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Armanino Foods of Distinction, Inc. Increases Its Regular Quarterly Dividend by 10% to $.033 Per Share

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.033 per share, representing an increase of 10% above the previous quarterly dividend of $.03 per share. The dividend will be payable to shareholders of record on April 6, 2023, and will be disbursed on or about April 29, 2023. This is the Company’s 91st consecutive quarterly dividend. In addition, the Company has had ten special dividends.

Douglas R. Nichols, Chairman of the Board stated, “The Board is proud of our 2022 record breaking results and are confident in management’s ability to continue to outpace industry norms. As a result, we remain committed to improving investors’ value, so we are pleased to declare a 10% increase in our quarterly dividend which now represents the highest dividend payout on a per-share basis in our Company’s history.

Tim Anderson, President, and CEO commented, “We are projecting that first quarter sales and profits will once again significantly outpace our prior year’s results. Our sustained efforts to strategically broaden our portfolio of award-winning products through various channels are, we believe, responsible for driving strong growth for the Company. However, we remain relatively cautious going forward due to the uncertainty of the impact of sustained economic pressures that could negatively impact future results. Regardless, we will continue to execute our transformative growth strategies that have driven results exceeding economic trends since the beginning of COVID. In addition, we are confident that our current capital expenditure project will continue to improve our manufacturing processes and increase cost efficiencies including the reduction of COGS to help mitigate future economic headwinds.

Anderson concluded, “Given the strength of our balance sheet, we remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, and potential acquisitions.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.

Cautionary Statements Regarding Forward-Looking Information

The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.

Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward- looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

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