Eevia Health Plc has entered negotiations with a European food manufacturer to manufacture a new plant extract (the "Product") with the potential for significant contribution to the Company's topline and profits in 2025. The manufacturing would start earliest in December 2024 and will require 20% to 40% of Eevia's annual production capacity for 2025, with an option to extend both annual volumes and the contract period till 2027. The parties expect to finalize negotiations by the end of First Quarter-2024.

The customer is a listed and well-established medium-sized European branded food corporation with about half a billion euros in annual revenues. During 2023, Eevia executed five (5) successful pilot test productions for the customer at Eevia's manufacturing plant in Finland. The Product is an innovative extract from a plant material.

The starting material for Eevia will be pre-manufactured and provided to Eevia by the customer, free of charge. The volumes indicated for 2025 may be up to 40% of EEVia's annual production capacity on the current 24-hour, five days per week production schedule. A part of the contract volume will be "take and pay," which will guarantee a minimum sales volume for Eevia.

Depending on the Product's success in the market, the option for further volumes may be agreed upon as well as extension until 2027. While contracted values will remain confidential, the contract would be a significant contribution to the Company's topline and profits in 2025.