Niagara on Lake Ontario--(BUSINESS WIRE)--Diamond Estates Wines & Spirits Inc. ("Diamond Estates" or "Company") (DWS-TSX Venture) today announced that it has entered the second revision And the restatement credit agreement ("SARCA") with the Bank of Montreal ("BMO"). SARCA merged the previous BMO financing of Equity Wine Group and its subsidiaries (collectively referred to as "EWG") with the company's existing BMO credit facilities. EWG was acquired by the company on October 6, 2021, on the condition of the company merging all of its facilities with BMO.

"We are very satisfied with our relationship with BMO and the support given to us by the BMO team," said Murray Souter, President and CEO. "The implementation of this agreement will extend our banking relationship with BMO until 2024 and will help support our business plans and future growth."

The SARCA clauses have been updated, and the notable clauses are as follows:

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a high-quality wine producer and sales agent for more than 120 alcoholic beverage brands in Canada. The company operates four wineries, three in Ontario and one in British Columbia. They mainly produce VQA wines. The brand names of these wines include 20 Bees, Creekside, EastDell, Lakeview Cellars, Queenston Mile, Dan Aykroyd, Shiny Apple Cider , Rood Apples, fresh, proud pour, red tractor, four seasons, tranquility and backyard vineyards.

Through its commercial arm Trajectory Beverage Partners ("TBP"), the company has become the sales agent of many leading international brands in various regions of the country and the distributor of western provinces. These well-known brands include Josh wines from California, Fat Bastard and Andre Lurton wines from France, Kaiken wines from Argentina, Blue Nun wines from Germany, Francois Lurton wines from France and Argentina, Felix Solis wines from Spain, Canada's Waterloo Brewing and Landshark Lager are from the United States, Marston's beer from the United Kingdom, Edinburgh gin from Scotland, Tamdhu, Glengoyne and Smokehead single malt Scotch whisky, Barcelo Rum from the Dominican Republic, CK Mondavi & Family wines, including Napa Charles Krug from Amsterdam, Bols Vodka from Amsterdam, Koyle Family wine from Chile, Pearse Lyons whiskey and gin from Ireland, and Fontana di Papa wine from Italy.

Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.

This press release contains forward-looking statements. Usually, but not always, forward-looking statements can be identified or “not” by using words such as “plan”, “expected” or “unexpected”, “anticipated”, “estimated”, “intended”, “anticipated”, etc. Expect", "believe" or variations of such words, or state that "may", "may", "will", "may" or "will" take certain actions, events or results, occur or be realized. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Diamond Estates Wines and Spirits Inc.’s actual results, performance or achievements to be in line with any future results, performance or achievements implied by or implied by the forward-looking statements There is a major difference-a statement that seems. Actual results and developments may differ from those expressed or implied by the forward-looking statements contained in this press release, and may differ materially. Such forward-looking statements are based on certain assumptions that may prove to be incorrect, including but not limited to: general economy; consumer interest in company services and products; financing; competitions; and expected and unexpected costs. Although the company acknowledges that subsequent events and developments may cause its views to change, the company expressly disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied on to represent the company’s views as of any date after the date of this press release. Although the company has tried to identify important factors that may cause actual actions, events, or results to be materially different from those described in forward-looking statements, there may be other factors that may cause actions, events, or results to differ from expectations, estimates, or results. on purpose. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those expected in such statements. Therefore, readers should not place undue reliance on forward-looking statements.

J. Murray Souter Diamond Estates Wines & Spirits Inc. President and CEO jmurraysoter@diamondwines.com Ryan Conte, CPA, CA, CBV Diamond Estates Wines & Spirits Inc. CFO rconte@diamondwines.com

J. Murray Souter Diamond Estates Wines & Spirits Inc. President and CEO jmurraysoter@diamondwines.com Ryan Conte, CPA, CA, CBV Diamond Estates Wines & Spirits Inc. CFO rconte@diamondwines.com