Home Bistro (OTC: HBIS), a leading online meal delivery platform that offers celebrity chef-inspired, gourmet and lifestyle ready-made meals, today released financial results for its third quarter ended July 31, 2022. “In addition to our ongoing menu expansion of celebrity chef meals over the past several quarters, we have also undertaken the following initiatives, which we expect to have a net positive effect on gross margin growth moving forward: reduced royalty payments to newly added celebrity chefs; reduced product costs; established new multi-tier pricing; commenced charging a fee for shipping; reduced product promotions,” said Home Bistro CEO Zalmi Duchman. “We’ve significantly reduced our administrative expenses and general reliance on costly outside consultants and service providers. In addition, while we experienced a modest decrease in revenue due to the consolidation of our West Coast operations into our main facility in South Florida, the cost savings benefit of which over the long-term is expected to far outweigh any recoverable short-term revenue loss.”

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About Home Bistro Inc.

Home Bistro is a leading direct-to-consumer online platform, www.HomeBistro.com, that creates and distributes ready-made, celebrity chef-inspired gourmet meals, which currently includes culinary offerings by “Iron Chef” Cat Cora, TV Host and Best-Selling Cookbook Author Ayesha Curry, “Hungry Fan” Chef Daina Falk, “Master Chef” Claudia Sandoval, “Top-Chef All-Star” Richard Blais, “Vegan + Sustainable” Chef Priyanka Naik, Celebrity Pastry and Dessert Chef Melanie Moss, and soon to launch celebrity chef Roblé Ali. Home Bistro’s Model Meals lifestyle brand, www.ModelMeals.com, is a Whole30 and paleo approved, ready-to-eat, meal prep service, offering a weekly rotating menu that is prepared by professional chefs, using only the highest quality ingredients available, sourced responsibly and locally, and delivered in sustainable, eco-friendly packaging.

NOTE TO INVESTORS: The latest news and updates relating to HBIS are available in the company’s newsroom at https://ibn.fm/HBIS

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