Mr. Anton Ayoub reports

SPOT COFFEE ANNOUNCES DECLINE OF MANAGEMENT CEASE TRADE ORDER REQUEST

Spot Coffee (Canada) Ltd.'s application for a management cease trade order (as announced April 8, 2024) to the Ontario Securities Commission, as principal regulator of the company, under National Policy 12-203 -- Management Cease Trade Orders in respect of the anticipated late filing of its audited annual financial statements, accompanying management discussion and analysis, and related chief executive officer and chief financial officer certifications in respect of the financial year ended Dec. 31, 2023, has been declined by the OSC on the basis that the OSC does not consider there to be a sufficiently active, liquid market for the issuer's securities in order to grant an MCTO.

Due to the delays in confirming the appointment of auditors stemming from financial constraints, the company does not anticipate completing the annual filings prior to the filing deadline (being April 29, 2024), in which case the OSC may issue a failure-to-file cease trade order against the company. If issued, an FFCTO would affect trading in all securities of the company and would remain in effect until such time as the company has completed the annual filings. Provided that the annual filings are made within 90 days of the date of an FFCTO, the said filings would constitute the company's application to have the FFCTO revoked.

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

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 microroasted coffee. Each Spot cafe 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.

We seek Safe Harbor.