YTD Q3 2021 Revenue Increased 184%
Year-over-Year to $8.0 Million
YTD Q3 2021 Production Units Sold Increased
154% Year-over-Year
YTD Q3 2021 eCommerce Revenue Increased by $4.0
Million or 206% Year-over-Year
YTD Q3 2021 Fulfilled eCommerce Orders
Increased by 142% to 64,784 Year-over-Year
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 reported its financial
results for the third quarter ended September 30, 2021.
"VERY GOOD delivered another strong quarter, achieving solid
year-over-year growth across our eCommerce and wholesale channels,
driven by strategic execution and demand for plant-based food
products," said Mitchell Scott, co-founder and CEO of VERY GOOD.
“We launched successfully into the US retail market, strategically
shifting our focus towards growing retail orders over eCommerce,
securing long-term in store listings, driving higher units sold,
and ultimately delivering 86% wholesale revenue growth since last
quarter. Since quarter end the success of this strategy has been
further demonstrated as increased retail listings across US and
Canada and demand for vegan meat alternatives for the holidays
drove record revenue this October of $1.5 million, a 202% increase
over last year.”
“Scaling our production capabilities to meet strong demand for
our products remains a key priority,” added Mr. Scott. “Line 1 at
the Rupert Facility is currently operating five days a week with
three shifts per day, producing seven SKUs of the popular The Very
Good Butchers lineup and five SKUs of our new Butcher’s Select
suite of products. With our ramped-up production, our products are
now available in more than 1,400 outlets across North America,
including 600 stores in the US. We already have over 2,000 retail
locations confirmed for the first quarter of 2022.”
“As we head into the final quarter of 2021, like many others,
our industry is facing near-term pressures including supply chain
disruption and labour shortages, which could impact our results. To
continue to drive growth, we remain flexible and agile in our
approach, adjusting quickly in line with evolving trends. Looking
forward to the medium-term, we believe that the strategic
investments we’re making in our expansion plans, premium products,
and production capacity along with our great partners, positions
VERY GOOD for the future."
Q3 2021 Financial
Highlights
- Revenue in Q3 2021 increased 85% to $2,536,097 as
compared to the same quarter last year primarily driven by strong
eCommerce sales and an increase in wholesale revenue due to the
Company's successful scaling of production and distribution
expansion to meet demand in both sales channels. Compared to Q2
2021, revenue decreased 9% as VERY GOOD strategically prioritized
retail orders over eCommerce, reserving inventory for the wholesale
channel to support the third quarter US retail launch. As a result,
VERY GOOD had a record month in October with $1.5 million in
revenue from both its eCommerce and retail channels. The demand for
Stuffed Beast and the introduction of Holiday Boxes led to a
significant sales increase ahead of the festive season.
- Wholesale revenue increased 173% to $846,749 in Q3 2021
compared to $310,444 in Q3 2020; and increased 86% from $455,055 in
Q2 2021.
- Wholesale distribution points increased 331% to 4,551 at
the end of Q3 2021 compared to 1,055 at the end of Q3 2020 and
increased 143% from 1,869 in Q2 2021.
- eCommerce sales increased 58% to $1,546,146 in Q3 2021
compared to $978,883 in Q3 2020; and decreased 30% from $2,206,402
in Q2 2021 as retail orders were prioritized and inventory reserved
to support the August US retail launch and fourth quarter eCommerce
holiday promotions.
- eCommerce orders fulfilled increased 34% to 17,546 in Q3
2021 compared to 13,107 orders fulfilled in Q3 2020 and decreased
27% from 24,057 in Q2 2021.
- Adjusted gross margin was 36% of revenue YTD Q3 2021
compared to 30% of revenue YTD Q3 2020.
- Adjusted general and administrative expense was
$3,963,524 in Q3 2021 compared to $1,466,121 in Q3 2020 and
$2,208,555 in Q2 2021. The year-over-year increase was driven by
investments in expansion of the management team, professional and
software license fees, and office expenses as we scale to
accelerate growth.
