SIMPLY BETTER BRANDS ANNOUNCES RESULTS FOR FISCAL 2024, HIGHLIGHTING 77% INCREASE IN TRUBAR$(TM)$ REVENUE, AND CORPORATE NAME CHANGE TO TRUBAR INC.

Canada NewsWire

VANCOUVER, BC, April 22, 2025

   -- SBBC generated net revenue of $45.3 million from continuing operations 
      for the twelve months ended December 31, 2024, an increase of 69% as 
      compared to the prior year. Revenue growth was primarily driven by a 77% 
      increase in TRUBARTM revenue. The Company also achieved positive Adjusted 
      EBITDA of $0.5 million from its continuing operations in 2024, an 
      improvement of 151% compared to 2023. 
 
   -- During 2024, SBBC expanded TRUBAR(TM)'s regional and national footprint 
      and achieved its goal of 15,000 stores by year-end. The Company secured 
      strategic launches in 2024 with leading retailers including Costco, Whole 
      Foods, Walmart, CVS, and GNC. 
 
   -- Subsequent to December 31, 2024, the Company announced the following 
      distribution and significant news; Nationwide rollout into Sam's club 
      stores, expansion into Costco Canada west, strong growth of its DTC sales 
      channel and the launch of TRUBARTM nationwide in select Target locations. 
 
   -- The Company is pleased to announce its intention to change its corporate 
      name to TRUBAR Inc., subject to TSX Venture Exchange approval, marking a 
      strategic shift to become a pure-play business focused entirely on the 
      growth and expansion of its flagship brand, TRUBAR(TM). In line with this 
      transition, the Company has signed a binding Letter of Intent (LOI) for 
      the sale of its portion of the No B.S. brand, with the transaction 
      expected to close by Q2. 

VANCOUVER, BC, April 22, 2025 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQX: SBBCF), a rapidly growing brand accelerator in the global protein-based nutrition category, offering innovative, plant-based protein products that prioritize clean ingredients and exceptional taste, is pleased to report selected information from its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2024. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below.

Selected financial and operating information are outlined below and should be read with the Company's audited consolidated financial statements and related management's discussion and analysis for the twelve months ended December 31, 2024 ("MD&A"), which are available under the Company's profile on SEDAR+ at www.sedarplus.com.

FINANCIAL HIGHLIGHTS FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2024

Financial highlights for the Company's continuing operations during the twelve months ended December 31, 2024 included:

   -- Net revenue of $45.3 million for the twelve months ended December 31, 
      2024, representing an increase of 69% compared to $26.8 million during 
      the twelve months ended December 31, 2023. This growth was driven 
      primarily by TRUBARTM sales, which contributed 96% of the Company's 
      overall revenue in 2024. 
 
   -- Gross Revenue1 was $55.9 million for the twelve months ended December 31, 
      2024, an increase of 89% compared to $29.6 million for the comparable 
      period in 2023. This growth was driven primarily by TRUBARTM sales. 
 
   -- Revenue derived from TRUBARTM sales was $43.6 million for the twelve 
      months ended December 31, 2024, representing an increase of $18.9 million 
      or 77% as compared to $24.7 million for the twelve months ended December 
      31, 2023. 
 
   -- Direct-to-consumer $(DTC.AU)$ revenue for the twelve months ended December 31, 
      2024, represented 11% of total TRUBARTM revenue. DTC revenue includes 
      e-commerce sales of TRUBARTM through Amazon and Shopify channels. 
 
   -- Gross profit was $13.3 million for the twelve months ended December 31, 
      2024, an increase of 77% as compared to Gross profit of $7.5 million for 
      the twelve months ended December 31, 2023. Gross margin percentage was 
      29% for the twelve months ended December 31, 2024, compared to Gross 
      margin percentage of 28% for the comparable period in 2023. 
 
   -- Operating costs were $16.2 million for the twelve months ended December 
      31, 2024, an increase of $3.2 million (or 25%), compared to $13.0 million 
      for the twelve months ended December 31, 2023. This increase reflects the 
      Company's strategic investments and operational growth initiatives. 
 
   -- The Company achieved Adjusted EBITDA2 of $0.5 million from continuing 
      operations for the twelve months period ending December 31, 2024, a $1.4 
      million improvement over the Adjusted EBITDA achieved in the comparable 
      period in 2023. The improvement in Adjusted EBITDA was due to higher 
      gross profit which was partially offset by higher cash operating expenses 
      for the twelve months ended December 31, 2024 compared to the prior year. 
 
