Else Nutrition Announces Closing of CA$5 Million Unit Offering

Not for distribution to United States wire services or dissemination within the United States.

VANCOUVER, British Columbia, November 21, 2023 (GLOBE NEWSWIRE) — OTHER NUTRITION HOLDINGS INC.BABY) (BABY) (0YL.F) (“Other” or the “Business”), plant-based nutrition company for babies, toddlers and children today announces that it has closed its previously announced offering of units (the “Units”) of the Company (the “Offering”). In connection with the Offering, the Company issued a total of 13,000,000 units at a price of C$0.385 per unit for gross proceeds of C$5,005,000.

Each unit is composed of one ordinary share in the capital of the Company and one ordinary share subscription warrant. Each warrant may be exercised to acquire one common share at a price of C$0.485 until November 21, 2028.

The Company plans to use the net proceeds from the Offering to fund research and development, fund sales and marketing, acquire inventory and for general corporate purposes.

AGP Canada Investments ULC acted as sole agent and bookrunner for the Offering and received a cash commission equal to 7% of the total gross proceeds of the Offering and 650,000 common share purchase warrants exercisable at $0.485 per share until November 21, 2026.

In connection with the Offering, the Company has filed a prospectus supplement dated November 21, 2023 to its short form base shelf prospectus dated November 10, 2023 with the securities commissions of each of the provinces of Canada, excluding Quebec . Copies of the supplement and the base shelf prospectus are available on SEDAR+ at www.sedarplus.ca.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be illegal. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “American titlesAct“) or under the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the US Securities Act and the applicable securities laws of any state of the United States. The “United States” and the “U.S. Persons” are as defined in Regulation S of the US Securities Act.

About Else Nutrition Holdings Inc.

Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is an internationally expanding food and nutrition company focused on developing innovative, clean, plant-based food and nutrition products for infants, toddlers and children. , and adults. Its revolutionary, plant-based and soy-free formula is an alternative to ingredients specific to dairy-based formulas. Since launching its complete plant-based nutrition for toddlers, featuring whole foods, almonds, buckwheat and tapioca, the brand has received thousands of impactful testimonials and reviews from parents, gained the support of domestic retailers and achieved rapid sales growth.

Awards and Recognition:

• “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan
• #1 Best Seller on Amazon for Fall 2020 in New Baby & Toddler Formula
• 2021 “Best Dairy Alternative” Awards at World Plant-Based Expo
• Nexty Award Finalist at Expo West 2022 in the Plant-Based Lifestyle Category
• In September 2022, Else Super Cereal reached the rank of best-selling baby cereals of all brands on Amazon.

Investor Relations Contact:

Alexandra Schilt
Crescendo Communications, LLC
Office: (212) 671-1020 Ext: 305
E-mail: aschilt@crescendo-ir.com

Toronto Stock Exchange

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

Caution Regarding Forward-Looking Statements

This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are generally identified by words such as “will” or similar expressions. Forward-looking statements contained in this press release include statements regarding the use of proceeds from the offering. These forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. No guarantee can be given that the above will prove to be accurate. Forward-looking statements made in this press release assume, among other things, that there will be no supply chain interruptions or failures due to COVID-19 and that the manufacturing, brokerage and supply logistics with the company will not end. . Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.