Hill Street Amends Warrant Terms

Toronto, Ontario--(Newsfile Corp. - July 31, 2020) - Hill Street Beverage Company Inc. (TSXV: BEER) ("Hill Street" or the "Company"), announces that further to its press release dated July 21, 2020, the Company has received TSX Venture Exchange approval to extend the expiry date of 19,405,804 warrants of the Company that were set to expire on July 24, 2020, to December 31, 2020. These warrants were originally issued by the Company in connection with one or more concurrent financings relating to the Company's qualifying transaction, which was completed on July 27, 2018.

In addition to the forgoing the Company announces that it intends to apply to the TSX Venture Exchange to amend the exercise price of the above noted warrants to $0.075, being the closing price of the Common Shares on July 30, 2020. Approval this amendment is subject to the approval of the TSX Venture Exchange.

Finally, the Company announces that at its next AGM, it will be seeking shareholder approval to reprice up to 5,892,797 options that were originally issued to insiders of the Company in connection with the going public transaction noted above. The options currently have an exercise price of $0.175 per share and the Company will be seeking approval to reprice those options to an exercise price of $0.075 per share.

About Hill Street Beverage Company Inc. (TSXV: BEER)

Hill Street Beverage Company is the world's most award-winning company exclusively focused on alcohol-free beer, wine, and adult-format beverages. Hill Street's great-tasting products include Hill Street Craft Brewed Lager, Vin(Zero) wines, and Vintense wines, and have won numerous medals and accolades around the world. Hill Street also intends to produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2020. Check out Hill Street's award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

For further information:
Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com
, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for dissemination in the United States

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