   -- The Company recorded a net loss from continuing operations of $11.5 
      million during the twelve months ended December 31, 2024, compared to a 
      net loss of $7.5 million for the twelve months ended December 31, 2023. 
      Excluding the impacts of warrant liabilities, net loss from continuing 
      operations would have been $4.4 million during the twelve months ended 
      December 31, 2024, compared to a net loss of $8.5 million for the twelve 
      months ended December 31, 2023. 

CORPORATE NAME CHANGE TO TRUBAR(TM) INC.

SBBC is also pleased to announce its intention to change its name to TRUBAR(TM) Inc., marking a strategic shift to become a pure-play business focused entirely on the growth and expansion of its flagship brand, TRUBAR(TM), subject to the acceptance of the TSX Venture Exchange. The purpose of the rebrand is to align the Company's identity with its core business and consumer-facing brand, while reinforcing its commitment to building long-term shareholder value.

The effective date of the name change and further details, including the new ticker symbol and CUSIP/ISIN numbers for the common shares of the Company will be announced in a subsequent news release once confirmed. Shareholders will not be required to take any action in connection with the name change. Outstanding common share and warrant certificates bearing the old name of the Company will still valid and are not affected by the name and ticker symbol change.

MANAGEMENT COMMENTARY

Kingsley Ward, Chief Executive Officer and Chairman of SBBC commented on the results, "Fiscal 2024 was a transformational year for SBBC as we accelerated our growth strategy in the better-for-you consumer space. Our efforts to streamline the business and strengthen our leadership team have positioned us for long-term success. With the planned sale of the No BS brand, we are placing our entire focus on TRUBAR(TM) . With a strong Board of Directors, a focused strategy, and increasing consumer demand for better-for you snacks, we are confident in our ability to drive growth and deliver value to our shareholders in 2025 and beyond."

Erica Groussman, Co-Founder and CEO of Tru Brands, Inc. added, "2024 was a milestone year for TRUBAR(TM), as we significantly expanded our retail footprint and secured key partnerships with leading retailers such as Costco, Whole Foods, Walmart, CVS, and GNC. Reaching our target of 15,000 stores reflects the incredible momentum behind the brand and the growing consumer demand for clean, plant-based snacks. With our strengthened and highly skilled leadership team, we remain confident in our ability to build on this success, putting our entire focus on scaling TRUBAR(TM) in 2025 through expanded distribution, marketing, innovation, and a commitment to providing clean, recognizable ingredients without compromising on taste."

FOURTH QUARTER 2024 BUSINESS and OPERATIONAL HIGHLIGHTS

Significant business and operational highlights for the Company during the three months ended December 31, 2024 included:

   -- Walmart Canada: On October 9th, 2024, the Company announced the rollout 
      of TRUBARTM in more than 300 Walmart stores across Canada, a key 
      strategic addition in expanding the brand's presence to more than 1,000 
      Walmart store locations across North America. 
 
   -- GPM Investments Convenience Store Chains: On October 17, 2024, the 
      Company announced further distribution expansion of TRUBARTM in the 
      convenience channel with the addition of more than 25 regional store 
      brands operating under GPM Investments, LLC, one of the largest 
      convenience store chains in the U.S. with more than 1,400 GPM locations 
      in more than 33 states in a wide range of well-known regional convenience 
      chains including Fas Mart, E-Z Mart, Roadrunner Markets, Village Pantry 
      and Jiffi Shop. 
 
   -- Love's Travel Stops: On October 28, 2024, the Company announced the 
      launch of TRUBARTM in over 600 Love's Travel Stops across 42 states, the 
      largest network of travel stops and convenience stores across the U.S. 
 
   -- Albertsons Companies: On November 11, 2024, the Company announced the 
      launch of TRUBARTM in more than 500 Albertsons Companies locations, the 
      second-largest supermarket chain in North America. TRUBARTM has since 
      been made available in the following banners: Albertsons, Safeway, Shaw's, 
      Star Market, Jewel-Osco, Carrs, and Market Street. 
 
