GFI Announces Wind-Down of Operations

Global Food and Ingredients Ltd. (GFI), based in Toronto, declared the planned orderly cessation of its operations. This decision results from recent macro-economic events leading to significant supply chain disruptions, impacting GFI's ability to procure essential raw materials for its processing facilities. This disruption is anticipated to markedly reduce the company's sales and gross profit until new supplies become available with the Canadian harvest in fall 2024.

The board and management have explored various alternatives to sustain business operations, including refinancing or selling processing facilities and seeking bridge financing or asset sale. However, these efforts have not yielded a viable solution. Consequently, GFI will collaborate with lenders to sell its assets systematically.

All directors of GFI have resigned following these developments, though there have been no changes in the company's officers. GFI aims to fulfill its continuous disclosure obligations throughout the wind-down process and confirms its compliance with applicable laws.