Goodfood Market Corp. CEO & Chairman and President & COO Establish Automatic Securities Disposition Plans

MONTREAL, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX: FOOD), a leading online grocery company in Canada, announced today that each of Chief Executive Officer and Chairman Jonathan Ferrari and President and Chief Operating Officer, Neil Cuggy, have established Automatic Securities Disposition Plans (“ASDPs”) in accordance with applicable Canadian securities legislation, including guidance under Ontario Securities Commission Staff Notice 55-701 and the Company’s Disclosure Policy.

The ASDPs will allow for an orderly disposition of a small portion of each of Mr. Ferrari’s and Mr. Cuggy’s shares in Goodfood at prevailing market prices for personal financial planning purposes.

Each of Mr. Ferrari and Mr. Cuggy intends to have up to 375,000 common shares sold under their ASDP, which represents approximately 3.7% of each of their respective holdings of shares in Goodfood, subject to a minimum price as specified in the ASDPs and weekly limit for each ASDP of 93,750 shares.

The shares will be sold over the course of 12 months commencing 45 days from December 9, 2020 and the ASDPs provide for a 45 day waiting period in the case of any variation of the terms of the plan or announcement of material matters by the Company .

Canadian securities laws permit insiders to adopt ASDPs to sell or otherwise transfer shares in the future in accordance with the pre-arranged terms of their ASDP, on an automatic basis, regardless of any subsequent material non-public information they receive. Once an ASDP is established, the shareholder is not permitted to exercise any further discretion or influence over how dispositions will occur under the ASDP.

Sales of securities under the ASDP will be effected by an independent securities broker in accordance with general trading parameters set out by participants in the ASDP. Participants in the ASDP will not exercise any further discretion or influence over how dispositions will occur and is subject to meaningful restrictions on the participant`s ability to modify, suspend or terminate his participation in the ASDP.

Dispositions pursuant to the ASDP will be reported by participants on SEDI in accordance with applicable Canadian securities legislation. Each such filing will bear a notation to advise readers that the dispositions relate to an ASDP.

ABOUT GOODFOOD

Goodfood (TSX:FOOD) is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from across Canada to enjoy delicious meals at home every day. Goodfood’s mission is to make the impossible come true, from farm to kitchen, by enabling members to complete their weekly meal planning and grocery shopping in minutes. Goodfood members have access to a unique selection of online products as well as exclusive pricing made possible by its world class direct-to-consumer fulfilment ecosystem that eliminates food waste and costly retail overhead. The Company’s main production facility and administrative offices are based in Montreal, Québec, with five additional production facilities located in the provinces of Québec, Ontario, Alberta, and British Columbia. A seventh production facility located in the province of Ontario is currently under construction and is scheduled to commence operations in 2021. As at November 30, 2020, Goodfood had 306,000 active subscribers. www.makegoodfood.ca