TSL Express Daily News

Freshlocal Solutions Inc. (TSX: LOCL) ("Freshlocal" or the "Company") is pleased to announce that the company has entered into a new $15 million credit financing facility with Silicon Valley Bank (SVB).

"This non-dilutive credit facility provides us with important financial and operating flexibility at terms that we believe are favorable to the company," stated Peter van Stolk, Chief Executive Officer of Freshlocal. "These funds will assist us in advancing the development of our eGrocery Management Solution which enables the profitable provision of online grocery services at a time when the global grocery business is experiencing a rapid shift to on-line grocery."

Building upon over 20 years of experience gained while successfully offering online and retail grocery services to its customers in Western Canada, Freshlocal introduced its end-to-end, SaaS-based eGrocery Management Solution (eGMS), FoodX, to the global grocery market in 2018. FoodX brings profitable, efficient, and sustainable online grocery fulfillment capabilities to grocers of all sizes. Given the increased adoption of eGrocery, which has accelerated further as a result of the global pandemic, the FoodX eGMS is ideally positioned to provide a proven eGrocery solution to a global base of potential customers.

Since Freshlocal's introduction of FoodX, important customer wins have been secured including Carrefour Group, a longstanding global leader in the grocery industry that has implemented the FoodX system to serve its customers in Europe. Meridian Farm Market, a Mid-Market grocery retailer in Vancouver, B.C, has also been secured as a FoodX customer, with implementation taking place in late 2021.

"Using its deep experience in online grocery, Freshlocal has developed an important technology solution with the capabilities to drive profitable unit economics for the rapidly expanding global online grocery business," said Caterina Papadakos, Director, Technology Banking at Silicon Valley Bank. "We are pleased to be working with Freshlocal as it connects with new customers in this high-growth market."

In March 2021, Freshlocal secured a revolving loan facility of up to $15.0 million with SVB. The loan facility is secured by a first-priority cash collateral and matures on March 12, 2023. The proceeds from the facility will be used to fund the continued development of Freshlocal's FoodX eGMS platform as well as for expansion and working capital purposes.

About Freshlocal Solutions Inc.

Freshlocal Solutions 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 leverage innovation and technology to create a sustainable and profitable food system for all. Food-X Technologies ("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 Solutions 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.

About Silicon Valley Bank

For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com/canada.