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Freshlocal Solutions Has Secured an $8.8M Secured Credit Facility from Export Development Canada

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Fort Capital is pleased to announce that Freshlocal Solutions Inc. (TSX:LOCL) (“Freshlocal” or “the Company“) has secured an $8.8 million credit facility agreement with Export Development Canada (“EDC”) to support Freshlocal’s international expansion efforts related to its FoodX SaaS-based eGrocery Management Solution (“eGMS”).

Freshlocal introduced its FoodX end-to-end, SaaS-based eGMS to bring optimized, efficient, and sustainable online grocery fulfillment capabilities to the global grocery marketplace. The FoodX platform draws on Freshlocal’s deep expertise in providing award-winning, multi-channel retail grocery services to its customers. Market leading grocers can now achieve best in class eGrocery economics while at the same time accessing Freshlocal’s FoodX platform and capabilities to reduce food waste – one of the most pressing challenges that must be addressed in the global food business. The FoodX eGMS is ideally positioned to provide a proven eGrocery solution to a global base of potential grocers and retailers.

“Over the course of 2021, we are excited to have built a new relationship with EDC and to have secured access to an important new source of capital for our FoodX eGrocery solution. This new partnership with EDC demonstrates their strong support for the use of leading-edge Canadian technologies to address the needs of global markets,” stated Simon Cairns, Chief Executive Officer of Freshlocal.

Fort Capital Partners acted as an advisor to Freshlocal on the EDC financing agreement.

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About FreshLocal Solutions Inc.

Freshlocal Solutions Inc. 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’s 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 and through SPUD.ca, the Company’s award-winning online marketplace eGrocery platform. Freshlocal’s common shares are listed on the Toronto Stock Exchange under the symbol “LOCL”.

About Export Development Canada

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.