Rocky Mountain Chocolate Factory Addresses AB Value's Misleading Claims in Letter to Stockholders

Letter Informs Stockholders That AB Value Has Rejected Multiple Generous Settlement Proposals to Instead Continue Unnecessary Public Contest at Stockholders' Expense

Board's Skilled and Experienced Nominees Possess the Right Expertise to Support Company's Refreshed Growth Strategy

Urges All Stockholders to Vote "FOR" ALL of the Company's Nominees TODAY on the WHITE Proxy Card

DURANGO, CO / ACCESSWIRE / September 20, 2021 / Rocky Mountain Chocolate Factory, Inc. (NASDAQ:RMCF) (the "Company" or "RMCF"), one of North America's largest retailers, franchisers and manufacturers of premium, handcrafted chocolates and confections, today announced that its Board of Directors has sent a letter to stockholders addressing the misleading claims presented by AB Value Management LLC ("AB Value"). The Board's letter reiterated its view that its nominees possess the right skills and experience to support the Company's refreshed growth strategy to drive value for all stockholders.

The RMCF Board urges stockholders to protect the value of their investment by voting FOR all of the Company's nominees on the WHITE proxy card ahead of the Company's 2021 Annual Meeting of Stockholders (the "Annual Meeting"), currently scheduled for October 6, 2021.

The full text of the letter is copied below:

September 20, 2021

Dear fellow Rocky Mountain Chocolate Factory stockholders,

Thank you for your ongoing support of Rocky Mountain Chocolate Factory ("RMCF" or the "Company"). It is our privilege to serve you as Board members, where we are guided every day by our shared commitment to support the Company's growth and enhance long-term value for ALL of our Company's stockholders.

We are pleased to report that that the Company continues to take decisive action to execute its refreshed strategy focused on long-term growth, innovation and delighting customers with premium handmade chocolates and confections. We are navigating the ongoing challenges caused by the pandemic with discipline and focus. Our balance sheet is healthy, our business is delivering strong free cash flow and sales at our stores continue to improve, with most locations operating at or above pre-pandemic revenues.

This an exciting time at RMCF and we are well positioned for long-term growth as we transform our business. We are confident that you, our valued stockholders, will benefit from all that the Board and management are working to accomplish.

As sitting RMCF Board members, we strongly recommend that you vote FOR all Board members nominated by the Company for election at the upcoming Annual Meeting of Stockholders (the "Annual Meeting"), on October 6, 2021.