Osoyoos Enters into Equipment Lease and Joint-Venture Agreement; Provides Corporate Update

Mr. Graham Simmonds, Chief Executive Officer of Osoyoos, commented, “We are very pleased to have found a licensed partner with a similar vision to Osoyoos that will allow us to begin providing high quality processing and extraction services as originally planned by the Company.” He continued, “Bringing these services within a 45-minute drive of Canada’s largest population centre in the Greater Toronto Area is also a major opportunity for the Company. We will be working with our licensed partner over the coming weeks to develop the marketing and launch plan for the joint-venture and production facility.”

Corporate Update

Osoyoos has scheduled its next annual and special meeting of shareholders to be held on July 20, 2020. The Company plans to file its notice of meeting and management information circular on its SEDAR profile on June 19, 2020 outlining such items that shareholders will be voting on at the meeting. The Company understands a number of other companies have delayed their annual meeting dates due to the continuing concerns related to COVID-19 and to mitigate potential risks to the health and safety of shareholders and employees, however, at this time, the Company will work to maintain its current meeting schedule. The Company will continue to evaluate the situation and will follow the guidelines and advice of Canada’s Public Health Agency as well as regulations from provincial and territorial governments with respect of COVID-19.

Effective March 31, 2020, Mr. Tyler Devenyi ceased to hold office as Chief Operating Officer of the Company. Mr. Devenyi continues to serve as a director of Osoyoos.

Furthermore, the Company is pleased to announce that over the past sixty days’ management has been focused on implementing operational cost-cutting measures that have resulted in a reduction of over 25% of its recurring monthly operating costs and expenses. Osoyoos has also entered into a listing agreement to market its warehouse facility in British Columbia for sublease and aims to reduce this liability in the near future.

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