Alkaline88® Adds Over 11,000 New Stores and Expands SKUs in Over 33,000 Locations in Fiscal Year 2023

The Alkaline Water Company Continues to Drive Growth and Pursue Profitability

The Alkaline Water Company Inc. (NASDAQ: WTER), the nation's leading independent alkaline water company and the Clean Beverage^® company, announced today that it added Alkaline88^® products to over 11,000 new stores across the country during its fiscal year 2023, which ended March 31^st. Additionally, the company added new SKUs in over 33,000 existing client locations in the past twelve months.

"By expanding our presence in over 11,000 new stores and enhancing our offerings in more than 33,000 existing locations, we have demonstrated the resilience and adaptability of our company and the increasing strength of the Alkaline88® brand," said Frank Chessman, President and CEO of The Alkaline Water Company. “Our brand’s expansion over the past year includes everything from local convenience stores to new distribution partnerships to major national retailers with thousands of locations across the country.”

In the face of a tough economy, the Company has focused on its Pathway to Profitability initiatives, resulting in significant improvements in its Statement of Operations through the first nine months of reporting for the fiscal year. Revenue has increased by 29% compared to the same period last year, while operating expenses and net loss have improved by 33% and 30%, respectively.

The brand’s retail sales growth was also quite strong during its fiscal year 2023. According to Nielsen data for all outlets combined including convenience (xAOC+Conv.) for the 52 weeks ending March 25, 2023, Alkaline88 was one of 13 brands (including an aggregate of all private labels) with over $90 million in retail sales. Its year-over-year retail sales growth of 19.5% was more than twice the Value-Added Water category average and second-best among the top 13 brands.

"We’ve driven significant Alkaline88^® brand growth over the last twelve months despite challenging economic conditions, and we’ve done this while being firmly committed to improving operations and achieving profitability,” added Mr. Chessman.

About The Alkaline Water Company:

The Alkaline Water Company is the Clean Beverage^® company making a difference in the water you drink and the world we share.

Founded in 2012, The Alkaline Water Company (NASDAQ: WTER) is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88®, is a leading premier alkaline water brand available in bulk and single-serve sizes along with eco-friendly aluminum packaging options. With its innovative, state-of-the-art proprietary electrolysis process, Alkaline88® delivers perfect 8.8 pH alkaline drinking water with trace minerals and electrolytes and boasts our trademarked label “Clean Beverage.” In 2021, The Alkaline Water Company was pleased to welcome Shaquille O’Neal to its board of advisors and to serve as the celebrity brand ambassador for Alkaline88^®.

To purchase The Alkaline Water Company’s products online, visit us at www.alkaline88.com.

To learn more about The Alkaline Water Company, please visit www.thealkalinewaterco.com or connect with us on Facebook, Twitter, Instagram, or LinkedIn.

Notice Regarding Forward-Looking Statements:

This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, that the Company continues to drive growth and pursue profitability; the statement relating to the Company’s Pathway to Profitability initiatives; and the Company being firmly committed to improving operations and achieving profitability. The material assumptions supporting these forward-looking statements include, among others, that the Company’s cost saving and margin enhancement measures will be fully implemented and, once implemented, they will be effective to reduce the Company’s annual expense and enhance the Company’s margin to the extent anticipated by the Company; that the Company’s burn rate to reach the level anticipated by the Company as a result of the Company’s proactive reduction in its monthly burn rate; that the demand for the Company’s products will continue to significantly grow; that the past production capacity of the Company’s co-packing facilities can be maintained or increased; that there will be increased production capacity through implementation of new production facilities, new co-packers and new technology; that there will be an increase in number of products available for sale to retailers and consumers; that there will be an expansion in geographical areas by retailers carrying the Company’s products; that there will be an expansion into new national and regional grocery retailers; that there will be an expansion into new e-commerce, home delivery, convenience, and healthy food channels; that there will not be interruptions on production of the Company’s products; that there will not be a recall of products due to unintended contamination or other adverse events relating to the Company’s products; and that the Company will be able to obtain additional capital to meet the Company’s growing demand and satisfy the capital expenditure requirements needed to increase production and support sales activity. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, governmental regulations being implemented regarding the production and sale of alkaline water or any other products; additional competitors selling alkaline water and enhanced water products in bulk containers reducing the Company’s sales; the fact that the Company does not own or operate any of its production facilities and that co-packers may not renew current agreements and/or not satisfy increased production quotas; the fact that the Company has a limited number of suppliers of its unique bulk bottles; the potential for supply-chain interruption due to factors beyond the Company’s control; the fact that there may be a recall of products due to unintended contamination; the inherent uncertainties associated with operating as an early stage company; changes in customer demand and the fact that consumers may not embrace enhanced water products as expected or at all; the extent to which the Company is successful in gaining new long-term relationships with new retailers and retaining existing relationships with retailers; the Company’s ability to raise the additional funding that it will need to continue to pursue its business, planned capital expansion and sales activity; and competition in the industry in which the Company operates and market conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents the Company files with the SEC, available at www.sec.gov, and on the SEDAR, available at www.sedar.com.

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