RESIGNATION OF DANIEL WITTLIN AS DIRECTOR

Mr. Wittlin Expresses Willingness to Continue to Work to Achieve the Best Possible Result for Restructuring Initiatives

TORONTO, July 30, 2024 /CNW/ - Chesswood Group Limited ("Chesswood") (TSX: CHW) announces that Daniel Wittlin has resigned as a director of the Company, effective immediately. Mr. Wittlin has advised that he has resigned in order to be able to devote the necessary time to his other operating companies, and also to better manage his potential conflicts of interest resulting from his significant indirect minority interest in the Company's Canadian subsidiaries and his indirect interest in a potential purchaser of the Company's majority interests in those subsidiaries.