- Adjusted EBITDA was a loss of $(8,174,024) in Q3 2021
compared to $(3,138,595) in Q3 2020; and $(5,673,109) in Q2
2021.
Q3 2021 Operational
Highlights
- Aggressively Increasing Market Share in North America as New
Wholesale Retail Distribution Points Drive Growth. The Company
recently launched into US retail in August 2021 and, by
quarter-end, was in over 396 stores in the US; in addition to 805
stores in Canada at the end of September. US store count has
increased by over 200 stores since the end of September, sitting at
600 stores currently, and we have over 1,125 locations confirmed in
Q1 2022.
- Successfully launched into US retail, strategically
prioritizing retail orders over eCommerce by reserving
inventory for the wholesale channel to secure long-term in store
listings and meet fill requirements on orders received. This
resulted in higher units sold in the wholesale channel and an 86%
increase in retail revenue as compared to Q2 2021. As compared to
Q2 2021, eCommerce revenue decreased by 30% due to fewer units
being sold in support of this strategy.
- Increasing US retail presence through retail banners
such as Wegmans, Raleys and Earth Fare and The Very Good Butchers
and Butcher's Select products have been rolled out into over 1,200
stores across North America including 396 US locations across 15
states through the end of September.
- Expanded retail footprint in Eastern Canada and Quebec.
Our popular The Very Good Butchers products are now available for
the first time in Québec at Rachelle Béry health food stores, and
online throughout the Greater Toronto Area via Voilà, Sobeys'
online home delivery service.
Developing the Chops to Meet the Demand - Building
Operational Scalability and Enhanced Production
Capabilities
- Line 1 at the Rupert Facility recently achieved a key
production capability target of 40,000 lbs in a single day and is
on its way to hit the next capacity milestone of 60,000 lbs in a
single day in Q1 2022. The line is currently producing seven SKUs
of the popular The Very Good Butchers collection, as well as five
SKUs of our new gluten and soy-free Butcher’s Select lineup.
- Line 2 at the Rupert Facility is expected to be
commissioned in Q3 2022 with food production commencing in early Q4
2022. The timeline for Line 2 has been delayed due to global supply
chain pressures slowing plant preparation and equipment delivery.
Once online, Line 2 is expected to produce six SKUs of our
Butcher’s Select line.
- Strategically reallocated and built-up inventory to
support the US retail launch, new retailers, and planned eCommerce
promotions. During the third quarter, VERY GOOD continued to ramp
up production at the Rupert Facility to meet demand with finished
goods inventory increasing quarter-over-quarter by $693,986 (46%)
in Q3 2021.
Product Updates
- Launched the highly anticipated Butcher's Select product
line through a limited release online at
www.verygoodbutchers.com, with a retail rollout underway in North
America in Q4 2021. This marks VERY GOOD's entry into the
gluten-free and soy-free market, strengthening the Company's
position in the fast-growing plant-based meat segment. VERY GOOD
also received industry accolades with the mmm…Meatballs winning the
coveted NEXTY Award in the Best New Frozen Product category.
- The Butcher's Select product line up has achieved Non-GMO
project verified certification by the Non-GMO Project, North
America's only third-party verification for non-Genetically
Modified Organism, or "Non-GMO" food and products. This achievement
will resonate with our healthy-savvy consumers becoming
increasingly concerned with the quality of the ingredients on their
plates.
Capital Markets Update
- On October 13, 2021, VERY GOOD completed a successful NASDAQ
listing and commenced trading on the NASDAQ Capital Market under
the ticker symbol “VGFC”. We believe that the NASDAQ listing will
increase VERY GOOD’s visibility in the marketplace, improve
liquidity, broaden and diversify its shareholder base, and enhance
long-term shareholder value. We plan to accelerate the Company’s
business strategy focused on global expansion into the US and
Europe with this US listing.
