Diamond Estates Wines & Spirits Announces Share Consolidation

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Diamond Estates consolidates shares on a 10:1 ratio

Niagara-on-the-Lake, Ontario--(Newsfile Corp. - November 10, 2021) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates" or "the Company") today announces implementation of the consolidation of its share capital on a 10 for 1 basis, consolidating its currently issued and outstanding shares to 27,876,044 (the "Consolidation"). Shareholder authorization to effect the share consolidation was approved pursuant to a special resolution passed by shareholders on September 28, 2021. In accordance with the constating documents of the Company and the aforementioned shareholder approval, the board of directors of the Company passed a resolution authorizing the Consolidation.

The Company anticipates its shares will continue to be traded on a post-consolidation basis on the TSX Venture Exchange (the "Exchange"), as of Monday November 15, 2021, under the symbol "DWS" and under a new CUSIP number - 252593801 / ISIN number - CA2525938015.

A letter of transmittal will be mailed to all registered shareholders. Additional copies of the letter of transmittal can be obtained through the Company's transfer agent, TSX TRUST COMPANY, 301 - 100 Adelaide Street West, Toronto, ON M5H 4H1; telephone number 1-866-600-5869, facsimile number (416) 361-0470.

Further details with respect to the Consolidation are contained in the Company's management information circular dated August 17, 2021, a copy of which is available on SEDAR at www.sedar.com.

The exercise price and number of shares of the Company issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation. No fractional post-consolidation common shares will be issued.

The Company also announced that the inventory holdback of $300,000 set out in the purchase agreement of the Shiny Apple cider brand has been released from escrow. The closing inventory has been valued at $166,613.22, which means $133,386.78, plus any accrued interest, is to be refunded to Diamond. Murray Souter, President & CEO stated, "The recent acquisition of the Equity Wine Group and the Shiny Apple Cider brand are significant milestones in the growth and evolution of Diamond and will figure prominently in our future business plans."

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and a sales agent for over 120 beverage alcohol brands across Canada. The Company operates four wineries, three in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, Creekside, EastDell, Lakeview Cellars, Queenston Mile, Dan Aykroyd, Shiny Apple Cider, Rood Apples Cider, Fresh, Proud Pour, Red Tractor, Seasons, Serenity, and Backyard Vineyards.

Through its commercial division, Trajectory Beverage Partners ("TBP"), 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 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, Waterloo Brewing from Canada, Landshark Lager from the USA, Marston's beers from England, Edinburgh Gin from Scotland, Tamdhu, Glengoyne and Smokehead single-malt Scotch whiskies, Barcelo Rum from the Dominican Republic, C.K. Mondavi & Family wines including Charles Krug from Napa, Bols Vodka from Amsterdam, Koyle Family Wines from Chile, Pearse Lyons whiskies and gins from Ireland, and Fontana di Papa wines from Italy.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Diamond Estates Wines and Spirits Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the economy generally; consumer interest in the services and products of the Company; financing; competition; and anticipated and unanticipated costs. While the Company acknowledges that subsequent events and developments may cause its views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the views of the Company as of any date subsequent to the date of this press release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

For more information, please contact:

J. Murray Souter
President & CEO
Diamond Estates Wines & Spirits Inc.

Ryan Conte, CPA, CA, CBV
Diamond Estates Wines & Spirits Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102939