Happy Belly Food Group Announces the Passing of Chief Financial Officer Gary Fung

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Happy Belly Food Group (OTCQB: HBFGF) has announced the passing of its Chief Financial Officer, Gary Fung, who died peacefully on July 23rd, 2025, after a private battle with cancer. Fung joined Happy Belly in November 2023 and made significant contributions to the company's growth and transformation during his tenure.

The company has appointed Shawn Moniz as interim CFO and expects no disruption to ongoing operations and M&A activities. Q2 financials are expected to be delivered on schedule. In honor of Fung's contributions, Happy Belly will establish the Gary Fung Award through an honorary fund.

Fung's 20-year career included 15 years at Tim Hortons Canada and USA in various leadership roles before joining Happy Belly. He held an Honours Bachelor of Commerce degree and was both a Chartered Accountant (CA) and Certified Internal Auditor (CIA).

Toronto, Ontario--(Newsfile Corp. - July 25, 2025) -  It is with profound sadness that Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") announces the passing of our Chief Financial Officer, Gary Fung.

Gary was a respected member of our executive team, a dedicated colleague to all Happy Belly team members, and just an outstanding person. Gary's extensive knowledge, commitment to excellence, and strategic mindset greatly contributed to the progress and success of Happy Belly as well as all the companies he served throughout his distinguished career. Gary's strategic acumen, calm presence, enthusiasm and unwavering commitment helped build and guide the company through a period of significant growth and meaningful transformation. More importantly, he earned the admiration, respect and affection of everyone who had the privilege of working alongside him.

"Gary joined Happy Belly in November 2023 and made an immediate impact on our people, our process, and our culture. We all mourn the loss of a great colleague - and more importantly, a great friend," said Sean Black, Chief Executive Officer of Happy Belly. "He will be deeply missed by all who had the privilege of working with him. Our thoughts and condolences go out to his family, friends, and loved ones during this incredibly difficult time. His time with us may have been short, but the foundations he built within our team and organization will continue to shape us for years to come."

Gary passed peacefully on the evening of July 23rd, following a brave and private battle with cancer. His strength and humility during this time were a reflection of the man we all knew him to be - gracious, resilient, and deeply committed.

"This is a moment of profound sadness for all of us at Happy Belly," said Shawn Moniz, Chief Operating Officer. The loss of Gary is not just professional - it's personal for those of us who worked closely with him. He was more than our CFO, he was our friend. He carried himself with humility, led with compassion, and inspired trust through every action. Gary brought kindness to every interaction. Our hearts go out to his beloved wife and daughter, whom he spoke of often and with such deep pride. Gary's legacy will forever be woven into the fabric of this company, and his friendship will be missed by all of us.

In honor of Gary's contributions and unwavering dedication to our company, Happy Belly will be establishing the Gary Fung Award through an honorary fund in admiration to his legacy and the positive impact he had on us all. This initiative will serve as a lasting tribute to his legacy and the positive impact he had on all of us.

The Board of Directors of Happy Belly has appointed Shawn Moniz as interim CFO. The company anticipates no disruption to ongoing operations and M&A, and is on track to deliver Q2 financials on time.

A note from the family of Gary Fung

Gary's exceptional mind and unwavering work ethic led him to remarkable professional achievements which he wore with quiet pride. He earned his Honours Bachelor of Commerce degree from the University of Windsor through the Co-op Program, graduating on the Dean's List, and went on to become a Chartered Accountant (CA), and Certified Internal Auditor (CIA). His Six Sigma Green Belt Certification reflected his commitment to excellence and continuous improvement.

Gary's distinguished 20-year career was marked by progressive leadership roles and transformational impact. He rose to Manager of Audit and Advisory Services at KPMG LLP before joining Tim Hortons Canada and USA in 2008, where he spent 15 years becoming a highly respected leader in the Tim Hortons world. Gary earned the admiration and trust of both franchisees and corporate leadership alike, bridging relationships across the organization with his integrity, expertise, and collaborative approach. His roles spanned from Senior Manager of Internal Audit to Director and Vice President positions in Marketing Finance, Media, Analytics, Development Strategy, and Franchise Profitability, where he consistently drove strategic growth initiatives and operational excellence that strengthened the entire system. Gary's passion for finance and business strategy ultimately led him to achieve his dream role as Chief Financial Officer of Happy Belly Food Group Inc., a position he held with great pride until his passing.

Gary's legacy lives on in the lives he touched, the businesses he transformed, and most importantly, in the family and friends he loved so deeply. His courage in facing his final battle, his unwavering commitment to his work and the people he cared about, and his gentle strength will be remembered by all who were fortunate enough to know him.

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Sean Black
Co-Founder, Chief Executive Officer

Shawn Moniz
Co-Founder, Chief Operating Officer

FOR FURTHER INFORMATION, PLEASE VISIT:

www: www.happybellyfg.com or email hello@happybellyfg.com
If you wish to contact us please call: 1-877-589-8805

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260072

FAQ

Who is the new interim CFO of Happy Belly Food Group (HBFGF)?

Shawn Moniz, who previously served as Chief Operating Officer, has been appointed as interim CFO of Happy Belly Food Group.

When did Gary Fung join Happy Belly Food Group as CFO?

Gary Fung joined Happy Belly Food Group as CFO in November 2023.

Will Gary Fung's passing affect Happy Belly's Q2 financial reporting?

No, Happy Belly Food Group has confirmed that they expect no disruption to ongoing operations and are on track to deliver Q2 financials on time.

What is Happy Belly Food Group doing to honor Gary Fung's legacy?

Happy Belly Food Group is establishing the Gary Fung Award through an honorary fund to commemorate his legacy and positive impact on the company.

What was Gary Fung's professional background before joining Happy Belly?

Fung had a 20-year career including 15 years at Tim Hortons in various leadership roles, and previously worked as Manager of Audit and Advisory Services at KPMG LLP.