Diamond Estates Wines & Spirits Announces New CFO

Ryan Conte to Join Diamond Estates Wines & Spirits as Chief Financial Officer

Niagara-on-the-Lake, Ontario--(Newsfile Corp. - March 5, 2021) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates" or "the Company") is pleased to announce the appointment of Ryan Conte as Chief Financial Officer for Diamond Estates Wines & Spirits Inc. effective March 8, 2021 and subject to the TSX-V exchange approval. Ryan will be replacing Geoff Kritzinger, the Company's Interim CFO for the past 9 months who was able to step in and support the company last year. The Board of Directors and the Executive team want to thank Geoff for his professionalism, support, and commitment to helping Diamond Estates navigate through the turbulent pandemic period.

Ryan joins Diamond from Megalomaniac Wineries a privately held winery located in the Niagara Peninsula where most recently he was the CEO. Prior to his appointment to that position Ryan served as the CFO for Megalomaniac from 2016 to 2018. Ryan's prior experience includes senior managerial positions within Deloitte's Financial Advisory Services practice and executive roles in other private companies.

Ryan brings a strong background in the Ontario wine industry combined with solid operational credentials and a clear understanding of the financial requirements needed to drive profitability and long-term growth. He has a successful track record of managing diverse functions while enabling growth through effective financial management.

"We are pleased to have a leader with Ryan's financial and operational acumen join our team," stated Murray Souter, President & CEO of Diamond Estates. "Ryan will help the organization realize its significant growth opportunities and capitalize on the dramatically evolving and changing marketplace that our industry faces today."

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 two wineries, one in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, EastDell, Lakeview Cellars, Dan Aykroyd, Fresh, McMichael Collection, Seasons, Serenity, and Backyard Vineyards. Through its wholly owned subsidiary, 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 Ontario, Landshark Lager from the USA, Marston's beers from England, Edinburgh Gin, Tamdhu, Glengoyne and Smokehead single-malt Scotch whiskies from Scotland, Barcelo Rum from the Dominican Republic, Becherovka Liqueur from the Czech Republic, 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, Niagara Craft Distillers' beverages from Ontario, Fontana di Papa wines and Cielo e Terra wines from Italy and certain Heineken International beer brands, including Tiger from Singapore, Red Stripe and Dragon Stout from Jamaica and Gösser and Kaiser from Austria.

Forward Looking Statements

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Diamond Estates Wines and Spirits Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to the economy generally; consumer interest in the services and products of the Company; financing; competition; and anticipated and unanticipated costs. While the Company acknowledges that subsequent events and developments may cause its views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the views of the Company as of any date subsequent to the date of this press release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

For more information, please contact:

J. Murray Souter
President & CEO
Diamond Estates Wines & Spirits Inc.
[email protected]
905.641.1042 Ext 234

Geoff Kritzinger, CPA, CA
Interim CFO
Diamond Estates Wines & Spirits Inc.
[email protected]
416.371.1240

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76233