ODD BURGER CORPORATION ANNOUNCES RECORD THIRD QUARTER REVENUES AND FILES FINANCIAL AND MANAGEMENT DISCUSSION AND ANALYSIS

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TORONTO, August 30, 2022 /PRNewswire/ – Odd Burger Corporation (“Odd Burger” or the “Company”) (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that it achieved record sales of $787,585 for the third quarter, an increase of 205% compared to the third quarter of the previous year and an increase of 23% compared to the previous quarter of this year. In addition, the Company improved its net loss by 73% compared to the third quarter of the previous year and improved its net loss by 6% this quarter compared to the previous quarter of this year. The financial results for its third quarter, ended June 30, 2022have been posted with the Canadian Securities Administrators at www.sedar.com.

Odd Burger Logo (CNW Group/Odd Burger Corporation)

“I couldn’t be more proud of our record financial results this quarter,” says James McInnes, co-founder and CEO. “Not only was our revenue the highest in our company’s history for a single quarter, but our net loss was the lowest since our IPO. Our operations are becoming more efficient as we grow our business, which is a key metric as we move towards profitability.We are also seeing incredibly strong support from our customers despite the current economic uncertainties and rising inflation, indicating that our restaurants are delivering incredible value to our customers. Odd Burger is experiencing phenomenal growth in our franchise operations, with 4 new franchise agreements signed in the last month alone – bringing our total number of locations operating or under active development to 18. Our growth has been primarily accelerated by our strategy use of area rep agreements that locked more than 76 new locations over the past next 8 years in Canada. We will continue to enter into similar agreements to drive our growth in Canadain the United States and internationally, which will position Odd Burger as one of the world leaders in vegan fast food.”

SUMMARY OF QUARTERLY RESULTS

The following table presents selected unaudited financial information for each of the last eight quarters.

Quarter ended

June 30, 2022

March 31, 2022

The 31st of December,
2021

September 30,
2021

Revenue

$787,585

$641,508

$687,156

$384,745

Net and comprehensive loss

(938,552)

(1,002,704)

(1,208,632)

(1,113,144)

Net loss per share

$(0.01)

$(0.01)

$(0.01)

$(0.01)

Quarter ended

June 30, 2021

March 31, 2021

December 31, 2020

September 30, 2020

Revenue

$257,401

$258,515

$268,349

$206,364

Net and comprehensive loss

(3,541,281)

(382,475)

(134,370)

(2,451,760)

Net loss per share

$(0.04)

$(0.01)

$-

$(0.05)

Live business webinar and Q&A

On September 7 at 12:00 p.m. ET, James McInnesCEO, will discuss third quarter financial results and share the latest investor presentation via webinar followed by a live Q&A. Investors and other interested parties are invited to join and learn more about Odd Burger’s recent achievements and events, as well as the next steps.

We invite all investors and other interested parties to register for the webinar at the link below.

Date: Wednesday, September 7, 2022

Time: 12:00 p.m. ET

Register: Webinar registration

HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You can submit your question(s) during the live webinar via chat or beforehand in the registration form or by email to: [email protected]

About Odd Burger Corporation

Odd Burger Corporation is a chain of owned and franchised vegan fast food restaurants and food technology company that manufactures and distributes an exclusive line of plant-based protein and dairy alternatives at its locations. Odd Burger restaurants operate as smart kitchens, using cutting-edge cooking technology and automation solutions to deliver a delicious dining experience for customers seeking healthier, more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain as well as healthier ingredients, Odd Burger is revolutionizing the fast food industry. by creating guilt-free fast food. Odd Burger Corporation is listed on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF. For more information, visit https://www.oddburger.com.

Forward-looking information

This press release contains forward-looking information for the purpose of providing information about management’s current expectations and plans regarding the future. Readers are cautioned that reliance on this information may not be appropriate for other purposes. Any such forward-looking information can be identified by words such as “proposed”, “expects”, “intends”, “may”, “will” and similar expressions. Forward-looking information contained or referred to in this press release includes statements relating to future restaurant openings, potential franchisees, demand for our products, and other similar statements. Forward-looking information is based on several factors and assumptions which were used in developing this information, but which may prove to be incorrect, including, but not limited to, material assumptions regarding the continued strong demand for the products of the Company, the availability of sufficient financing on reasonable terms to fund the Company’s capital requirements and the ability to obtain necessary equipment, production inputs and labor. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that such expectations will prove to be correct. The risks and uncertainties that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information include, among others, negative cash flows and future financing requirements for sustain and grow operations, a limited history of operations and revenues and no history of profits or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, food industry regulation, changing laws, regulations and guidelines, compliance with laws, adverse publicity or consumer perception, product liability and product recalls, intellectual property risks, forecasting difficulties, growth and litigation management, as well as impact of the uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the Company’s control. For a more detailed analysis of the risks to which the Company is exposed, please consult the Company’s annual information form filed with the Canadian securities authorities at www.sedar.com. The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future or other events or results. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Non-GAAP Measures

This press release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as supplemental information to supplement these IFRS measures by providing a better understanding of our results of operations from a management perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analyzing our financial information reported in accordance with IFRS. The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.

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