Vancouver, British Columbia – TheNewswire – December 11, 2024 - Plantify Foods, Inc. (TSXV: PTFY) ("Plantify Foods" or the "Company") reports that its wholly owned subsidiary, Peas of Bean Ltd. (“POB”), has filed a request (file number 28001/12/24) (the “Request”) with the district court of Nof Hagalil-Nazareth, Israel (the “Court”) to open proceedings in accordance with the Insolvency and Economic Rehabilitation Law (2018). The Request is for:

 

1. an order to initiate proceedings for the purpose of liquidation; and

2. an order for the appointment of a trustee for POB from the list of trustees of the commissioner at the discretion of the Court.

 

POB has facilities in Kibbutz Gonen, which is located in an area in northern Israel that has been affected by ongoing hostilities with Hezbollah in Lebanon. Due to the continuous drone attacks, missile strikes and shootings in the region, the area has been almost completely evacuated of civilians. All employees have been put on unpaid leave and POB ceased operations. As announced in the Company’s news release on July 16, 2024, POB reached a point where it is was unable to meet its financial obligations to employees, suppliers, and creditors, and was assessing solutions to continue its operations. The board of directors of POB has subsequently determined that it is in the best interests of POB to file the Request with the Court.

Plantify Foods has no other business or material assets and intends to commence the evaluation of potential business opportunities to replace POB. The filing of the Request does not directly affect Plantify Foods. The Company continues to have more than the minimum required number of directors and is in good standing with its registrar and transfer agent.

The Company will provide updates on material developments related to POB’s insolvency proceedings. 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.