- On October 19, 2021, VERY GOOD completed an SEC-registered
direct offering for gross proceeds of US$30,000,000. VERY GOOD
intends to use the net proceeds from the Offering to scale its
operations, to expand its geographical reach, for accretive
acquisitions within the plant-based food sector, for research and
development, for marketing initiatives and for general corporate
and other working capital purposes.
Related Party Transaction Update
- On November 16, 2021, the Company entered into loan agreements
with its Chief Executive Officer (“CEO”), Mitchell Scott, and its
Chief Research & Development Officer (“CRDO”), James Davison,
to provide individual loans in the amounts of $750,000 and $500,000
to the CEO and CRDO, respectively (collectively, the “Loans”). With
the express consent of the CEO and CRDO, the Loans were amended on
November 23, 2021 such that all accrued principal and interest
under the CEO Loan is now immediately due and payable and the CRDO
Loan is due and payable within 60 days. It is anticipated that the
CEO will pay his Loan in full by December 1, 2021 and the CRDO will
pay his Loan in full on or before maturity. Until repayment, the
Loans continue to bear interest at a rate of 9% per annum, payable
monthly, and, if for any reason a Loan is not paid in full on or
before January 18, 2022, the Loan will be secured by certain
financial assets commencing on such date. Moreover, the CRDO Loan
provides for scheduled repayments prior to maturity.
VERY Good’s Board of Directors has reviewed and approved the
financial information for the three and nine months ended September
30, 2021 contained in this document and its release. The financial
information contained in this document has not been audited by VERY
Good’s auditor. The management's discussion and analysis for the
period and the accompanying financial statements and notes will be
available under the Company's profile on SEDAR at www.sedar.com and
will be furnished on a Report on Form 6-K on EDGAR at www.sec.gov
upon the completion of the Company's financial closing
procedures.
Third Quarter 2021 Conference Call Details
VERY GOOD will host a conference call today, Wednesday, November
24, 2021 at 11:00 am Eastern Time/ 8:00 am Pacific Time to discuss
the financial results and business outlook.
Participant Dial-In Numbers:
Toll-Free: 1-877-425-9470
Toll / International: 1-201-389-0878
* Participants should request The Very Good Food Company Third
Quarter Earnings Call.
The call will be available via webcast on Very Good's investor
page of the Company website at www.verygoodfood.com/investors or at
this link until December 22, 2021.
Please visit the website at least 15 minutes before the call to
register, download, and install any necessary audio software. A
replay of the call will be available on VERY GOOD's investor page
approximately two hours after the conference call has ended.
Financial Highlights
Three months ended
September 30,
Three months ended
June 30,
Three months ended
September 30,
Nine months ended
September 30,
Nine months ended
September 30,
2021
2021
2020
2021
2020
Revenue by channel
eCommerce
$
1,546,146
$
2,206,403
$
978,883
$
5,937,643
$
1,943,526
Wholesale
846,749
455,055
310,444
1,647,709
585,215
Butcher Shop, Restaurant and Other
143,202
119,223
84,487
374,509
271,416
$
2,536,097
$
2,780,681
$
1,373,814
$
7,959,861
$
2,800,157
Gross Profit(1)
$
476,893
$
677,859
$
295,672
$
1,745,589
$
574,168
Adjusted Gross Profit(1)
$
783,375
$
1,079,490
$
387,131
$
2,841,873
$
840,716
Gross Margin(1)
19%
24%
22%
22%
21%
Adjusted Gross Margin(1)
31%
39%
28%
36%
30%
Net Loss
$
(13,699,706)
$
(12,500,733)
$
(4,497,027)
$
(41,229,015)
$
(8,045,668)
Adjusted EBITDA net loss(1)
$
(8,174,024)
$
(5,673,109)
$
(3,138,595)
$
(19,239,069)
$
(5,064,851)
Loss per share – basic and diluted
$
(0.13)
$
(0.13)
$
(0.06)
$
(0.42)
$
(0.14)
Weighted average number of shares
outstanding – basic and diluted
103,330,623
97,603,729
80,642,478
99,233,603
58,564,669
(1) See "Non-GAAP Financial Measures" below for further details
concerning Adjusted Gross Profit, Adjusted Gross Margin, Adjusted
General and Administrative Expense and Adjusted EBITDA.
