Toronto, Ontario--(Newsfile Corp. - September 24, 2025) - Green Rise Foods Inc. (TSXV: GRF) ("Green Rise" or the "Corporation") today announced that the Board of Directors has approved the change in the address of the head and registered office of the Corporation to 2 Victoria Street, Toronto, Ontario, M5E 1L4 (the "Premises").
The Corporation has entered into a short-term net lease agreement for the Premises (the "Lease") for a term ending on September 24, 2026, with the possibility of, and not the obligation of, year-by-year extensions for one (1) year each upon written notice provided by the Corporation. The monthly rental obligation is approximately $6,050 per month for Minimum Rent, plus monthly realty tax, maintenance, utilities, insurance and other office-related expenses as Additional Rent. The Corporation was also permitted to assume early possession of the Premises in April, following the Corporation leaving its prior head office premises on Colborne Street.
The Lease provides that the Premises shall be used only for the business of the Corporation and not for any other purpose. Since the owners of the Premises are Mr. Vincent Narang, the Chief Executive Officer, and Mr. George Hatzoglou, the Chief Financial Officer, a committee of the Board comprised of all the independent directors (the "Independent Committee") was established under applicable securities laws to consider the matter and to which authority to approve the Lease was delegated.
The members of the Independent Committee unanimously approved the Lease and determined, after considering opinions of outside realty experts as to the monthly market rental value of the Premises and other factors, that its terms and conditions, taken as a whole, are commercially reasonable and are not less advantageous to the Corporation than if the lease was with a person dealing at arm's length. In this decision, the Committee was mindful of the short-term nature of the Lease and the fact that the aggregate rental value per month under the Lease was less than the value which would have been paid had the Corporation renewed the lease for its former premises on Colborne Street. The term of the Lease (1 year) is also significantly different than the term of the lease renewal for the Colborne Street property (10 years) and, as such, the commitment will be significantly lower under the Lease. The Corporation continues to believe there is value in maintaining a Toronto Office and can now review this requirement annually under the Lease.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION, PLEASE CONTACT:
George Hatzoglou
Chief Financial Officer
Phone: 1-416-551-5015
E-mail: info@greenrisefoods.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267853
SOURCE: Green Rise Foods Inc.
