Mr. Marc Aneed reports

EAT WELL GROUP FILES AUDITED 2022 FINANCIAL STATEMENTS AND MD&A

Eat Well Investment Group Inc. has filed its audited annual financial statements for the years ended Dec. 31, 2022, and 2021 and accompanying management's discussion and analysis (MD&A).

The company extends its gratitude to shareholders for their patience during the comprehensive process of consolidating its financial statements. As of Aug. 1, 2022, the company has consolidated its financials and transitioned its corporate reporting structure from an investment entity to an operating entity. This strategic shift enables the company to report traditional financial metrics such as revenue and net income, rather than simply the values of its investments. Additionally, the company had changed its fiscal year-end from Nov. 30 to Dec. 31, aligning with standard reporting practices.

Eat Well has reported significant financial performance for the year ended Dec. 31, 2022.

The company achieved sales of $32.21-million and a gross profit of $6.69-million through the period of Aug. 1, 2022, to Dec. 31, 2022. Notably, the net income for the year stood at $12.45-million, a substantial turnaround from the net loss of $69.18-million in 2021.

As of Dec. 31, 2022, Eat Well Investment Group reported total assets of $84.05-million, up from $50.35-million in 2021. This increase in assets was driven by a substantial rise in current assets, which reached $23.50-million, and investments in intangible assets and goodwill, totalling $35.35-million, caused by the company changing from an investment entity to an operating entity. The company's strong financial performance and strategic asset management underscore its commitment to value creation and sustainable growth.

The full financial results and MD&A will be available on the company's SEDAR+ profile.

Pat Dunn, the company's chief financial officer, commented: "We appreciate our shareholders' understanding and patience during this complex and time-consuming process. The consolidation of our financial statements and the transition to an operating entity have positioned us for more transparent and comprehensive reporting. While this has delayed our financials, it ultimately enhances our ability to provide a clear picture of the company's performance and future prospects. We are confident that these changes will significantly benefit our stakeholders in the long term."

Marc Aneed, the company's chief executive officer, added: "Our financial performance in 2022 reflects the strength and resilience of our business model. Achieving sales of $32.21-million and a net income of $12.45-million, from the time of consolidation, is a testament to our strategic initiatives and the dedication of our team. These results demonstrate our ability to drive significant growth and deliver value to our shareholders. We are excited about the future and remain committed to sustaining this momentum in the coming years."

Mr. Dunn further stated: "We have already been diligently working on our 2023 audits and expect to complete them much quicker, now that all the heavy leg work of the consolidation and year-end change is completed, including trial balances and equity roll forwards. We anticipate filing our 2023 quarterly and audited annual financial statements as early as September, 2024. Following the filing of all outstanding continuous disclosure documents including our 2022 restated Q3 interims, we expect to file an application for full revocation of the cease trade order and to resume trading. Our team is committed to ensuring timely and accurate reporting moving forward."

About Eat Well Investment Group Inc.

Eat Well Group is a pioneering Canadian-based company leading the way in the future of sustainable, plant-based foods. With a rich history spanning nearly 45 years, its subsidiaries have been at the forefront of processing, distributing and marketing premium-quality plant-based foods. Operating with intellectual-property-driven facilities across North America, the company distributes to over 35 countries worldwide. With a talented team of over 80 employees, Eat Well takes pride in its products consistently ranking among the top 10 globally. With its family of private label and owned brands, including Belle Pulses and Eat Well, the company is dedicated to feeding families worldwide with excellence and innovation.

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