CE Brands Reports Fourth Quarter 2022 and Fiscal Year 2022 Financial Results and Announces Loan Facility with Vesta and Proposed Partnership with Kang-Shuo

CALGARY, Alberta, June 23, 2022 (GLOBE NEWSWIRE) -- CE Brands Inc. (TSXV: CEBI; CEBI.WT) (“CE Brands”, “we”, “our”, or the “Company”), a data-driven consumer-electronics company, today announced its financial results for the three-month (“Q4 2022”) and twelve-month periods (“Fiscal 2022”) ended March 31, 2022. The related audited financial statements and accompanying notes and Management’s Discussion and Analysis (“MD&A”) for Q4 and Fiscal 2022 are available on SEDAR at www.sedar.com and on CE Brands’ website at www.cebrands.ca. In addition, the Company is announcing that it has entered into a binding financing agreement with Vesta Global Stability Fund (“Vesta Fund”), pursuant to which Vesta Fund has agreed to advance a senior secured loan facility (the “Vesta Facility”) in the maximum amount of US$2,000,000 to the Company to fund working capital and for other general corporate purposes, including the purchase of inventory and shipping and duty expenses. The Company is also announcing that the Company has entered into a letter of intent with Beijing KangShuo Information Technology Co., Ltd. (“Kang-Shuo”) regarding a proposed Wearables Development and Sales Agreement (the “Definitive Kang-Shuo Agreement”) between eBuyNow eCommerce Ltd. (“EBN”), a wholly-owned subsidiary of CE Brands, and Kang-Shuo with respect to smartwatch and wearables engineering, design and manufacturing.

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