Freshlocal Appoints New Chief Financial Officer

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VANCOUVER, BC, Feb. 28, 2022 /CNW/ – Freshlocal Solutions Inc. (TSX: LOCL) (OTC: FLOCF) “Freshlocal” or the “Company”) is pleased to announce the appointment of Ms. Monika Russell as Chief Financial Officer and Corporate Secretary of the Company effective February 28, 2022, replacing Ms. Adrienne Uy who is stepping into a new role with the Company as Executive Vice President of Transformation. 

Ms. Russell has over 18 years of public company experience, most recently as Chief Financial Officer of a TSX Venture Exchange listed technology company offering currency authentication and brand protection products and services. Ms. Russell will be responsible for the financial strategy, overall operating budget and the finance team.

“On behalf of the Board and the Company, I am pleased to welcome Monika to the team”, said Simon Cairns, CEO. “Monika’s experience in managing performance of growing technology companies will be integral as we continue to reshape the Company in three ways – driving cash flow performance in our core eGrocery/SPUD business unit, delivering on additional deployments of FoodX and driving innovation in technology around food waste management that can unlock margin and growth for both our FoodX customers and our core eGrocery segment.”

“Freshlocal’s core eGrocery business is on a trajectory toward consistent healthy cash flows as we concurrently ramp up deployments of FoodX”, said Ms. Russell. “I look forward to working with Simon and the team to deliver on the Company’s financial and operational transformation.”

“I would like to thank Ms. Uy for her past efforts and commitment to our mission and am excited to announce that Ms. Uy will be transitioning to a new role leading the transformation of our internal systems and driving innovation with our non-dilutive funding partners”, said Simon Cairns.

About Freshlocal Solutions Inc.

Freshlocal is a Vancouver-based company that is building a leadership position in the provision of end-to-end grocery e-commerce solutions. The Company operates two primary businesses, FoodX and eGrocery, both of which support its corporate mission to innovate food systems for people, planet and prosperity. Food-X Technologies Inc. (“FoodX“) is Freshlocal scalable end-to-end SaaS-based eGrocery Management Solution (eGMS) which is designed to meet the needs of large and small grocery retailers while providing profitable unit economics. The FoodX eGMS is the culmination of over 20 years of experience in online grocery and the Company’s proven track record of delivering efficiently, sustainably and profitably. The Company’s consumer eGrocery business has expanded into one of Canada’s largest online grocery companies, with a focus on delivering fresh, local, organic produce and groceries, along with exceptional customer experiences. Freshlocal serves the main urban markets in Alberta and British Columbia through its brick and mortar store locations operating under the Blush Lane and Be Fresh banners, as well as through SPUD.ca which is the Company’s award-winning online eGrocery platform. Freshlocal’s common shares are listed on the Toronto Stock Exchange under the symbol “LOCL”. Please visit www.freshlocalsolutions.com.

Notice on Forward Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to the Company’s future cash flow projections and the growth and profitability of the Company’s eGrocery and FoodX business segments. Often, but not always, forward-looking statements or information can be identified by the use of words such as “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions of the Company and the market in which it operates. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the eGrocery industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of technology or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); changes in general economic conditions or conditions in the financial markets; changes in laws; risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions; the ability to obtain financing as required; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Freshlocal Solutions Inc.

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