VANCOUVER, BC, July 11,
2024 /CNW/ - Simply Better Brands Corp. ("SBBC"
or the "Company") (TSX Venture: SBBC) (OTCQB: SBBCF) announced the
following today as part of a corporate update to investors on the
Company's progress to date and priorities going forward for
TRUBARTM:
- The Company is increasing its full-year 2024 revenue guidance
for TRUBARTM to USD $45-$50 million
from a previous range of USD $40-45
million, based on the continued expansion of its North American
distribution footprint, growth in its ecommerce business and an
anticipated increase in new distribution from 5,000 to 9,500
additional [retail] stores by the end of the third quarter. This
new distribution will bring TRUBAR's store count to over 12,000
retail stores.
- SBBC has secured an additional USD $5
million in credit facilities with a Tier One Canadian bank
for its 100% owned subsidiary TRU Brands Inc., subject to standard
closing conditions. The new credit facility is incremental to a USD
$5 million credit facility previously
announced on June 19, 2024.
Under the terms of the agreement, up to USD $5 million (CAD $6.8
million) in credit facilities will be made available
to Tru Brands Inc. and its Canadian subsidiary
Trubrands Snack Company Inc. in the form of an asset-based
lending facility against TRUBAR's accounts
receivables. These credit offerings will substantially lower
the cost of capital to 8.85-9.0% per annum compared to its current
line of receivable factoring arrangement that averages 15%+ per
annum.
The Company intends to use these additional credit
facilities to support the expansion of TRUBARTM
sales in the U.S., Canada, and other international
markets.
- Holders of the Company's CAD $850,000 principal amount of convertible
debentures due on August
10th, 2024 have converted their debentures into
equity.
- After successfully leading the Company through a period of
transition and growth over the last five months, Interim Chief
Executive Officer J.R. Kingsley
Ward will become SBBC's permanent CEO in addition to
Chairman of the SBBC Board of Directors
"We are excited to announce these developments highlighted by
the substantial increase in new stores where
TRUBARTM will be available in the coming months as
our multi-channel distribution strategy continues to build
momentum," said Ward. "We are also pleased to have secured new
financing that will enable us to put additional resources and
investment behind the growth of TRUBARTM in North America and international markets."
"We are thrilled with the progress we have made in recent months
securing new retail partners to nearly double the distribution of
TRUBARTM to meet growing consumer demand in the
marketplace," said Erica Groussman,
Co-Founder & Chief Executive Officer of Tru Brands Inc. "I am
extremely proud of what our team has accomplished building our
retail presence and scaling our brand for future growth."
In connection with the conversion of the $850,000.32 principal amount of convertible
debentures of the Company due on August 10,
2024, the Company issued an aggregate of
2,179,488 common shares in the capital of the Company and
1,089,744 common share purchase Each warrant entitles the
holder thereof to acquire one additional common shares in the
capital of the Company at an exercise price of $0.59 per share at any time prior to August 10, 2024.
For more information, please join today's webcast and conference
call commencing at 10 am Eastern
time. J.R. Kingsley Ward
will offer opening remarks and will be joined by Erica Groussman for a live Q&A
discussion.
Instructions on how to join the webcast and call are available
below.
A replay of the webcast will be available on the SBBC Investor
Relations page under the Investor Presentation section.
To join the webcast:
Join on your computer, mobile app or room device
Join the meeting now
Meeting ID: 258 389 681 133
Passcode: 67Gudy
Dial in by phone
+1 647-749-9154,,323363586# Canada, Toronto
Find a local number
Phone conference ID: 323 363 586#
About Simply Better Brands Corp.
Simply Better Brands Corp. is an international omni-channel
platform with a portfolio of diversified assets in the rapidly
growing plant-based, natural, and clean ingredient space. The
Company targets informed, health-conscious Millennial and
Generation Z consumers with a focus on opportunities for expansion
into high-growth consumer product categories. For more
information on Simply Better Brands Corp., please visit: For more
information on Simply Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
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 release.
Cautionary Statement Regarding Forward-Looking
Information
Certain statements contained in this news release constitute
"forward-looking information" and "forward-looking statements"
(collectively, "forward-looking statements") as such terms are
defined under applicable Canadian securities laws and are based on
plans, expectations and estimates of management at the date of this
news release. Forward-looking statements include, without
limitation, statements with respect to future oriented financial
information and financial outlook, including with respect to
anticipated revenues from the TRUBAR plant-based protein bar
(collectively, "FOFI"), the anticipated growth in distribution for
the TRUBAR plant-based protein bar, anticipated use of proceeds
from the credit facilities, and statements with respect to the
future business and operations of the Company. The words "engaged
in", "evaluating", "continuing to", "is reviewing", "potential",
"intend", "anticipates", "believes", "aims", "plans", "expects" or
variations of such words and phrases or statements that certain
future conditions, actions, events or results "will", "may",
"could", "would", "should", "might" or "can", or negative versions
thereof, "occur", "continue" or "be achieved", and other similar
expressions, identify forward-looking statements. Forward-looking
statements are necessarily based upon management's perceptions of
historical trends, current conditions and expected future
developments, as well as a number of specific factors and
assumptions that, while considered reasonable by the Company as of
the date of such statements, are outside of the Company's control
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could result in
the forward-looking statements ultimately being entirely or
partially incorrect or untrue. Forward-looking statements contained
in this news release are based on various assumptions, including,
but not limited to, the following: the ability of the Company to
achieve its growth and revenue strategies; the demand for the
Company's products; that the Company's financial condition and
development plans do not change as a result of unforeseen events;
the regulatory climate in which the Company operates; and the
Company's ability to execute on its business plans. Known and
unknown risk factors, many of which are beyond the control of the
Company, could cause the actual results of the Company to differ
materially from the results, performance, achievements or
developments expressed or implied by such forward-looking
statements. Such risk factors include but are not limited to:
the impact of foreign exchange rates; pricing pressures; general
adverse economic, market and business conditions and those factors
which are discussed in the Company's management discussion and
analysis for the year ended December 31,
2023, which is available under the Company's SEDAR+ profile
at www.sedarplus.com. The risk factors are not intended to
represent a complete list of the factors that could affect the
Company and the reader is cautioned to consider these and other
factors, uncertainties and potential events carefully and not to
put undue reliance on forward-looking statements. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements are provided for the purpose of
providing information about management's expectations and plans
relating to the future. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
except to the extent required by applicable law. All of the
forward-looking statements contained in this news release are given
as of the date hereof and qualified by these cautionary
statements.
The Company and its management believe that the FOFI has been
prepared on a reasonable basis, reflecting management's best
estimates and judgments as at the date hereof. However, because
this information is subjective and subject to numerous risks,
uncertainties and assumptions, it should not be relied on as
necessarily indicative of future results. FOFI contained in this
news release constitutes forward-looking information, was made as
of the date of this news release and was provided for the purpose
of providing further information about the Company's anticipated
future business operations. Readers are cautioned that the FOFI
contained in this news release should not be used for purposes
other than for which it is disclosed herein.
SOURCE Simply Better Brands Corp.