Ms. Kathy Casey reports

SIMPLY BETTER BRANDS CORP.'S TRUBAR BRAND, GROWING AT 2.5X YEAR-AGO AT A 32% GROSS MARGIN, EXPANDS IT CONVENIENCE CHANNEL FOOTPRINT AND CAPABILITY

Simply Better Brands Corp. has expanded into the convenience retail channel with new resources and capability. Trubar is broadening its distributor footprint, partnering with both McLane and Coremark, considered as the two largest United States-based convenience distributors, to support servicing the expanding retailer class of trade. In addition to the new distributor network, Simply Better's announces retail expansion with Circle-K Southeast and Andretti Petroleum. This placement increases Trubar's current retail footprint to 400-plus stores in North Carolina, South Carolina, Georgia and California. Both Circle-K Southeast and Andretti Petroleum have confirmed plans to launch Trubar in Q3 2023.

The 2023 Mintel study on the bar category suggests Gen Zs, an important cohort in the convenience channel, overindex in meal replacement offers and soft-baked bars, like Trubar, are No. 1 in purchase intent for the category. However, taste remains the most important driver in the consumer decision tree.

Driven primarily by Trubar's expansion into Costco, preliminary first half revenue on Trubar is approximately $19.2-million or 2.5 times a year ago at a 32-per-cent gross margin. In all of 2022, full year revenue for Trubar was $10-million.

"Our convenience channel expansion is supported by a strong business case: the bar category is disproportionally purchased in the convenience channel, opening price point offerings are critical to consumer trial and awareness, and convenience stores are a destination for meal replacement solutions. This expansion effort is incremental to Trubar's successful expansion into the Warehouse Club Channelnd the recent announcement of Acosta as the sales and marketing agency for the natural and grocery channels. Trubar's strict nutritional guardrails of all-natural, certified vegan and gluten-free, dairy-free, non-GMO, no sugar alcohols, and low in sugar resonant with today's wellness-seeker agnostic of channel," says Kathy Casey, chief executive officer of Simply Better Brands.

"Trubar continues to drive innovation as the new offerings are 'fit for purpose' for this convenient trip mission and shopping occasion. We have strategically listened to our customers and are thrilled to be launching a single-serve pricing strategy, shopper marketing and merchandising support with our retail partners," said Simply Better Brands vice-president Joe Wichser.

In addition to Trubar's new market penetration, Simply Better Brands is expanding its retail customer-facing and marketing team to support the expansion. The newly strengthened team will focus on enhancing retail partnerships, expanding distribution channels and ensuring seamless availability of Trubar Protein Bars in "grab n go" locations.

About Simply Better Brands Corp.

Simply Better Brands leads an international omnichannel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The company's mission is focused on leading innovation for the informed millennial and Generation Z generations in the rapidly growing plant-based wellness, natural and clean ingredient space. The company continues to focus on expansion into high-growth consumer product categories, including plant-based food, clean-ingredient skin care and plant-based wellness.

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