Ms. Suzette Ramcharan reports

PLANTIFY FOODS TO APPLY FOR NASDAQ LISTING

Plantify Foods Inc.'s board of directors (BOD) has approved plans to uplist to Nasdaq Stock Market LLC, providing exposure to one of the largest capital markets in the world.

"Plantify Foods has worked tirelessly to ensure that we maintain our commitment to producing quality Clean Label plant-based foods that are accessible, convenient and healthy," said Suzette Ramcharan, chief executive officer of Plantify Foods. "We had a solid year of growth in 2023, solidifying new customers in new markets such as Europe and the United States, refining our product offering, and moving closer to our goals of being cash flow neutral at our operations. The decision to seek a listing on Nasdaq ties nicely into our goals of expanding and building out the brand in the U.S., as well as opening up a much larger pool of investment capital with greater visibility to all of the good that we are accomplishing. We look forward to providing updates as they materialize.

"This is a very exciting opportunity for us, especially as we continue to grow our customer base in the U.S.," said Noam Ftecha, CEO of POB. "The food and beverage industry is not an easy one to navigate, especially when focused on Clean Label, ensuring health and quality, and creating products that are good for you, and that taste great as well. This was our vision from the very beginning, to bring our products to the world stage, and a Nasdaq listing will allow us to showcase our innovation to a large and lucrative audience."

The company has not yet submitted but expects to submit within the next two months an application for listing on Nasdaq, and there is no guarantee that the company's securities will be successfully listed on Nasdaq. Listing will be subject to submission of necessary documentation and to meeting all applicable listing requirements.

Growth on all fronts

The company's focus in 2023 was expanding the sales footprint and solidifying new customers seeking quality Clean Label food products. The feedback has been very positive, and the company engaged with new and increasingly larger customers toward the end of 2023, with a view to grow those orders, potential to introduce new product categories, and to also seek out new customers especially in Europe and the U.S.

The company recently commissioned a new production line to meet the growing demand for its products, which will improve efficiencies and reduce labour costs (see press release dated March 13, 2024).

With 2023 signalling strong sales growth, 2024 looks to build upon penetration in new markets, where the company sees a tremendous opportunity within the U.S. market, and looks to intensify its efforts throughout the year.

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.

Plantify Foods, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America. With its new manufacturing facility, the company can increase production and continue to create new Clean Label food products to meet the growing demand of health-conscious consumers from all walks of life.

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