TerraVia Signs Multi-Year Supply Agreement
With Compass As a Preferred Supplier of Food Oils
TerraVia (NASDAQ: TVIA) and Bon Appétit Management Company, a
pioneer in environmentally and socially responsible practices,
announced today that Bon Appétit has adopted Thrive® Culinary Algae
Oil as its preferred oil, chosen for its unique combination of
nutrition, culinary and sustainability benefits that align with the
company’s kitchen principles. Bon Appétit Management Company
operates more than 650 cafés in 33 states for corporations,
universities, and specialty venues, including Google, University of
Pennsylvania, and the Getty Center.
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Thrive® Culinary Algae Oil (Photo:
Business Wire)
Thrive® Algae Oil is available as a premium cooking oil in
grocery stores and online through Amazon. The retail oil contains
75% less saturated fat and 25% more monounsaturated fat than olive
oil.1 The foodservice offering has been expanded to meet the
demanding needs of today’s chefs, including a canola blend for high
volume uses such as deep frying, created to deliver benefits in
sustainability and nutrition while hitting the right economics for
high volume outlets.
Fedele Bauccio, Founder and CEO of Bon Appétit, who is
recognized as a pioneer of sustainable foodservice commented, “We
love Thrive® Algae Oil and have been testing it for a year now.
Using Thrive® Algae Oil, our chefs can create flavorful, nutritious
meals, that are also healthy for the planet. We are excited to more
broadly adopt this truly innovative, game changing oil across Bon
Appétit.”
“The leadership Bon Appétit has shown with its commitment to
nutrition and sustainability is unparalleled,” said Apu Mody, CEO
of TerraVia. “They lead by example in the care they put into the
food they serve to their guests every day. Their deep commitment
directly aligns with TerraVia’s mission to use algae, the mother of
all plants to deliver the world’s healthiest oils and ingredients
with the lowest impact on our planet’s scarce resources.”
Bon Appétit is a sector of Compass Group, the world’s largest
food service provider serving 4 billion meals a year in around 50
countries across sectors as diverse as corporate and college
campuses, senior living, military operations and hospitals.
TerraVia and Compass Group, through its specialty purchasing
division, Foodbuy, recently entered a supply agreement appointing
TerraVia as a preferred food oil provider to Compass guests
nationwide. This commercial deal with Compass Group is designed to
give TerraVia national distribution of its Thrive® Algae Oil,
making it available to restaurants and foodservice operators across
the country. Thrive® Algae Oil is expected to be distributed across
Compass Group’s various segments.
Since Compass and Foodbuy work with major distributors like
Sysco, the partnership is expected to give Thrive® Algae Oil a
presence in warehouses across the country and significantly expand
distribution by making it available to restaurants, hotels and
other food service operations across the U.S.
About TerraVia
TerraVia (NASDAQ:TVIA) is a plant-based food, nutrition and
specialty ingredients company that harnesses the power of algae,
the mother of all plants and earth’s original superfood. With a
portfolio of breakthrough ingredients and manufacturing, the
Company is well positioned to help meet the growing need of
consumer packaged goods and established and emerging food
manufacturers to improve the nutritional profile of foods without
sacrificing taste, and to develop select consumer brands. The
Company also manufactures a range of specialty personal care
ingredients for key strategic partners. Headquartered in South San
Francisco, the Company’s mission is to create products that are
truly better for people and better for the planet. For additional
information, please visit TerraVia’s website
at www.terravia.com.
About Bon Appétit Management Company
Bon Appétit Management Company is an on-site restaurant
company operating 650-plus cafés in 33 states for corporations,
universities, and specialty venues, including at Google, University
of Pennsylvania, and the Getty Center. Bon Appétit food is cooked
from scratch, including sauces, stocks, and soups. A pioneer in
environmentally sound sourcing policies, Bon Appétit has developed
programs addressing local purchasing, the overuse of antibiotics,
sustainable seafood, the food and climate change connection,
humanely raised meat and eggs, and farmworker rights. It has
received numerous awards for its work, from organizations including
the International Association of Culinary Professionals, the James
Beard Foundation, Natural Resources Defense Council, Seafood
Choices Alliance, and The Humane Society of the United States.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about TerraVia, including statements that involve risks and
uncertainties concerning: the attributes of its ingredients,
including as to nutrition, culinary benefits, sustainability and
uniqueness; the distribution and adoption of its products and
ingredients and the breadth thereof; its status as a preferred food
oil supplier; the impact of using its ingredients in products; the
market opportunities for its products; its commercialization; and
TerraVia's ability to maintain its relationships with its customers
and partners. When used in this press release, the words "will",
"expects", "intends", “plans” and other similar expressions and any
other statements that are not historical facts are intended to
identify those assertions as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Any such statement may be influenced by a variety of factors, many
of which are beyond the control of the companies, that could cause
actual outcomes and results to be materially different from those
projected, described, expressed or implied in this press release
due to a number of risks and uncertainties. Potential risks and
uncertainties include, among others: TerraVia’s limited operating
history; its limited history commercializing products;
implementation risk in deploying new technologies and products;
successful initial product introductions and market acceptance of
its products by customers and end-users; its ability to sell its
ingredients and products at a profit; its ability to meet (and
maintain) the requirements to be a preferred oil supplier; its
ability to manage operational costs at production facilities; its
ability to enter into and maintain strategic collaborations and
partnerships; its limited experience in constructing, ramping up
and operating commercial manufacturing facilities; delays related
to start-up and ramp-up of production facilities; availability of
consistent, reliable power and steam; its ability to obtain
requisite regulatory approvals; and its access, on favorable terms,
to any required financing. Accordingly, no assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of the companies.
In addition, please refer to the documents that TerraVia
Holdings, Inc. files with the Securities and Exchange Commission,
including its Annual Report on Form 10-K and its Quarterly Reports
on Form 10-Q, as updated from time to time, for a discussion of
these and other risks. You are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the
date of this press release. TerraVia is not under any duty to
update any of the information in this press release.
1 Thrive® Algae Oil contains the 13 grams of monounsaturated
fat, and just 0.5 grams of saturated fat (14 grams of total fat per
serving). Olive oil contains 11g of monounsaturated fat and 2g
saturated fat per serving (14 grams of total fat).
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TerraViaKatie Ringerpress@terravia.comorBon
AppétitBonnie Azab Powellbonnie.powell@bamco.com