JustKitchen Opening Next B2B Ghost Kitchen in Central Taiwan Science Park

TSXV: JK   OTCQB: JKHCF   FRA: 68Z

The Company's CTSP Location is Expected to Serve Approximately 2,000 Meals per Day, with Proximity to More Than 150 Companies With Over 50,000 Employees Overall

VANCOUVER, BC, July 12, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), a technology-focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce the planned opening of its next business-to-business ("B2B") ghost kitchen location (the "CTSP Location") in the Central Taiwan Science Park (the "CTSP") by the beginning of August. The CTSP Location follows on JustKitchen's previously announced opening of B2B ghost kitchens serving the Hsinchu Science Park and the Taoyuan Environmental Science and Technology Park. The Company is aiming to establish four ghost kitchens in the CTSP and serve approximately 2,000 daytime meals per day to employees at the CTSP.

The CTSP Location is consistent with JustKitchen's current focus on strengthening corporate client relationships and pursuing opportunities that maximize operating margins with minimal upfront capital costs. It is expected to enable the Company to also leverage the strongest proprietary and partner food brands from its portfolio and continue to deploy its JKOS platform in new ways. Subject to the terms and conditions of the commercial arrangement applicable to the CTSP Location, it is being planned to be operated in a similar manner to the locations in the other two science parks.

The CTSP was founded in 2003 and is located in the center of Taiwan. It has become an important area for concentrated high-tech companies and consists of Taichung Park, Huwei Park, Houli Park, Erlin Park and Chung Hsing Park, covering a total area of 1,486 hectares.¹ The CTSP has developed quickly to become a major technology hub in Taiwan. By the end of December 2021, 233 companies, nine incubation centers and five research units had been approved for residency at CTSP. Over NT$2.287 trillion has been invested in the CTSP with over 150 companies in operation resulting in approximately 52,000 jobs.¹ Some of the most notable companies with offices in the CTSP are Micron Technology, TSMC, AUO Corporation and Largan Precision Co.

Management Commentary

"We are excited to open our next ghost kitchen location in the CTSP as it is yet another promising B2B opportunity for JustKitchen. This particular line of business is economically attractive and we hope to continue opening more locations like this one in other areas of our operating network," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "The daytime density level of the Central Taiwan Science Park is a great opportunity to serve high-quality meals to a lot of people in a short amount of time. It gives us the chance to continue to refine our B2B practices and perfect this evolving area of expertise even further," added Mr. Chen.

ABOUT JUSTKITCHEN

JustKitchen is primarily a technology-focused and enabled 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, Singapore 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 the planned opening of its next business-to-business ghost kitchen location in the Central Taiwan Science Park by the beginning of August; its aim to establish four ghost kitchens in the CTSP and serve approximately 2,000 daytime meals per day to employees at the CTSP; its expectation to leverage the strongest proprietary and partner food brands from its portfolio and continue to deploy its JKOS platform in new ways; the planned operation of the CTSP Location in a similar manner to the locations in the other two science parks; and the line of business being economically attractive. 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. "About CTSP: Origins", Central Taiwan Science Park, 2022, https://www.ctsp.gov.tw/english/00home/home.aspx?v=20

SOURCE Just Kitchen Holdings Corp.

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