- VERY GOOD had a record month in October with C$1.5 million in
revenue from its eCommerce and retail channels.
- The demand for the Company's Stuffed Beast and introduction of
Holiday Boxes, led to significant sales increase ahead of the
festive season.
The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V)
(FSE: 0SI) ("VERY GOOD" or the "Company"), a leading
plant-based food technology company, today shared its exciting
record performance in the month of October 2021. With sales of
approximately C$1.5 million for the month, the Company saw an
increase of 202% in revenue compared to the same month last year.
VERY GOOD has seen steady growth as meat alternatives increase in
popularity and consumers demand high quality plant-based options.
This continued growth illustrates the stronghold that meat
alternatives are forging in the food industry and how the unique
offerings of the Company’s core brand, The Very Good Butchers, keep
consumers coming back.
Record sales of C$1.5 million were achieved in October due to
increased demand for VERY GOOD’s products in both its wholesale and
eCommerce channels. The Company recently launched into U.S. retail
in August 2021 and was in over 396 stores in the U.S., in addition
to 805 stores in Canada at the end of September. eCommerce sales
also rose due to the demand for holiday products including the
Stuffed Beast and the limited-edition Thanksgiving Box. In October,
Stuffed Beast sales were seven times the number sold in October of
last year. These increased listings across the U.S. and Canada and
demand for vegan meat alternatives for the holidays drove revenue
in October to twice that of the same month in 2020. VERY GOOD plans
to introduce additional Holiday Boxes before the festive
season.
“We are thrilled to see such a high demand for both the
Thanksgiving Box and the Stuffed Beast this year. As many consumers
look to change their diet to reduce their reliance on animal-based
products and positively impact the environment, we know the
holidays can be tricky when looking for tasty meatless options,”
said Mitchell Scott, co-founder and CEO of VERY GOOD. “With the
Stuffed Beast and our Thanksgiving Box, we worked to create a
delicious and easy vegan option for the table that will make
everyone happy. Raising the plant-based bar goes beyond day-to-day
meals, and with these holiday items we want to continue the
heartfelt family traditions of coming together to enjoy great food
and great company — just without the meat."
Related Party Transaction
VERY GOOD today also announced that it has entered into loan
agreements with its Chief Executive Officer, Mitchell Scott, and
its Chief Research & Development Officer, James Davison, to
provide individual loans in the amounts of C$750,000 and C$500,000
to Mitchell and James, respectively (collectively, the "Loans").
The Loans were provided to enable them to meet certain personal
financial obligations in respect to their residential homes. The
Loans have an initial limited term of 90 days, subject to
extension, at the sole discretion of the Company. To facilitate
early repayment of the Loans, Mitchell and James may prepay the
Loans at any time prior to maturity without penalty. The Loans bear
interest at a rate of 9% per annum, payable monthly, and will be
secured by certain financial assets commencing on January 18,
2022.
About The Very Good Food Company
Inc.
The Very Good Food Company Inc. is an emerging plant-based food
technology company that produces nutritious and delicious
plant-based meat and cheese products under VERY GOOD's core brands:
The Very Good Butchers and The Very Good Cheese Co.
www.verygoodfood.com
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET
MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE
WORLD A WORLD OF GOOD. BY OFFERING PLANT‑BASED FOOD OPTIONS SO
DELICIOUS AND NUTRITIOUS, WE’RE HELPING THIS KIND OF DIET BECOME
THE NORM.
Forward-Looking
Information
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, including Section 21E of the Securities Exchange Act
of 1934, as amended, and applicable Canadian securities laws, for
the purpose of providing information about management’s current
expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate
for other purposes. Any such forward-looking statements and
information may be identified by words such as “plans”, “proposed”,
“expects”, “anticipates”, “intends”, “estimates”, “may”, “will”,
and similar expressions. Forward-looking statements contained or
referred to in this news release includes statements relating, but
not limited to, the increase in popularity of meat alternatives and
their continued growth and position within the food industry,
consumers’ increased demand for plant-based meats and the reasons
therefor, the appeal and attributes of the Company’s products
including taste and nutritional content, the upcoming release of
additional Holiday Boxes before the festive season and the terms of
the Loans. These forward-looking statements are based on a number
of factors and assumptions which have been used to develop such
information, but which may prove to be incorrect including, but not
limited to, material assumptions with respect to the continued
strong demand for VERY GOOD’s products, continued growth of the
popularity of meat alternatives and the plant-based food industry,
the availability of sufficient financing on reasonable terms to
fund VERY GOOD’s capital and operating requirements, the successful
placement of VERY GOOD’s products in retail stores and continued
e-Commerce growth, VERY GOOD’s ability to successfully enter new
markets and manage its international expansion, VERY GOOD’s ability
to increase production capacity and obtain the necessary production
equipment, the availability of labour as well as the accuracy of
construction schedules and cost estimates for the commissioning of
production lines at VERY GOOD’s Rupert and Patterson facilities and
the timely receipt of required permits, VERY GOOD’s relationship
with its suppliers, distributors and third-party logistics
providers, and the Company’s ability to position VERY GOOD
competitively. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, undue
reliance should not be placed on forward-looking statements because
VERY GOOD can give no assurance that such expectations will prove
to be correct. Risks and uncertainties that could cause actual
results, performance or achievements of VERY GOOD to differ
materially from those expressed or implied in such forward-looking
information include, among others, the impact of, uncertainties and
risks associated with the ongoing COVID-19 pandemic, negative cash
flow and future financing requirements to sustain and grow
operations, limited history of operations and revenues and no
history of earnings or dividends, expansion of facilities,
competition, availability of raw materials, dependence on senior
management and key personnel, general business risk and liability,
regulation of the food industry, change in laws, regulations and
guidelines, compliance with laws, unfavourable publicity or
consumer perception, product liability and product recalls, risks
related to intellectual property, difficulties with forecasts,
management of growth and litigation. For a more comprehensive
discussion of the risks faced by VERY GOOD, please refer to VERY
GOOD's most recent Annual Information Form filed with Canadian
securities regulatory authorities at www.sedar.com and as an
exhibit to the registration statement on Form F-10 filed with the
SEC and is available at www.sec.gov. The forward-looking statements
in this news release reflect the current expectations, assumptions
and/or beliefs of the Company based on information currently
available. Each of these forward-looking statements is made only
as of the date of this news release. VERY GOOD undertakes no
obligation to publicly update or revise any forward-looking
statement because of new information, future events or otherwise,
except as otherwise required by law.
None of the Nasdaq, TSX Venture Exchange, the SEC or any other
securities regulator has either approved or disapproved the
contents of this news release. None of the Nasdaq, the TSX Venture
Exchange or its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange), the SEC or
any other securities regulator accepts responsibility for the
adequacy or accuracy of this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211117005553/en/
Mitchell Scott Chief Executive Officer The Very Good Food
Company Inc.
Kevan Matheson Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com Phone: +1 855-472-9841
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