Ms. Chelsie Hodge reports

BLENDER BITES AND JULIANNE HOUGH SUCCESSFULLY COMPLETE PRODUCT COLLABORATION

Blender Bites Ltd. has completed its collaboration with renowned entertainer, entrepreneur and current host of Dancing With The Stars, Julianne Hough, who is also the company's brand partner and ambassador.

The culmination of their partnership has resulted in the development of an innovative formula called Superberry Sport, specifically designed for postworkout recovery, and powered by Orgain, a plant-based protein brand. The Superberry Sport smoothie is a U.S. Department of Agriculture-certified organic blend that supports optimal muscle recovery with ingredients including six grams of plant-based protein, tart cherry, turmeric, B vitamins, and 14 essential vitamins and minerals for robust immune support.

The Superberry Sport formula caters to the needs of a fit and active audience seeking the ideal postworkout smoothie. By combining the natural power of ingredients such as maqui berry, goji berry, strawberry and blueberry, Blender Bites, in collaboration with Ms. Hough, has crafted a flavour profile that delivers exceptional taste and functional benefits. Superberry Sport offers a convenient and effective way to support muscle recovery while reducing inflammation, making it an essential component of any fitness enthusiast's routine.

Blender Bites launched the flavour recently at one of the largest supermarket retail chains in the United States, Publix Super Markets Inc., and addresses the demand for clean, effective and convenient postworkout nutrition. Ms. Hough's endorsement and involvement in the creation of this exceptional product further reinforce the brand's commitment to providing high-quality functional foods that enhance overall well-being.

Julianne Hough, an avid advocate for health and wellness, expressed her excitement about the collaboration: "Creating a custom smoothie blend has been a dream of mine for some time now. As someone who maintains a rigorous workout and dance schedule, I understand the transformative impact of postworkout smoothies on the body. The Superberry Sport formula combines potent ingredients like tart cherry and turmeric, which have proven benefits in enhancing muscle recovery and reducing inflammation. I am thrilled to bring this exceptional product to my fans in the U.S. market and believe it will benefit others in the same way it has benefited me."

Blender Bites chief executive officer Chelsie Hodge emphasized the significance of partnering with Ms. Hough: "Developing a formula with Julianne Hough has been an incredible experience for our company -- a milestone that many brands aspire to achieve. The Superberry Sport flavour was meticulously developed to cater to Julianne's fit and active lifestyle, aligning perfectly with our target market."

Ms. Hough has agreed to receive all of her equity compensation (see company press release dated March 24, 2023) in the form of 520,000 stock options, which will allow her to acquire an equivalent number of common shares of the company at the greater of the market price on the date of grant or $1.70 per share.

The company also announces that it has granted 300,000 deferred share units to Ms. Hodge. The DSUs were granted to Ms. Hodge pursuant to the company's equity incentive plan and pursuant to her employment agreement, which entitled her to receive an aggregate of 300,000 DSUs upon the company achieving certain revenue milestones. Each DSU represents a right to receive one common share of the company on the 20th business day after the date that the holder ceases service as a director (and employee) of the company. The DSUs are subject to the terms of the plan and the policies of the Canadian Securities Exchange. The DSUs and any common shares issued pursuant to the exercise of the DSUs are subject to a four-month hold from the date of issuance of the DSUs in accordance with the policies of the exchange.

In addition to the above, the company's board of directors has approved a grant of 150,000 restricted share units to a consultant of the company pursuant to the plan. The RSUs vest and convert into common shares after four months and, in accordance with the policies of the exchange, are subject to a hold period of four months from the date of issuance.

Further, the company's board of directors has cancelled an aggregate of 250,000 stock options previously held by Ms. Hodge and a consultant of the company. The terms of the cancelled options were as follows.

Number of cancelled options   Original date     Expiry date   Exercise price
                                   of grant 

250,000                       July 17, 2023   July 17, 2026            $3.49         

About Blender Bites Ltd.

Blender Bites is a multiaward-winning Canadian company involved in the development and marketing of a line of premium frozen beverage products with a focus on functionality. Blender Bites was founded in 2017 and quickly became a leader in the easy smoothie category in North America. With a focus on better-for-you ingredients and convenience, the company is proud to be preportioned without the use of any inner plastic packaging. Blender Bites products are certified organic, non-genetically modified, gluten free, dairy free and soy free, and contain functional ingredients such as whole food vitamins, collagen and probiotics. Blender Bites one-step smoothies and one-step frappes are distributed across Canada and the United States, and are currently sold in over 7,000 stores, including Walmart, Albertsons, HEB, Whole Foods and Publix.

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