Mr. Daniel Brody reports

EAT WELL INVESTMENT GROUP EXTENDS MATURITY OF CREDIT FACILITY WITH SENIOR LENDERS TO MARCH 31, 2027 AND PROVIDES UPDATE ON REFINANCING PLAN

Eat Well Investment Group Inc. has entered into an amendment to its amended and restated credit agreement dated July 30, 2021, with the agent for its lenders, extending the maturity of the company's credit facility from Sept. 30, 2026, to March 31, 2027.

The credit facility originated as a revolving line of credit in 2021 and has since been amended numerous times, including increases in the maximum principal amount, interest rate adjustments and maturity date extensions, most recently to Sept. 30, 2026, prior to this extension. The credit facility, which currently permits borrowings of up to $12,752,723 at an interest rate of the greater of 5.05 per cent above prime or 10 per cent, is secured by a first-priority security interest over all of the company's assets and is subject to customary covenants.

The extension gives the company runway to complete its broader refinancing and growth capital program. In connection with the extension, the company paid the agent a commitment fee of $63,764.

In addition, the company intends to pursue a refinancing of its existing term facility and is seeking to arrange a new revolving credit facility. If completed as currently contemplated, the company is targeting a new asset-based revolving facility of more than $10-million, at an interest rate below 10 per cent, although the final size, terms and interest rate of any such facility remain subject to negotiation, lender approval and market conditions. If the refinancing is completed, the company expects to use the proceeds to repay the current credit facility in full although there is no assurance as to the timing or terms on which this would occur.

The contemplated refinancing is intended to be one part of a larger program aimed at strengthening the balance sheet, lowering the company's cost of capital and financing capital investment at its wholly owned operating subsidiary, Belle Pulses Ltd. If completed, a larger revolving facility could help Belle Pulses purchase more inventory at peak season and support higher throughput as the capital program is deployed.

"This extension provides the company with the time required to pursue a well-structured refinancing," said Daniel Brody, president and chief executive officer. "We are engaged with several lenders and dealers to negotiate a package intended to repay the existing debt in full, provide Belle Pulses Ltd. with a larger credit facility and reduce our overall cost of borrowing. We will keep shareholders informed as this process progresses."

About Eat Well Investment Group Inc.

Eat Well is a publicly traded Canadian agricultural and food infrastructure company. The company operates pulse processing facilities in Saskatchewan and Montana, serving food ingredient and consumer markets across North America and internationally.

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