Hamilton Sugar Refiner Announces Third Major Expansion in Past Five Years

Sucro Can is Fastest Growing Sugar Refinery in Canada

NEWS RELEASEHamilton, ON, May 5, 2022 – Sucro Can Canada, a Canadian refiner of sugar and organic sugar announces it will more than double its Hamilton, ON sugar refinery capacity to meet the growing demand of Ontario food manufacturers.

This will mark the third major expansion over a five year period, emphasizing Sucro Can’s commitment to the Canadian sugar market. This new expansion will see capacity more than double from current production rates, and will reach 200,000 MT annual capacity by 2024.

Sucro Can is the North American sugar industry leader in developing micro sugar refineries that require comparatively lower capex, providing significant competitive advantage versus its older, and much larger legacy competitors.

Jonathan Taylor, Founder and CEO of Sucro Can commented “Sucro Can has innovated and invested in micro sugar refineries to serve its rapidly increasing customer base with competitive alternatives and supply chain excellence not previously available”. Mr. Taylor further states, “Not only is Sucro Can growing faster than any other Canadian sugar refiner, but it is the only sugar refinery in Canada that is logistically interconnected with a refinery across the US border, in Lackawanna, NY. Collectively, these two refineries offer unparalleled opportunities and solutions for North American food manufacturing customers”

Eli Cohen, VP of Sales & Operations, Sucro Can Canada commented “Sucro Can’s sugar refinery is the first built in Canada in over sixty years, and has provided much needed capacity, competition, and innovation in the Canadian sugar market. Through its unique refinery design and logistics, Sucro Can is able to increase capacity at a significantly lower cost than its competitors”.

The Ontario sugar market is one of, if not, the fastest growing sugar markets in North America, with customer demand projected to continue growing at above market averages for several years. Mr Cohen further commented “Sucro Can is ideally positioned to meet this increased demand, with increased capacity beginning in 2023. We expect Sucro Can’s market share in Ontario to exceed 25%”. “Sucro Can will help ensure growing customer demand will be met with robust sugar refining supply capabilities”

“Sucro Can is located at the Port of Hamilton’s Pier 10, where Hamilton Oshawa Port Authority (HOPA) has cultivated a cluster of agri-food related businesses,” said Ian Hamilton, President & CEO of HOPA Ports. “By attracting companies like Sucro Can to the port, we are supporting Hamilton’s $1 billion-and- growing food processing industry. As part of the port network, our customers get more than room to grow, they have access to the transportation assets that can give them a competitive edge.”

For further information please contact:

Eli Cohen – Vice President, Sucro Can ecohen@sucro.ca

About Sucro Can Canada
Sucro Can Canada is a wholly owned subsidiary of Sucro Sourcing. Sucro, established in 2014, has rapidly grown into the leading innovator of the North American sugar industry.Through its market disruption, Sucro has become a trusted and valued sugar supplier to major food and beverage manufacturers throughout Canada and the United States. The current Hamilton sugar refinery opened in 2019. It produces both conventional and organic sugar, contributing to Sucro being one of, or the leading seller of organic sugar in North America. Sucro previously announced a new sugar refinery project in Lackawanna, NY, scheduled to open later in 2022.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint- ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company’s annual and quarterly management’s discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities law.

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