Mr. Brian Meadows reports

SIMPLY BETTER BRANDS CORP. SECURES USD $5 MILLION CREDIT FACILITIES FINANCING WITH TIER ONE CANADIAN BANK

Simply Better Brands Corp. has secured $5-million (U.S.) in credit facilities with a Tier 1 Canadian bank for its 100-per-cent-owned subsidiary, Tru Brands Inc.

Under the terms of the agreement, up to $5-million (U.S.) ($6.8-million (Canadian)) in credit facilities is available to Tru Brands and its Canadian subsidiary, Trubrands Snack Company Inc., in the form of a letter of credit or financial guarantees. The company is also working with this bank on additional credit facilities to further reduce its cost of capital for Tru Brands.

The credit facilities feature rates of 1.5 per cent per annum with letters of guarantee and 2 per cent per annum with letters of credit. In addition, the company will incur additional fees on these credit facilities of approximately 2 to 2.5 per cent as these credit facilities are 100 per cent guaranteed by Export Development Canada (EDC). These credit offerings will substantially lower the cost of capital to 3.5 to 4 per cent per annum compared with its current line of credit financing arrangement that averages 15 per cent per annum.

The company intends to use these credit facilities to support the expansion of Trubar sales in the United States, Canada and other international markets.

Kingsley Ward, chairman and chief executive officer of Simply Better, said: "We are excited to partner with this market leading bank on these credit facilities. These facilities will support the expansion of sales of Trubar in our core U.S. market, Canada and other international regions by significantly reducing the cost of capital to finance the strong growth of our brand."

About Simply Better Brands Corp.

Simply Better Brands is an international omnichannel platform with a portfolio of diversified assets in the rapidly growing plant-based, natural and clean ingredient space.