) was built to scale operations in a streamlined manner in order to meet anticipated growth. When at full operating capacity, the facility is capable of producing upwards of 8,000 kilograms of product daily (or approximately $15-million in revenue capacity).

As the company increases its marketing efforts, it will forecast production requirements, purchase new equipment and assemble new production lines as necessary.

The company remains focused on pursuing new sales in emerging markets such as Europe and the United States, which it believes it can accommodate given the manufacturing facilities ability to scale in order to meet the growing demand.

About Plantify Foods Inc.

Plantify Foods is committed to providing consumers with nutritious, clean label food options while pioneering innovation in the food and beverage industry. The company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.

We seek Safe Harbor.