GlobeNewswire Inc | Oct 1, 2021 04:10PM EDT

October 01, 2021

CHINO, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Karat Packaging Inc. (NASDAQ: KRT), a specialty distributor and manufacturer of environmentallyfriendly,disposable foodservice products and related items, today announced that Ann T. Sabahat, chief financial officer, has resigned for personal reasons, effective October 8, 2021.

On October 1, 2021, Karats board of directors appointed Peter Lee to serve as its interim chief financial officer, effective October 8, 2021, until a successor is named. The company has initiated a search for a new chief financial officer.

Alan Yu, chairman and chief executive officer, said, We are pleased that Peter, who knows our company well, has agreed to serve as our interim chief financial officer again. His expertise and history with Karat will help ensure a smooth transition of Karats financial leadership. On behalf of the board, we thank Ann for her service to Karat Packaging and wish her well.

Mr. Lee, a Certified Public Accountant and founder and managing partner of PJ LLP, previously served as Karat Packagings interim chief financial officer from October 2018 to October 2019, and his firm has remained an advisor to Karat throughout the IPO process to present. Mr. Lee previously was an audit partner at RSM US LLP and has more than 20 years of experience advising companies on various accounting and capital raising matters.

About Karat Packaging Inc.Karat Packaging Inc. is a specialty distributor and manufacturer of a wide range of environmentally friendly, disposable foodservice products and related items, primarily used by national and regional restaurants and in foodservice settings throughout the United States. Its products include food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves and other products. Thecompanys eco-friendly Karat Earth line offers quality, sustainably focused products that are made from renewable resources. Karat Packaging also offers customized solutions, including new product development and design, printing, and logistics services.To learn more about Karat Packaging, please visit the companys website atwww.karatpackaging.com.

Caution Concerning Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statementsare subject to numerous conditions, many of which are beyond the control of thecompany, including those set forth in the Risk Factors section of thecompanys final prospectus for its initial public offering filed with the SECon April 16, 2021. Copies are available on the SECs website atwww.sec.gov. Karat Packaging undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relationsand MediaContacts:

PondelWilkinsonInc.Judy LinSfetcu/Roger Pondel310-279-5980karat@pondel.com