Just Kitchen Signs Brand Swap Agreement with Largest Ghost Kitchen Operator in Japan

The Company Gains Access for its Brands to a Major On-Demand Food Market While Importing Well-Known Brands from Japan via TGAL to Taiwan

VANCOUVER, BC, Feb. 28, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that is has entered into an agreement to exchange the virtual branding rights to certain delivery-only food brands ("Brand Swap Agreement") with TGAL Inc. ("TGAL"). Established in in Tokyo in 2013, TGAL is the largest ghost kitchen operator and number one distributor of food brands in Japan. TGAL has access to over one hundred brands while JustKitchen's current portfolio is comprised of approximately 30 proprietary menus and partner food brands.

The Company and TGAL will initially exchange one to two brands each under the Brand Swap Agreement, which is expected by both parties to be mutually beneficial in the two markets. The first brand to be licensed by JustKitchen to TGAL is expected to be the local "Chili House" hero brand in Taiwan, while TGAL is expected to provide the Japanese curry brand "BistroRyu" to JustKitchen. Brand swaps are being planned to occur on a location-by-location basis, with a royalty-based mechanism applied to compensate each party on a low risk, variable basis.

By way of the Brand Swap Agreement, the Company will gain access to the large on-demand food market in Japan, which is aligned with its previously announced international expansion plan to grow beyond Taiwan. Japanese food is growing in popularity with JustKitchen's consumers as the number of Japanese restaurants in Asia has increased by 13 percent over the last year, with interest in Japanese cuisine not expected to decline in the near future.¹ Conversely, the Brand Swap Agreement will also enable man of JustKitchen's popular proprietary brands to be experienced by consumers outside of Taiwan and Hong Kong for the first time.

"JustKitchen is excited that the novel Brand Swap Agreement with TGAL will not only be beneficial for both parties from a business perspective, but also for consumers in Taiwan and Japan who value quality food and unique experiences that are on the cutting edge of the delivery-only culinary landscape," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "I would like to commend the team at TGAL for coming together with us at JustKitchen on this opportunity to bring new on-demand food items to customers in multiple markets. We look forward to swapping more brands with TGAL as our relationship strengthens over time," added Mr. Chen.

TGAL's mission is to create a new food culture across Japan, throughout Asia, and eventually around the world. Led by Mr. Kono, TGAL strives for the delivery of local meals to be available everywhere. With the creation of an evolved Virtual Restaurant plan, TGAL aims to improve the delivery food industry and provide access to quality, well-known food brands around Japan. By incorporating a variety of affiliated platforms like UberEats and FoodPanda, TGAL is striving to maximize sales and growth.

ABOUT JUSTKITCHEN

JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.

For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com.

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

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding initially exchanging one to two brands each under the Brand Swap Agreement including "Chili House" and "BistroRyu"; swaps being planned to occur on a location-by-location basis with a royalty-based mechanism applied to compensate each party on a low risk, variable basis; and gaining access to the large on-demand food market in Japan. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Endnotes

1. "Japanese Food Is More Popular Than Ever, Spurred by The Eat at Home Trend", Saladplate, April 21, 2021, https://www.saladplate.com/blog/strategic-insights-japanese-food-is-more-popular-than-ever-spurred-by-the-eat-at-home-trend/

SOURCE Just Kitchen Holdings Corp.

Just Kitchen Holdings Corp., Suite 1430, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6; Nick Kuzyk, Investor Relations, Toll-Free: 1-855-JST-KCHN (1-855-578-5246), Email: [email protected]