The Fresh Factory Successfully Completes US$2.0 Million Sale-Leaseback Financing to Fuel Business Expansion

CAROL STREAM, IL / ACCESSWIRE / September 6, 2023 / The Fresh Factory B.C. Ltd. (CSE:FRSH)(FRA:Q4Z) ("The Fresh Factory" or the "Company"), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, is pleased to announce the successful closure of a US$2.0 million sale-leaseback financing ("Leaseback"), marking a significant milestone in the Company's growth trajectory. The financing, secured for a 24-month term with an additional 1-year extension option, provides The Fresh Factory with additional working capital to further scale its operations, innovate product offerings, and meet customer demand.

This financing not only bolsters the Company's operational capabilities but also replaces a previous financing of US$0.5 million, streamlining its financial structure. The Company now stands strong with no outstanding debt.

"This $2.0 million sale-leaseback financing is a significant step forward for The Fresh Factory. It not only provides us with the necessary working capital to accelerate our growth initiatives but also allows us to eliminate our existing debt entirely. This move underscores our dedication to maintaining a strong financial foundation as we expand our presence in the market," said Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory.

The funds secured through this financing will be strategically allocated to support The Fresh Factory's ongoing expansion plans and innovation efforts, ensuring that the Company continues to deliver high-quality products and services to its valued customers. Additionally, the capital allocated to the recently announced renewal of the share-buyback program reflects the Company's commitment to creating value for its shareholders and further underlines the Company's financial prudence.

"We are committed to not only meeting but exceeding our customer demands. This financing, combined with our ongoing investment in our active share-buyback program, serves as a testament to our ability to navigate capital allocation strategically while fostering sustainable growth. We are excited about the opportunities that lie ahead and are confident that these strategic initiatives will contribute to our long-term success," added Besenhofer.

About The Fresh Factory B.C. Ltd.

The Fresh Factory is a vertically integrated company focused on accelerating the growth of the fresh, clean-label, plant-based food and beverage brands of tomorrow. The Fresh Factory owns or partners with emerging brands in the plant-based space to develop, manufacture, and sell products made from fresh produce and recognizable ingredients. It operates from its centrally located manufacturing facility near Chicago, serving customers across the US. As a public-benefits corporation, The Fresh Factory is ESG-focused, driven to make a lighter, greener impact on the environment and a stronger, positive impact on local communities and the food system as a whole. Learn more about The Fresh Factory at www.thefreshfactory.co and find The Fresh Factory on social media at Instagram, Twitter, and LinkedIn. To receive news and updates about The Fresh Factory, visit their website at www.thefreshfactory.co.