CENTR Brands Corp. announced that, further to the company's press release of June 13, 2022, the Company has entered into a Settlement Agreement with Joseph E. Meehan, the former Chief Executive Officer of the Company, and Redcliffe Gardens Capital Limited (RGCL), a consulting corporation controlled by Mr. Meehan. Pursuant to the terms of the Settlement Agreement, Mr. Meehan has resigned from his role as Chairman of the Board of Directors of the Company, effective immediately.

Campbell Becher, who had previously served as Chairman of the Board, will reassume his role as the Board's Chairman. For the two-month period leading up to the Company's Annual General and Special Meeting of the shareholders of the Company (the "Meeting"), Mr. Meehan will remain as a non-executive director of the Company. Mr. Meehan will not stand for election as a member of the Board of Directors at the Meeting.