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MISSISSAUGA, ON / ACCESSWIRE / May 4, 2023 / Redishred Capital Corp. (TSXV:KUT) ("Redishred" or the "Corporation") announces that the Toronto Venture Exchange ("TSXV") has accepted Redishred's Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Redishred considers advisable, its issued and outstanding common shares (the "Shares").

There were 18,304,372 Shares issued and outstanding as at May 4, 2023. Of this amount, 9,878,008 Shares constitute the "public float", calculated in accordance with the rules of the TSXV. Pursuant to the Bid, Redishred intends to purchase for cancellation up to a maximum of 987,800 Shares, being equal to 10% of Redishred's public float on May 4, 2023. Notwithstanding the foregoing, pursuant to the rules of the TSXV, Redishred may not purchase more than 1,226 Shares in any one day, such amount being equal to 25% of the average daily trading volume of the Shares for the six months ended April 30, 2023 which was 4,905 Shares.

Purchases under the Bid will be made on the open market through the facilities of the TSXV and any other Canadian marketplaces. Acumen Capital Partners will be conducting the Bid. The price that Redishred will pay for any Shares purchased by it will be the prevailing market price of the Shares on the TSXV and other Canadian marketplaces at the time of such purchase. The actual number of Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by Redishred.

The Bid will commence on May 8, 2023 and will terminate on May 7, 2024 or such earlier time as the Bid is completed or terminated at the option of Redishred.

Management of Redishred believes that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interest of Redishred. At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.

During the previous 12 months, Redishred did not purchased any Shares through the facilities of the TSX and other Canadian marketplaces.

Financial Statements

Redishred's December 31, 2022 Financial Statements and Management's Discussion and Analysis will be available on www.sedar.com and www.redishred.com.

About Redishred Capital Corp.Redishred Capital Corp. ("Redishred") is the owner of the PROSHRED^®, PROSCAN and secure e-Cycle brands, trademarks and intellectual property in the United States. Redishred digitizes, secures, shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. Redishred is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001:2015 certification. It is Redishred's vision to be the ‘system of choice' in providing digital retention, secure shredding and recycling services on a global basis. Redishred Capital Corp. grants PROSHRED^` and PROSCAN franchise businesses in the United States and by way of a license arrangement in the Middle East. Redishred also operates fifteen corporate businesses directly. The Company's plan is to grow its business by way of both franchising and the acquisition and operation of information security businesses that generate stable and recurring cash flow through a scheduled client base, continuous paper recycling and concurrent unscheduled shredding service.

FOR FURTHER INFORMATION PLEASE CONTACT:

Redishred Capital Corp. (TSX.V - KUT)
Jeffrey Hasham, MBA, CPA, CA
Chief Executive Officer
Jeffrey.hasham@redishred.com
www.redishred.com
Phone: (416) 849-3469 Fax: (905) 812-9448

or,

Redishred Capital Corp. (TSX.V - KUT)
Harjit Brar, CPA, CA
Senior Vice President and Chief Financial Officer
harjit.brar@redishred.com
www.redishred.com

Phone: (437) 328-6639 Fax: (905) 812-9448

Note: Neither 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.

This news release contains forward looking statements that reflect the current expectations of management of Redishred and Redishred's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "may", "will", "estimate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Redishred. Forward looking statements necessarily involve known and unknown risks, uncertainties and other factors including risks and uncertainties relating to the COVID-19 pandemic. A number of factors, including those discussed in Redishred's 2022 Management Discussion and Analysis under "Risk Factors", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Redishred will prove to be correct. Readers are cautioned that such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Redishred can give no assurance that actual results will be consistent with these forward-looking statements.

SOURCE: Redishred Capital Corp.