Freshlocal provides an update on its capital program

VANCOUVER, BC, November 3, 2021 / CNW / – Freshlocal Solutions Inc. (TSX: LOCL) (OTC: FLOCF) (“local fresh“or the”Society“) is pleased to provide an update on the Company’s efforts to strengthen its access to the liquidity necessary for the growth of its activities.

Potential sale of non-core assets – As disclosed in the management report of the Company for the three months and nine months ended July 3, 2021 and June 27, 2020 (“Management report“), the Company continues to explore other sources of funding, including the potential sale of non-core assets of its business as a source of growth capital. Freshlocal has engaged Fort Capital Partners as an advisor to lead consideration of the potential sale of these assets and other debt financing options.The Company has not established a definitive timetable for completing this potential sale of material non-core assets and there can be no assurance that this will result in a transaction. comment thereon until such disclosure is appropriate in accordance with applicable securities laws.

Silicon Valley Bank Debt Facility – The Company continues to make significant progress in finalizing forbearance conditions with Silicon Valley Bank (“SVB“) regarding the breach of certain financial covenants relating to its loan facility with SVB, as disclosed in the MD&A. SVB has not issued a notice of default in connection with such breaches, and the Company will provide an update once a definitive agreement with SVB There can be no assurance that such an agreement will be reached, and further updates in this regard will be disclosed from time to time in accordance with applicable securities laws.

Eligibility for the DTC in United States – Freshlocal ordinary shares are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in United States on the OTC under the symbol “FLOCF”. DTC eligibility is expected to simplify the trading process and improve the liquidity of Freshlocal shares in United States, with an accelerated settlement period and reduced costs for US-based investors and brokers.

About Freshlocal Solutions Inc.

Freshlocal Solutions Inc. is a VancouverMontreal-based company that is building a leading position in providing end-to-end grocery e-commerce solutions. The Company operates two main businesses, FoodX and eGrocery, both of which support its corporate mission of leveraging innovation and technology to create a sustainable and profitable food system for all. Food-X Technologies Inc. (“FoodX”) is Freshlocal’s scalable end-to-end, SaaS-based online grocery management solution (eGMS) designed to meet the needs of large and small food retailers while providing a profitable economic unit. The FoodX eGMS is the culmination of over 20 years of online grocery experience and the company’s proven track record of delivering efficient, sustainable and profitable delivery. The Company’s online grocery business has grown to be one of from Canada leading online grocery companies, with a focus on delivering fresh, local and organic products and groceries, as well as exceptional customer experiences. Freshlocal serves the main urban markets of Alberta and British Columbia through its physical stores operating under the Blush Lane and Be Fresh banners; and through SPUD.ca, the company’s award-winning online grocery platform. Freshlocal’s common shares are listed on the Toronto Stock Exchange under the symbol “LOCL”. Please visit www.freshlocalsolutions.com.

Notice on forward-looking information

Certain statements contained in this press release may be regarded as “forward-looking statements “or” forwardsearch for information “within the meaning of applicable Canadian and US securities laws. Words such as” may “,” will “,” would “,” might “,” expect “,” believe “,” plan, “” anticipate “,” intend “,” estimate “,” continue “, or negative or comparable terminology, as well as terms commonly used in the future and the conditional, are intended to identify the futurestaring statements. Forward-looking statements should not be interpreted as guarantees of future performance or results, and will not necessarily constitute precise indications as to whether, or when or by which, such future performance will be achieved. No assurance can be given that events anticipated by the futures contract.forward-looking statements or information will or will occur, including, but not limited to, the forbearance agreement as well as the outcome of the potential sale of Freshlocal’s non-core assets and related opportunities. Forward-looking information is based on information available at the time and / or on the good faith belief of management regarding future events and is subject to known or unknown risks, uncertainties, assumptions and other unforeseeable factors. , many of which are beyond the control of Freshlocal. These risks, uncertainties and assumptions include, without limitation, the inability to complete the sale of non-core assets described in this press release and the risks described under “Risk Factors” in Freshlocal’s dated filing statement. of April 9, 2021, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Freshlocal does not intend, and Freshlocal assumes no obligation, to update or revise any forward-looking information contained in this press release to reflect subsequent or other information, events or circumstances, except as required by applicable laws.

SOURCE Freshlocal Solutions Inc.

For further information: Investor Relations: Ian S. Tharp, CFA, (416) 567-2563, [email protected]; Media Relations: [email protected]

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http://www.freshlocalsolutions.com/

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