Vancouver, British Columbia – The Newswire – March 13, 2024 - Plantify Foods, Inc. (TSXV: PTFY) ("Plantify Foods" or the "Company"), a Clean Label food company dedicated to providing consumers with nutritious and delicious food options, is pleased to announce that its wholly owned subsidiary and operating entity, Peas of Bean (“POB”), recently commissioned a new production line in order to meet growing sales demand. The new production line will be dedicated to Dips, Spreads & Salads (collectively “Salads”), and Soups, where the Company has seen a significant increase in sales in these two product categories.

"The foundational work and pragmatic approach by the operations team is commendable and is a pivotal step towards scaling our operations and alleviating the growing pains associated with expansion.”, said Suzette Ramcharan, CEO of Plantify Foods.

“The new production line is more efficient, which will reduce labour costs and provide operational flexibility. It is a testament to our commitment to meeting and increasing demand for our Salads and Soups. We offer a total of 21 different Salad options, and 5 Soup variations, and we continue to conduct R&D to improve and increase our product offering. The Soups and certain Salads are also the highest margin products that we produce.”, said Noam Ftecha, CEO of POB.

Ready To Scale

In response to new retail customers and white label partners for its Salads and Soups, the Company purchased new manufacturing equipment and assembled a new production line. The new production line is three times faster (3x) than the existing line, which will:

• Serve the growing demand for the Salads and Soups, especially in new markets; and 

• Reduce labour costs while increasing operational efficiencies. 

The current operations (a new facility commissioned in 2023), was built to scale operations in a streamlined manner in order to meet anticipated growth. When at full operating capacity, the facility is capable of producing upwards of 8,000 Kg of product daily (or approximately $15 million in revenue capacity). As the Company increases its marketing efforts, it will forecast production requirements, purchase new equipment, and assemble new production lines as necessary.

The Company remains focused on pursuing new sales in emerging markets such as Europe and the United States, which it believes it can accommodate given the manufacturing facilities ability to scale in order to meet the growing demand.

About Plantify Foods

Plantify Foods is committed to providing consumers with nutritious, Clean Label food options while pioneering innovation in the food and beverage industry. The Company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.

Plantify Foods, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America. With its new manufacturing facility, the Company can increase production and continue to create new Clean Label food products to meet the growing demand of health-conscious consumers from all walks of life.

If you have any questions or need more information, feel free to contact the Company directly.

Contacts:

Gabriel Kabazo

Chief Financial Officer and Corporate Secretary

Phone: (778) 601-8420

Investor Relations

Email: ir@plantifyfoods.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements:‎

This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In particular, this news release contains forward-looking information regarding but not limited to the Company’s business objectives with respect to increased sales and marketing efforts in Europe and North America, the operations ability to meet growth demands and increase operational efficiencies, and the Company’s ability to continue to secure financing opportunities and continue its operations. There can be no assurance that such forward-‎looking information will prove to be accurate, and actual results and future events could differ materially from ‎those anticipated in such forward-looking information. This forward-looking information reflects ‎Plantify’s current beliefs and is based on information currently available to Plantify and on ‎assumptions it believes are reasonable. These assumptions include but are not limited to the Company’s ability to implement its business plan. Forward-looking information is ‎subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of ‎activity, performance or achievements of Plantify to be materially different from those expressed or ‎implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general ‎business, economic, competitive, political and social uncertainties; general capital market conditions and market prices ‎for securities; delay or failure to receive regulatory approvals; the actual results of future operations; ‎competition; changes in legislation, including environmental legislation, affecting Plantify; the timing and availability of ‎external financing on acceptable terms; and loss of key individuals‎. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Plantify’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. The forward-‎looking information contained in this news release represents the expectations of Plantify as of the date ‎of this news release and, accordingly, is subject to change after such date. Plantify expressly ‎disclaims any intention or obligation to update or revise any forward-looking information, whether as a result ‎of new information, future events or otherwise, except as expressly required by applicable securities law.