Wildpack Achieves April Monthly Records for Total Throughput, Announces Successor Auditor, Provides MCTO Update, Provides Loan Update and Appoints Director

April 2023 Highlights (in USD):

• Confirmed Customer Orders: $6,191,169.
• Confirmed Sales Orders: 226.
• New Customer Conversions: 41.
• Total Throughput: 35,641,630 cans.
• Decoration Throughput: 4,722,977 cans.
• Filling Throughput: 3,434,933 cans.
• Printed Sleeve Throughput: 4,153,525 sleeves.
• Brokering Throughput: 23,330,195 cans.
• Plant Utilization: 40%.

VANCOUVER, BC / ACCESSWIRE / May 16, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ("Wildpack" or the "Company") a leading middle market co-packer of canned goods announces record total throughput of 35,641,630 cans, driven by new monthly records for brokering and filling throughput for the month of April 2023. The Company reported confirmed customer orders of $6,191,169, confirmed sales orders of 226, and new customer conversions of 41.

During the month of April 2023, Wildpack achieved a total throughput of 35,641,630 cans; of which included decorated of 4,722,977, filled of 3,434,933, printed sleeves of 4,153,525, and brokered of 23,330,195 cans, notably setting new monthly records for brokering and filling throughput.

In addition to the new monthly records for brokering and filling throughput, Wildpack also achieved a significant milestone in its total throughput, which was a year-over-year increase of 153%, setting a new record for the Company.

Wildpack achieved overall plant utilization of 40% in April, the second consecutive month the Company achieved that milestone. Despite the ongoing relocation process of one of its co-packing facilities, which is factored into the overall plant utilization at zero, Wildpack Beverage has maintained elevated efficiency across its two east and west coast operating co-pack sites located in Las Vegas and Baltimore. The Company's success can be attributed to its strategic focus on customer satisfaction and commitment to efficiency, which have allowed it to maintain strong relationships with its existing customer base while consistently attracting new customers.

"We are proud to report on-going record throughput into April, which is a testament to our Wildpack team's hard work and dedication," said Mitch Barnard, CEO of Wildpack Beverage. "Our utilization achievements despite the ongoing relocation of our Colorado facility, are a testament to the unified commitment to operating as a pack! We remain committed to delivering exceptional products and services to all our customers."

Davidson & Company Appointed Auditor

Wildpack's Board of Directors ("Board") has appointed Davidson & Company LLP ("Davidson") as its auditor effective May 15, 2023. The appointment of Davidson was made after a thorough evaluation process and has been approved by the Board and Audit Committee. Davidson replaces KPMG LLP ("KPMG") who were unable to reach a mutual agreement on the terms of engagement and accepted the decision to pursue the engagement of another auditor. In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from KPMG and Davidson have been reviewed by the Company's Audit Committee and will accordingly be filed on SEDAR.

Sandton Loan Update

Wildpack and Sandton continue to finalize the convertible loan (the "Convertible Loan") described in the Company's press release dated April 19, 2023, without any material adjustments to the terms previously disclosed. Management expects to execute the Convertible Loan imminently, at which point it will likely be required to seek the shareholder consent of 50% plus 1 of the Company's issued securities and TSX Venture Exchange approval prior to closing. Sandton has already proven a strategic relationship for Wildpack by introducing the Company to a number of high-profile potential customers.

Bi-Weekly MCTO Update

Wildpack is providing this status update in accordance with its obligations under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws.

As previously announced, the Company was granted a management cease trade order ("MCTO") upon application to the British Columbia Securities Commission (the "BCSC") on May 2, 2023. The MCTO restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities, but does not affect the ability of other shareholders, including the public, to trade in securities of the Company. The Company has appointed Davidson as its auditor and is working diligently to promptly facilitate the audit of its annual financial statements for the year ended December 31, 2022, and expects to file its annual financial statements for the year ended December 31, 2022, the related management discussion and analysis, and the related CEO and CFO certificates (the "Required Filings") as soon as possible, and in any event no later than June 30, 2023.

The Company confirms that since the date of the Default Announcement on April 18, 2023: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.

Board Appointment

Wildpack announces the appointment of Izhar Basha as a new member of its Board of Directors effective May 15, 2023. Mr. Basha brings a wealth of experience and expertise in the food industry to the Company, and we are confident that his knowledge and skills will be a valuable asset to our team.

Mr. Basha has an extensive background in the food industry, with over 20 years of experience in various leadership roles. Izhar Basha is the founder, Chief Executive Officer, and majority shareholder of EHPlabs. Mr. Basha is educated as an attorney and practiced at a leading Australian firm before founding EHPlabs. Mr. Basha has won numerous awards including Sydney Young Entrepreneur of the Year and EY Entrepreneur of the Year. He has a proven track record of success in driving growth and innovation, and we are excited to have him on board to help guide Wildpack's strategic direction.

Per: "Mitch Barnard"

Mitch Barnard
Chief Executive Officer and Director

For further information, please contact us at:
invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.

Cautionary Statement on Forward Looking Information

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the timing, review, completion and filing of the Required Filings, Wildpack's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: the risk of the Company not filing the Required Filings on time, risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Wildpack to be materially different from any future results, performance, or achievements expressed, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

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

SOURCE: Wildpack Beverage Inc.

View source version on accesswire.com:
https://www.accesswire.com/755175/Wildpack-Achieves-April-Monthly-Records-for-Total-Throughput-Announces-Successor-Auditor-Provides-MCTO-Update-Provides-Loan-Update-and-Appoints-Director