   -- Senior Leadership Appointments: On December 17, 2024, the Company 
      announced key executive appointments. Claire Ughetto has been named 
      Senior Vice President of Operations to oversee TRUBAR(TM)'s expansion and 
      Laura Freimane, CPA, has been appointed Chief Financial Officer, to lead 
      SBBC's financial team and strategy. 

SIGNIFICANT EVENTS SUBSEQUENT TO DECEMBER 31, 2024

Subsequent to December 31, 2024 the Company announced the following distribution partners:

   -- Sam's Club Expansion: On January 15, 2025, the Company announced the 
      nationwide rollout of TRUBAR(TM) in select Sam's Club warehouse stores 
      across the U.S.. This launch builds on the brand's successful online 
      presence at SamsClub.com and further strengthens its North American 
      distribution footprint with key retail partners. 
 
   -- Gopuff E-Commerce Expansion: On January 21, 2025, the Company announced 
      the launch of TRUBAR(TM) on Gopuff, the leading instant commerce platform 
      with a presence in major U.S. markets. This partnership enhances 
      TRUBAR(TM)'s reach through Gopuff's micro-fulfillment centers and 
      omnichannel retail locations across the U.S. 
 
   -- GoMart Convenience Channel Expansion: On February 6, 2025, the Company 
      announced the launch of TRUBAR(TM) in GoMart, a regional convenience 
      store chain with a major presence in West Virginia and additional 
      locations in Ohio and Virginia. TRUBAR(TM) is now available in 124 GoMart 
      stores. 
 
   -- TRUBAR(TM) Canada Expansion: On February 24, 2025, the Company announced 
      the launch of TRUBAR(TM) in Costco Canada's West Region, marking a major 
      milestone in the brand's expansion across Canada and strengthening its 
      strategic partnership with Costco. Additionally, SBBC has expanded 
      TRUBAR(TM)'s retail footprint with the addition of Nature's Emporium, an 
      Ontario-based health food market with six locations, and Freson Bros., an 
      Alberta-based grocery chain with 16 locations. 
 
   -- Direct to Consumer Growth Update: On March 4, 2025, the Company announced 
      preliminary unaudited results of its estimated growth in 
      direct-to-consumer ("DTC") sales for 2024. TRUBAR(TM) demonstrated 
      exceptional growth throughout 2024, with total DTC sales increasing by 
      365% from Q1 to Q4-2024. 
 
   -- Target Expansion: On April 14, 2025 the Company announced the launch of 
      TRUBARTM in select Target locations, marking further progress in 
      expanding the brand's North American distribution footprint with key 
      national retail partners. 

UPDATE ON LIQUIDITY AND CAPITAL RESOURCES

The Company's primary liquidity and capital requirements are for inventory and general corporate working capital purposes. The Company had a cash balance of $7.1 million as of December 31, 2024, which will provide capital to support the planned growth of the business and for general corporate working capital purposes. The Company's Adjusted working capital increased from a deficiency of $12.1 million as of December 31, 2023, to a positive working capital $4.1 million as of December 31, 2024 ($16.3 million improvement). This excludes warrant liabilities as they are settled through the issuance of Common shares.

Significant liquidity and capital-related updates included:

   -- BMO Partnership & Credit Facility: On December 2, 2024, the Company 
      announced a new partnership with BMO Corporate Finance Division and the 
      closing of a USD $10 million credit facility for its subsidiary, TRU 
      Brands Inc. The facility allows TRUBAR(TM) to borrow against both 
      accounts receivable and inventory. In connection with the new facility, 
      the Company repaid and terminated a $5 million prior facility. 
 
   -- Convertible Notes, Promissory Notes and Loans Payable: The Company 
      consolidated two loan agreements from 2023 into a single unified 
      agreement. Under the revised terms, the Company is obligated to pay 
      $114,587 in restructuring fees over 11 equal installments. The agreement 
      also requires the Company to make monthly interest payments. Additionally, 
      during the fiscal year ended December 31, 2024, the Company issued four 
      promissory notes with three of the Company's Board Members and one of its 
      shareholders. The funds were used to finance the operations of the 
      Company, specifically TRUBARTM's growth. Furthermore, convertible notes 
      amounting to CA$850,000 were converted into 2,179,488 units during the 
      fiscal year ended December 31, 2024. 
 
