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MTY Food Group Inc. Successfully Completes Acquisition of BBQ Holdings, Inc.

MONTREAL, - MTY Food Group Inc. ("MTY") (TSX: MTY) is pleased to announce that it has completed the acquisition of BBQ Holdings, Inc. ("BBQ Holdings") (NASDAQ: BBQ) through the consummation of a merger of its wholly-owned subsidiary,Grill Merger Sub, Inc. ("Merger Sub"), with and into BBQ Holdings without a vote of the BBQ Holdings stockholders in accordance with Section 302A.613(4) of the Minnesota Business Corporation Act (the "MBCA"). In the merger, each share of BBQ Holdings' common stock outstanding immediately prior to the effective time of the merger (other than any shares held in the treasury of BBQ Holdings, owned by MTY or any of its respective subsidiaries or held by any BBQ Holdings' shareholder who has validly exercised its dissenter's rights under the MBCA) has been converted into the right to receive US $17.25 per share, net to the seller in cash, without interest and subject to any tax withholdings. As a result of the merger, BBQ Holdings became an indirect wholly-owned subsidiary of MTY.BBQ Holdings' support center will continue to be located and operated in Minnetonka, Minnesota.

As a result of the acquisition, shares of common stock of BBQ Holdings ceased trading prior to the open of the market on September 28, 2022 and will no longer be listed on the Nasdaq Stock Market.

National Bank Financial Inc. acted as sole financial advisor to MTY and Morrison & Foerster LLP acted as its legal advisor. Kroll, LLC acted as financial advisor to BBQ Holdings and Dentons Sirote PC and Lathrop GPM LLP acted as BBQ Holdings' legal advisors.

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