Mr. Brian Meadows reports

SIMPLY BETTER BRANDS CORP. INCREASES REVENUE GUIDANCE FOR TRUBAR, SECURES NEW FINANCING TO SUPPORT BRAND'S MARKET EXPANSION

Simply Better Brands Corp. has provided a corporate update to investors on the company's progress to date and priorities going forward for Trubar.

The company is increasing its full-year 2024 revenue guidance for Trubar to $45-million (U.S.) to $50-million (U.S.) from a previous range of $40-million (U.S.) to $45-million (U.S.), based on the continued expansion of its North American distribution footprint, growth in its e-commerce business and an anticipated increase in new distribution from 5,000 to 9,500 additional retail stores by the end of the third quarter. This new distribution will bring Trubar's store count to over 12,000 retail stores.

Simply Better Brands has secured an additional $5-million (U.S.) in credit facilities with a Tier 1 Canadian bank for its 100-per-cent-owned subsidiary Tru Brands Inc., subject to standard closing conditions. The new credit facility is incremental to a $5-million (U.S.) credit facility previously announced on June 19, 2024.

Under the terms of the agreement, up to $5-million (U.S.) ($6-8 million) in credit facilities will be made available to Tru Brands and its Canadian subsidiary, Trubrands Snack Company Inc., in the form of an asset-based lending facility against Trubar's accounts receivables. These credit offerings will substantially lower the cost of capital to 8.85 per cent to 9.0 per cent per annum compared with its current line of receivable factoring arrangement that averages more than 15 per cent per annum.

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

Holders of the company's $850,000 principal amount of convertible debentures due Aug. 10, 2024, have converted their debentures into equity.

After successfully leading the company through a period of transition and growth over the past five months, interim chief executive officer J.R. Kingsley Ward will become Simply Better Brands' permanent chief executive officer in addition to chairman of the Simply Better Brands board of directors.

"We are excited to announce these developments highlighted by the substantial increase in new stores where Trubar will be available in the coming months as our multichannel distribution strategy continues to build momentum," said Mr. Ward. "We are also pleased to have secured new financing that will enable us to put additional resources and investment behind the growth of Trubar in North America and international markets."

"We are thrilled with the progress we have made in recent months securing new retail partners to nearly double the distribution of Trubar to meet growing consumer demand in the marketplace," said Erica Groussman, co-founder and chief executive officer of Tru Brands. "I am extremely proud of what our team has accomplished building our retail presence and scaling our brand for future growth."

In connection with the conversion of the $850,000.32 principal amount of convertible debentures of the company due on Aug. 10, 2024, the company issued an aggregate of 2,179,488 common shares in the capital of the company and 1,089,744 common share purchase. Each warrant entitles the holder thereof to acquire one additional common shares in the capital of the company at an exercise price of 59 cents per share at any time prior to Aug. 10, 2024.

For more information, please join today's webcast and conference call commencing at 10 a.m. Eastern Time. Mr. Ward will offer opening remarks and will be joined by Ms. Groussman for a live question-and-answer discussion.

Instructions on how to join the webcast and call are available as follows.

A replay of the webcast will be available on the Simply Better Brands investor relations page under the investor presentation section.

Webcast details

Meeting ID:  258 389 681 133

Passcode:   67Gudy

Dial in by phone

Canada/Toronto:   1-647-749-9154, 323363586 followed by the pound key

Phone conference ID:   323 363 586 followed by the pound key

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. The company targets informed, health-conscious millennial and Generation Z consumers with a focus on opportunities for expansion into high-growth consumer product categories.

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