As previously disclosed, on April 20, 2021, CEN Biotech Inc. entered into a Share Exchange Agreement with Clear Com Media Inc., an Ontario, Canada corporation, each of the shareholders of CCM as set out on the signature pages of the Agreement and Lawrence Lehoux as the representative of the CCM Shareholders. The Agreement closed on July 9, 2021 and the Company acquired from the CCM Shareholders, all of the common shares of CCM, which is 10,000 shares of CCM common shares held by the CCM Shareholders, in exchange for the issuance by the Company to the CCM Shareholders of 4,000,000 restricted shares of the Company's common stock, no par value per share. As a result, CCM became a wholly owned subsidiary of the Company.

In addition, the Company increased the number of members on its Board of Directors by one and appointed and named Mr. Lawrence Lehoux as a member of the Board of the Company. Mr. Lehoux was also appointed as the Company's Chief Technology Officer. Mr. Lehoux's employment is governed by an Executive Employment Agreement, effective September 1, 2022 (the “Employment Agreement”) which was previously filed by the Company as Exhibit 10.1 to the Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) on August 31, 2022.

The company announced the resignation of Mr. Lehoux as an officer and director of the Company.