Diamond Estates Wines & Spirits Announces the Issuance of Share Options and DSUs

• Diamond Estates issues Share Options and DSUs

NIAGARA-ON-THE-LAKE, Ontario--(BUSINESS WIRE)--Diamond Estates Wines & Spirits Inc. (“Diamond Estates” or “the Company”) (DWS-TSX Venture) has announced today that it has issued 25,000 share options each to 3 employees at a strike price of $1.36 per share option. Each option is exercisable for the purchase of one common share for up to five years from the date of issuance, at which time they expire. The options are being issued under the Company’s existing option program and vest at the rate of 25% on each anniversary of the issuance date.

The employees granted the options were important team members of Equity Wine Group Inc. which was purchased by Diamond as of October 6, 2021. With the merging of the Creekside and Queenston Mile wineries into Diamond Estates’ operations these team members now have expanded and enhanced roles within the Company. “These share option grants reflect the key role being performed by these team members in the successful execution of Diamond Estates’ strategic plan,” said Murray Souter, President and CEO of the Company. “Our greatest asset is our people, and the Board of Directors is committed to ensuring that management’s success is aligned with that of the shareholders.”

The Company also announced today that it has issued deferred share units (“DSUs”) to its directors. Under the DSU plan of the Company, an aggregate of 20,910 DSUs have been issued by the Company to non-executive directors in settlement of $28,437.50 of deferred directors' compensation. The DSUs are to be settled in common shares of the Company when the director retires from all positions with the Company.

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, 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, Edinburgh Gin from Scotland, Tamdhu, Glengoyne and Smokehead single-malt Scotch whiskies, 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.