Operational Metrics
Three months ended
September 30,
Three months ended
June 30,
Three months ended
September 30,
Nine months ended
September 30,
Nine months ended
September 30,
2021
2021
2020
2021
2020
For the period ended:
Production volume sold by channel
(units)
eCommerce
145,167
216,121
99,869
559,458
213,808
Wholesale
143,478
91,624
63,602
302,634
125,431
288,645
307,745
163,471
862,092
339,239
Number of eCommerce orders
17,546
24,057
13,107
64,784
26,742
As at period end:
Number of product SKUs manufactured
25
20
14
25
14
Number of wholesale distribution
points(2)
4,551
1,869
1,055
4,551
1,055
(2) Wholesale distribution points are defined as the number of
retail stores multiplied by the number of SKUs.
Condensed Interim Consolidated Statements of Financial
Position
(Expressed in Canadian dollars, unaudited)
As at
September 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
10,548,513
$
25,084,083
Accounts receivable
1,664,003
449,583
Inventory
5,469,544
1,195,535
Prepaids and deposits
4,092,063
1,887,035
Total current assets
21,774,123
28,616,236
Right-of-use assets
17,307,862
5,046,597
Property and equipment
12,402,045
740,728
Prepaids and deposits
753,741
779,036
Goodwill
3,479,535
–
Deferred financing costs
4,431,240
–
Total assets
$
60,148,546
$
35,182,597
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued
liabilities
$
7,058,979
$
1,871,728
Deferred revenue
79,249
102,239
Current portion of lease liabilities
874,283
146,935
Current portion of loans payable and other
liabilities
1,668,291
–
Contingent considerations
1,048,000
–
Total current liabilities
10,728,802
2,120,902
Lease liabilities
17,227,201
5,389,352
Loans payable and other liabilities
4,373,315
30,000
Total liabilities
32,329,318
7,540,254
Share capital
62,907,824
39,335,150
Equity reserves
22,867,321
5,009,980
Subscriptions received and receivable
-
8,250
Accumulated other comprehensive income
(9,205)
6,660
Deficit
(57,946,712)
(16,717,697)
Total shareholders’ equity
27,819,228
27,642,343
Total liabilities and shareholders’
equity
$
60,148,546
$
35,182,597
Condensed Interim Consolidated Statements of Net Loss and
Comprehensive Loss
(Expressed in Canadian dollars, unaudited)
Three months ended
Nine months ended
September 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Revenue
$
2,536,097
$
1,373,814
$
7,959,861
$
2,800,157
Procurement expense
(2,059,204)
(1,078,142)
(6,214,272)
(2,225,989)
Fulfilment expense
(1,804,459)
(637,905)
(5,833,068)
(1,129,499)
General and administrative expense
(7,089,277)
(1,890,707)
(23,498,714)
(3,226,522)
Marketing and investor relations
expense
(2,178,765)
(1,365,552)
(6,904,766)
(2,269,357)
Research and development expense
(566,672)
(104,908)
(1,448,657)
(267,732)
Pre-production expense
(1,327,009)
-
(2,868,832)
-
Operating loss
(12,489,289)
(3,703,400)
(38,808,448)
(6,318,942)
Finance expense
(1,089,004)
(782,506)
(1,851,981)
(1,694,839)
Other expense
(121,413)
(11,121)
(568,586)
(31,887)
Net loss
(13,699,706)
(4,497,027)
(41,229,015)
(8,045,668)
Other comprehensive income
Foreign currency translation loss
(24,800)
(80)
(15,865)
(80)
Comprehensive loss
$
(13,724,506)
$
(4,497,107)
$
(41,244,880)
$
(8,045,748)
Loss per share – basic and diluted
$
(0.13)
$
(0.06)
$
(0.42)
$
(0.14)
