Niagara-on-the-Lake, Ontario--(Newsfile Corp. - October 9, 2024) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond" or the "Company") is pleased to announce that it has closed its previously announced acquisition of certain assets from the Perigon Beverage Group ("Perigon"). More specifically, Diamond has purchased the agency and supplier contracts, the intellectual property, and other intangible assets of Perigon and its agency business, such as its website, customer lists, business names and inventory.

The purchase price is $1.799 million based on Perigon's latest financial results. The purchase price will be satisfied by the issuance of common shares of Diamond in four tranches as follows: five million common shares of Diamond have been issued to Perigon today at a deemed issuance price of $0.26 per share, and thereafter an additional amount of shares having a value of approximately $499,000 issuable in three (3) equal installments (each representing one third (33.3%) of the balance owing) payable every six (6) months over the eighteen (18) month period following closing, subject to certain adjustments based upon the achievement of gross margin targets. Shares issuable in the tranches after closing will have issuance prices equal to the greater of (i) the average trading price over the thirty (30) days prior to their respective issuance dates, and (ii) the minimum price permissible under the rules of the TSX Venture Exchange (the "TSXV"), being $0.21 per share.

The common shares issued today are subject to a statutory hold period of four months and a day from their date of issuance, in accordance with applicable securities legislation.

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and ciders as well as a sales agent for over 120 beverage alcohol brands across Canada. The Company operates four production facilities, three in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, Creekside, D'Ont Poke the Bear, EastDell, Lakeview Cellars, Mindful, Shiny Apple Cider, Fresh Wines, Red Tractor, Seasons, Serenity and Backyard Vineyards.

Through its commercial division, Trajectory Beverage Partners, the Company is the sales agent for many leading international brands in all regions of the country as well as being a distributor in the western provinces. These recognizable brands include Fat Bastard, Meffre, Pierre Chavin and Andre Lurton wines from France, Brimincourt Champagne from France, Merlet and Larsen Cognacs from France, Kaiken wines from Argentina, Blue Nun and Erben wines from Germany, Calabria Family Estate Wines and McWilliams Wines from Australia, Saint Clair Family Estate Wines and Yealands Family Wines from New Zealand, Storywood and Cofradia Tequilas from Mexico, Maverick Distillery spirits (including Tag Vodka and Barnburner Whisky) from Ontario, Talamonti and Cielo wines from Italy, Catedral and Cabeca de Toiro wines from Portugal, Edinburgh Gin, Tamdhu, Glengoyne and Smokehead single-malt Scotch whiskies from Scotland, Islay Mist, Grand MacNish and Waterproof whiskies from Scotland, C. Mondavi & Family wines including C.K Mondavi & Charles Krug from Napa and Hounds Vodka from Canada, Bols Vodka from Amsterdam, Koyle Family Wines from Chile, Pearse Lyons whiskies and gins from Ireland and McCormick Distilling International including Tequila Rose Strawberry Cream, Five Farms Irish Cream Liqueur, Broker's Gin, Hussong's Tequila, Tarantula Tequila, 360 Vodka and Holliday Bourbon.

Forward-Looking Statements