Rocky Mountain Chocolate Factory Announces Election of Rahul Mewawalla as Chairperson of the Board

Appointment Positions Company to Accelerate Execution of its Long-Term Growth Strategy and Delight More Customers Worldwide, Deliver Brand Innovation and Drive Shareholder Value Creation

Rocky Mountain Chocolate Factory, Inc. (NASDAQ:RMCF) (the “Company”), a global confectionary manufacturer, international franchisor and retail operator delighting consumers through a premium offering of gourmet chocolate, confection and self-serve frozen yogurt, today announced that its Board of Directors has separated the Chairperson of the Board role from the Chief Executive Officer role and has elected independent director Rahul Mewawalla as Chairperson of the Board, effective July 30, 2021. This election accelerates the execution of the Company’s long-term growth and innovation strategy to delight customers, enhance the brand and drive shareholder value, while advancing the Company’s commitment to corporate governance enhancements.

Mr. Mewawalla was appointed to the Company’s Board in June 2021. He is a product, digital, technology and business leader. He brings to RMCF’s Board extensive strategic, operational, and transformational leadership expertise, having served in executive and leadership roles including as CEO, President, and various other roles with leading digital, technology, Internet, software, communications, ecommerce, financial services and media companies.

“Rahul brings tremendous value to our Board,” said former Chairperson and current RMCF President and Chief Executive Officer, Bryan J. Merryman. “Rahul’s extensive expertise leading and driving innovation, transformation, and value enhancement to drive business growth and customer delight aligns well with our Board’s strategic and operational vision, and he is uniquely qualified to help us advance our long-term objectives. I am confident that with Rahul as independent Board Chairperson, we’ll be well-positioned to enhance delivering value for our shareholders, driving sales growth in-store, digital and online, and providing memorable experiences for our customers around the world.”

“I am honored to take on the role of Chairperson of the Board,” said Mr. Mewawalla. “This is an incredible company and a much beloved brand with significant potential for growth. As we look forward, we will sharpen our strategy and operations to deliver new innovations, better serve our customers, further support our franchisees, inspire our employees, enhance our operational excellence, and maximize the value we create for all our stakeholders. RMCF delights customers across the country and around the world and I am excited to support the company through its next chapter as we continue to deliver the exceptional products and experiences that consumers know and love.”

About Rocky Mountain Chocolate Factory, Inc.

Rocky Mountain Chocolate Factory, Inc., headquartered in Durango, Colorado, is an international franchiser of gourmet chocolate, confection and self-serve frozen yogurt stores and a manufacturer of an extensive line of premium chocolates and other confectionery products. As of July 15, 2021, the Company, its subsidiaries and its franchisees and licensees operated 334 Rocky Mountain Chocolate Factory and self-serve frozen yogurt stores in 37 states, South Korea, Qatar, the Republic of Panama, and The Republic of the Philippines. The Company’s common stock is listed on the Nasdaq Global Market under the symbol “RMCF.”