Mr. Ricky Goraya reports

VEGANO PROVIDES BI-WEEKLY DEFAULT STATUS REPORT

Vegano Foods Inc. is providing this biweekly default status report in accordance with National Policy 12-203, Management Cease Trade Orders. On Aug. 1, 2023, the company announced that the filing of its annual financial statements and management's discussion and analysis (MD&A) for the year ended March 31, 2023, and the related chief executive officer and chief financial officer certifications would not be filed by the prescribed deadline of July 31, 2023.

On Aug. 1, 2023, the British Columbia Securities Commission, as principal regulator, granted a voluntary management cease trade order (MCTO). The company requires additional time to file the annual filings due to a change of the company's auditor. The company has appointed MNP LLP to audit the annual financial statements for the year ended March 31, 2023, and to act as auditor until the next annual general meeting of the company's shareholders. As a result, the company concluded that it would not be in a position to complete the year-end audit within the time periods required by National Instrument 51-102, Continuous Disclosure Obligations. On Aug. 1, 2023, the company filed a notice of change of auditor regarding the resignation of Dale Matheson Carr-Hilton Labonte LLP as the company's auditor, effective as of Sept. 29, 2022, and the appointment of MNP LLP as the company's auditor, effective as of July 29, 2023, as well as a successor auditor letter from MNP LLP.

In a follow up to the company's biweekly status updates of Aug. 14, 2023, and Aug. 28, 2023, the company reports that it is working to complete the audit, however, the company currently anticipates that it will not be able to file the annual filings by Sept. 29, 2023. If the company does not file its annual filings by Sept. 29, 2023, this will result in the issuance of a general failure to file cease trade order against the company on expiration of the MCTO or shortly thereafter. The company confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this news release.

About Vegano Foods Inc.

Vegano is a 100-per-cent-plant-based on-line marketplace company operating in Vancouver. Founded in March of 2020, Vegano helps make healthy plant-based eating more accessible to Canadians, allowing them to take veganism beyond meatless Mondays and Veganuary. Vegano sources high-quality products to make for easy plant-based shopping all on one website.

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