Weighted average number of shares
outstanding – basic and diluted
103,330,623
80,642,478
99,233,603
58,564,669
Condensed Interim Consolidated Statements of
Cash Flows
(Expressed in Canadian dollars, unaudited)
Nine months ended
September 30, 2021
September 30, 2020
Net loss for the period
$
(41,229,015)
$
(8,045,668)
Adjustments for non-cash items:
Finance expense
1,867,040
337,577
Depreciation
1,457,763
271,982
(Gain)/Loss on termination of lease
(1,600)
7,533
Loss on disposal of equipment
32,816
-
Loss on settlement of debt
-
1,357,262
Share-based compensation
18,406,456
829,337
Shares and units issued for services
227,471
58,086
Warrants issued for services
-
119,040
Lease concessions
-
(11,374)
Changes in non-cash working capital
items:
Accounts receivable
(1,180,266)
(284,600)
Inventory
(4,161,142)
(250,134)
Prepaids and deposits
(880,744)
(709,512)
Accounts payable and accrued
liabilities
3,028,788
963,604
Deferred revenue
(22,990)
310,855
Due from related parties
-
22,866
Net cash and cash equivalents used in
operating activities
(22,455,423)
(5,023,146)
Cash acquired from acquisitions
9,306
-
Cash paid for acquisitions
(1,250,000)
-
Purchase of property and equipment
(9,518,458)
(242,286)
Security deposits paid for property and
equipment
(1,813,506)
-
Acquisition of right-of-use assets
(67,332)
-
Net cash and cash equivalents used in
investing activities
(12,639,990)
(242,286)
Proceeds from the issuance of units for
cash (net of share issue costs)
18,378,261
11,476,080
Proceeds from the exercise of warrants
2,384,483
2,330,206
Proceeds from the exercise of stock
options
116,099
139,125
Proceeds from loans payable
3,475,875
499,129
Repayment of loans payable
(555,000)
(490,310)
Deferred financing costs paid
(2,129,801)
-
Proceeds from loan payable to related
parties
-
400,000
Repayment of loan payable and accrued
interest to related parties
-
(400,000)
Payments of lease liabilities
(1,040,221)
(133,567)
Payments of non-current lease deposits
-
(747,791)
Interest paid
(55,928)
(73,286)
Net cash and cash equivalents provided by
financing activities
20,573,768
12,999,586
Effect of foreign exchange rate changes on
cash and cash equivalents
(13,925)
(80)
(Decrease) increase in cash and cash
equivalents
(14,535,570)
7,734,074
Cash and cash equivalents, beginning of
period
25,084,083
405,610
Cash and cash equivalents, end of
period
$
10,548,513
$
8,139,684
Cash
$
10,448,513
$
7,074,684
Redeemable guaranteed investment
certificate (“GIC”)
-
1,000,000
Restricted redeemable GIC
100,000
65,000
Total cash and cash equivalents
$
10,548,513
$
8,139,684
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures are metrics used by management that
does not have any standardized meaning prescribed by IFRS and may
not be comparable to similar measures presented by other
companies.
Adjusted EBITDA Net Loss
Management defines adjusted EBITDA net loss as net loss before
finance expense, tax, depreciation and amortization, share-based
compensation and other one-time and non-cash items. Management
believes adjusted EBITDA net loss is a useful financial metric to
assess its operating performance because it excludes the impact of
these one-time and non-cash items that do not directly relate to
our underlying business performance.
