Eshbal Announces Appointment Of Nir Peles To Board Of Directors, Achievement Of Revenue Milestones And Ontario Continuance

(MENAFN- Newsfile Corp) Eshbal Announces Appointment of Nir Peles to Board of Directors, Achievement of Revenue Milestones and Ontario Continuance

May 29, 2026 9:06 AM EDT | Source: Eshbal Functional Food Inc.

Toronto, Ontario--(Newsfile Corp. - May 29, 2026) - Eshbal Functional Food Inc. (TSXV: ESBL) ("Eshbal" or the "Company"), a developer and manufacturer of gluten-free and better-for-you food and dietary supplement products, today announced the appointment of Mr. Nir Peles to its Board of Directors, the achievement of certain performance milestones associated with the Company's reverse takeover transaction completed in April 2025, and the completion of the Company's continuance into the Province of Ontario.

Eshbal Functional Food Inc.
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Nir Peles - New Director

Eshbal today announced that the Company's Board of Directors has appointed Mr. Nir Peles to serve as a director of Eshbal.

Yuval Levy, Chairman, on behalf of the Company's Board of Directors, commented: "I am delighted to welcome Nir, whom I know for many years, to Eshbal's Board of Directors. With deep industry expertise and a proven strength in strategic planning and capital markets, he brings valuable insights and leadership as we continue to guide Eshbal's long-term strategy. We look forward to Nir's contributions in the years ahead."

Mr. Peles is an entrepreneur, equity investor and founder of BioMeat FoodTech (TLV: BIMT), a public foodtech investment platform focused on alternative proteins and next-generation food innovation. Mr. Peles has extensive experience in business development, strategic growth initiatives and M&A transactions, with a particular focus on functional foods, gluten-free products, personalized nutrition and better-for-you consumer brands. Mr. Peles is a CPA and studied for his MBA at Tel Aviv University, holds a Master of Laws degree from Bar Ilan University and a Master's degree in Sea Resource Management.

With the addition of Mr. Peles to the Company, Eshbal Company continues evaluating new product categories and technology and AI-assisted development initiatives focused on emerging health and wellness trends, including gluten-free and GLP-1 friendly nutritional solutions. Management believes these initiatives may support future product innovation and expansion into additional better-for-you consumer segments.

Annualized Revenue Milestones Achieved

On April 28, 2026, the Board confirmed the achievement of two performance milestones associated with the reverse takeover transaction completed in April 2025 (the "RTO"), specifically the achievement of: (i) Annualized Gross Revenues of at least CAD$17,000,000 with Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") of at least 3% of Gross Revenues; and (ii) Annualized Gross Revenues of at least CAD$18,500,000 with EBITDA of at least 3.8% of Gross Revenues. This achievement triggered the issuance of 11,200,000 common shares in the capital of Eshbal ("Common Shares") to certain original shareholders of Eshbal Functional Food (Agricultural Cooperative) Ltd. ("Eshbal Israel").

Finance Linked Share Issuances

In connection with the RTO, the original shareholders of Eshbal Israel were issued compensation securities convertible, for no consideration, into Common Shares if certain conditions were met. On April 28, 2026, the Board confirmed that the conditions were met triggering the issuance of 3,241,238 Common Shares to certain original shareholders of Eshbal Israel.

Ontario Continuance

Eshbal also announces that, effective April 14, 2026, the Company has been continued from British Columbia (Business Corporations Act (British Columbia)) to Ontario (Business Corporations Act (Ontario)) (the "Continuance").

The Company adopted new articles and by-laws as part of the Continuance, which replaced the prior articles and by-laws of the Company. The Continuance and the new articles and by-laws of the Company were each approved by shareholders at the Company's special meeting of shareholders held on April 10, 2026. Copies of the certificate of continuance and the new articles and by-laws of the Company will be available on SEDAR+ ( ) under the Company's issuer profile.

About Eshbal Functional Food Inc.

Eshbal Functional Food Inc. (TSXV: ESBL) is a publicly traded food-tech company focused on building a scalable platform of gluten-free and health-oriented food brands across retail, foodservice, and online channels in North America.

Since listing on the TSX Venture Exchange in 2025, Eshbal has been executing its North American growth strategy through a combination of organic expansion and strategic acquisitions. The Company's operations include gluten-free, better-for-you, and functional food products sold across retail, foodservice, and online channels.

During this period, the Company completed the acquisition of Gluten Free Nation, acquired a majority interest in Dare to Be Different Foods, launched localized North American production in partnership with Queen Street Bakery, and strengthened its commercial infrastructure in the region.

Eshbal's strategy is focused on integrating complementary better-for-you brands into a centralized operating platform designed to expand distribution, support operational efficiencies, and create long-term growth opportunities.

(Eshbal maintains active digital engagement and investor communications through its corporate website and official social media channels:

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