Mr. Anton Ayoub reports

SPOT COFFEE ANNOUNCES DELAYED FILING OF ANNUAL FINANCIAL STATEMENTS AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Spot Coffee (Canada) Ltd. has provided an update on the status of the filing of its audited annual financial statements, accompanying management's discussion and analysis (MD&A), and related chief executive officer and chief financial officer certifications in respect of the financial year ended Dec. 31, 2023.

Due to the delays in confirming the appointment of the auditor stemming from financial constraints, the company anticipates the filing of its audited annual financial statements and corresponding management's discussion and analysis for the financial year ended Dec. 31, 2023, to be delayed beyond the required filing deadline under parts 4 and 5 of National Instrument 51-102, Continuous Disclosure Obligations, and pursuant to National Instrument 52-109, Certification of Disclosure in Issuer's Annual and Interim Filings, being April 29, 2024.

The company intends to continue to work diligently and expeditiously with its auditor, and expects to file the annual filings as soon as possible and in any event no later than June 29, 2024.

Other than as previously disclosed by the company and herein with this news release, the company confirms that there have been no material business developments since the date of its most recent interim financial statements, other than as a result of the impact of restatement disclosed above.

Management cease trade order

In light of the anticipated delay in filing of the annual filings prior to the filing deadline, the company is providing this default announcement in accordance with National Policy 12-203, Management Cease Trade Orders. The company has made an application to the Ontario Securities Commission, as principal regulator of the company, for a management cease trade order (MCTO) under NP 12-203 in respect of the anticipated default regarding the annual filings. The granting of the MCTO is at the discretion of the Ontario Securities Commission. The issuance of the MCTO generally will not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The company intends to follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of biweekly default status reports in the form of news releases, for as long as the company remains in default.

The company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the company that has not been generally disclosed.

About Spot Coffee (Canada) Ltd.

Spot Coffee has been designing, building and operating company-owned and franchise community cafes in the northeastern United States for over 25 years. Spot's cafes provide their customers with the highest-quality service, signature made-to-order meals and award-winning micro-roasted coffee. Each Spot café is distinctively designed to suit the local neighbourhood, creating a warm and friendly gathering place for the community. Spot's commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices, and resellers such as universities and hospitals.

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