Three months ended
September 30,
Three months
ended
June 30,
Three months ended
September 30,
Nine months
ended
September 30,
Nine months
ended
September 30,
2021
2021
2020
2021
2020
Net loss as reported
$
(13,699,706)
$
(12,500,733)
$
(4,497,027)
$
(41,229,015)
$
(8,045,668)
Adjustments:
Depreciation
616,111
512,168
117,265
1,457,763
271,982
Loss on disposal of equipment
10,255
2,679
-
32,816
-
Gain on termination of lease
-
(239)
7,533
(1,600)
7,533
Finance expense
1,102,858
402,432
190,244
1,867,040
337,577
Share-based compensation
3,796,458
5,835,989
379,326
18,406,456
829,337
Shares, units and warrants issued for
services
-
74,595
71,802
227,471
177,126
Loss on settlement of debt
-
-
592,262
-
1,357,262
Adjusted EBITDA net loss
$
(8,174,024)
$
(5,673,109)
$
(3,138,595)
$
(19,239,069)
$
(5,064,851)
Adjusted gross profit and adjusted gross margin
Management utilizes adjusted gross profit to provide a
representation of performance in the period by excluding the
non-cash impact of share-based compensation recognized in
procurement expense during the period as well as The Butcher Shop
& Restaurant related procurement costs. Management believes
adjusted gross profit provides useful information as it represents
gross profit for management purposes based on cost to procure and
manufacture the Company’s finished goods. Adjusted gross margin is
calculated by taking adjusted gross profit divided by revenue.
Three months ended
September 30,
Three months
ended
June 30,
Three months ended
September 30,
Nine months
ended
September 30,
Nine months
ended
September 30,
2021
2021
2020
2021
2020
Revenue
$
2,536,097
$
2,780,681
$
1,373,814
$
7,959,861
$
2,800,157
Procurement expense
(2,059,204)
(2,102,822)
(1,078,142)
(6,214,272)
(2,225,989)
Gross profit
$
476,893
$
677,859
$
295,672
$
1,745,589
$
574,168
Adjustments:
The Butcher Shop & Restaurant
procurement expense
120,081
117,484
76,460
367,187
237,303
Share-based compensation
186,401
284,147
14,999
729,097
29,245
Adjusted gross profit
$
783,375
$
1,079,490
$
387,131
$
2,841,873
$
840,716
Adjusted gross margin
31%
39%
28%
36%
30%
Adjusted general and administrative expense
Management defines adjusted general and administrative expense
as general and administrative expense excluding non-cash items such
as share-based compensation and depreciation expense. Management
believes adjusted general and administrative expense provides
useful information as it represents the corporate costs to operate
the business excluding any non-cash items.
Three months ended
September 30,
Three months
ended
June 30,
Three months ended
September 30,
Nine months ended
September 30,
Nine months ended
September 30,
2021
2021
2020
2021
2020
General and administrative
expense
$
(7,089,277)
$
(6,834,880)
$
(1,890,707)
$
(23,498,714)
$
(3,226,522)
Adjustments:
Share-based compensation
3,043,998
4,546,887
352,470
14,931,844
764,875
Depreciation
81,755
79,438
72,116
193,955
132,294
Adjusted general and administrative
expense
$
(3,963,524)
$
(2,208,555)
$
(1,466,121)
$
(8,372,915)
$
(2,329,353)
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.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.
Forward-Looking Statements
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: expectations as to increased store listings and, in
particular, continued US retail expansion by the end of 2021 and
throughout 2022; VERY GOOD’s ability to aggressively increase
market share, build operational scalability and enhance production
capabilities; the demand for plant-based food products and vegan
meat alternatives; the attributes of the Company’s products
including taste and nutritional content; the appeal and importance
of non-GMO verification certification; the timing and repayment of
the Loans; the filing of the Company’s management's discussion and
analysis and the accompanying financial statements; the expected
benefits to be derived from the Company’s Nasdaq listing; and the
intended use of proceeds from the offering completed in October.
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
wholesale expansion and eCommerce 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/20211123006247/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
Vericity (NASDAQ:VERY)
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