Vancouver, BC - TheNewswire - May 30, 2023 - Plantify Foods, Inc. (TSXV:PTFY) ("Plantify Foods" or the "Company") is pleased to announce that further to the Company’s news release of November 25, 2022, and in accordance with the three consulting agreements effective as of November 9, 2022 (the “Agreements”) it has agreed to pay the following: Hike Capital Inc. a fee of $22,500, satisfied through the issuance of 260,869 common shares at a deemed price of $0.08625 per common share; Capitalink Ltd. a fee of $45,000, satisfied through the issuance of 521,739 common shares at a deemed price of $0.08625 per common share; and LIA Pure Capital Ltd. a fee of $45,000, satisfied through the issuance of 521,739 common shares at a deemed price of $0.08625 per common share. All amounts are stated in Canadian dollars.

In respect to the common shares issued pursuant to the Agreements, the Company issues such number of common shares as is equal to the quotient obtained by dividing the applicable amount due by the greater of (A) the 90-day volume weighted average trading price of the Company’s listed shares on the TSX Venture Exchange (the “TSXV”) for the 90 trading days immediately preceding the press release announcing the applicable common shares issuance, and (B) the Discounted Market Price (as defined in the policies of the TSXV) of the common shares.

All securities issued pursuant to the Agreements will be subject to a hold period of four months plus one day from the date of issuance thereof in accordance with applicable TSXV polices and Canadian securities laws.

About Plantify Foods, Inc.

Plantify Foods, Inc., through its wholly owned Israeli subsidiary, is active in the food tech sector, focused on the development and production of "clean-label" plant-based products. Plantify’s unique technology allows for the production of plant-based meat alternatives, dips, and snacks, with natural ingredients familiar to consumers that are free of preservatives, free of common food allergens, are GMO-free and enjoy the same or longer shelf life than most preservative-containing products of the same category. Plantify is also engaged in developing functional foods with health benefits supported by independent testing that it anticipates will enable it to make health claims under US Food and Drug Administration and Canadian Food Inspection Agency regulations. Plantify currently sells its products in Israel and North America.

Contacts

Gabriel Kabazo

Chief Financial Officer and Corporate Secretary

Phone: 1 (604) 833-6820

Email: ir@plantifyfoods.com

Caroline Sawamoto

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.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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 the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on certain risks and uncertainties. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.