   -- Credit Facility with Vimy Ridge Group: Subject to the approval of the TSX 
      Venture Exchange, Vimy Ridge Group Investments Inc. ("VRG"), a company 
      controlled by Kingsley Ward, has provided a credit facility of up to $10 
      million in favour of the Company to support the TRUBARTM sales expansion 
      in 2025. The credit facility has been made pursuant to a promissory note 
      of the Company representing a principal amount of up to $10 million (the 
      "Promissory Note"). The Promissory Note provides that amounts may be 
      drawn in $100,000 increments. All amounts drawn under the Promissory Note 
      will bear interest at a rate of Prime + 5% per annum payable monthly in 
      arrears. The principal amount drawn under the Promissory Note, plus all 
      accrued and unpaid interest, will be payable upon demand of VRG, as 
      lender. As consideration for the loan, the Company will pay VRG an 
      origination fee equal to 1% of the principal amount available under the 
      Promissory Note. Please refer to the section below entitled "Multilateral 
      Instrument 61-101 -- Protection of Minority Security Holders in Related 
      Party Transactions" for additional information regarding the Promissory 
      Note. 

The Company's ability to fund operating expenses will depend on its future operating performance which will be affected by general economic, financial, regulatory, and other factors including factors beyond the Company's control (See "Risk and Uncertainties" in the MD&A).

Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of accounts receivable, other receivable, accounts payable, accrued liabilities and unearned revenue and deposits; (ii) investing activities (iii) financing activities.

WEBCAST and CONFERENCE CALL DETAILS:

SBBC will be holding a conference call and simultaneous webcast to discuss its financial results on Wednesday, April 23, 2025, at 12:00 pm ET (9:00 am PT). The call will be hosted by Kingsley Ward, Chief Executive Officer, and Erica Groussman, Co-founder & Chief Executive Officer of Tru Brands, Inc. Please dial-in 10 minutes prior to the start of the call.

Date: Wednesday, April 23, 2025

Time: 12:00 pm EST (9:00 am PST)

For attendees who wish to join by webcast, the event can be accessed at:

https://bit.ly/SBBC-Q424

Dial-in by phone

+1 778 907 2071 (Vancouver Local)

+1 647 558 0588 (Toronto Local)

Click here to find local numbers

Meeting ID: 892 8561 7506

Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Related Party Transactions

VRG is a company controlled by Kingsley Ward, the Chairman and Chief Executive Officer of the Company. As a result, the entering into of the Promissory Note and the transaction contemplated thereby is considered to be a "related party transaction", subject to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Related Party Transaction ("MI 61-101"). Notwithstanding the foregoing, the Company is exempt from the formal valuation requirement per sections 5.5(a) and 5.5(b) of MI 61-101, as neither the fair market value of the subject matter of either of the transaction, nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, exceeds 25% percent of the Company's market capitalization and the Company is not listed on any of the exchanges specified in 5.5(b) of MI 61-101. The Company further confirms that it has not obtained any valuations relevant to the Promissory Note in the 24 months preceding entering into the Promissory Note. In addition, the Company is exempt from the requirement to obtain minority shareholder approval per section 5.7(1)(f) of MI 61-101, as the Promissory Note is a non-convertible loan obtained on reasonable commercial terms that are not less advantageous to the Company than if the Promissory Note and matters relating thereto were obtained from a person dealing at arm's length and is not repayable, directly or indirectly, in equity or voting securities of the Company or a subsidiary.

The issuance of the Promissory Note and the matters relating thereto were each approved by the independent directors of the Company, being all directors other than Kingsley Ward. No materially contrary view or abstention was expressed or made by any director of the Company in relation to the proposed transaction. The Company did not file a material change report 21 days in advance of implementing the transaction as the negotiations were only concluded immediately prior to entering into the Promissory Note.

Footnotes:

   1. The Company defines Gross Revenue as Net Revenue adjusted for vendor 
      discounts. The Company, through its subsidiary, Tru Brands, engaged in a 
      marketing program with one of its vendors. Discounts and specific 
      promotional expenditures related to this program were recognized as a 
      reduction of revenue in accordance with IFRS 15, 'Revenue from Contracts 
      with Customers'. 
 
   2. "EBITDA" is calculated as earnings before interest, taxes, depreciation, 
      depletion, and amortization. "Adjusted EBITDA" is calculated as EBITDA 
      adjusted for non-cash, extraordinary, non-recurring, and other items 
      unrelated to the Company's core operating activities. 

About Simply Better Brands Corp.

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