VANCOUVER, Feb. 1, 2018 /CNW/ - GLOBAL GARDENS GROUP INC.
(THE "COMPANY") (TSXV: VGM) is pleased to announce that its
financial statements and management's discussion and analysis for
financial year ended September 30,
2017 ("FY2017") have been filed with the securities
regulatory authorities and are available at www.sedar.com and on
the Company's website.
Highlights during the year ended September 30, 2017.
Operating Milestones:
- Commenced distribution in China through its joint venture with
V-Power.
- Launched Veggemo in the U.S. during the spring of 2017.
- Veggemo is now available in approximately 3,000 stores in the
U.S. and in 5,000 stores across North
America.
- Launched on multiple e-commerce platforms including Amazon,
Lucky Vitamin and Vitacost.
Financial Highlights:
- Gross sales increased to $782,867, an increase of 74% over 2016.
- Cost of sales decreased by 12% due to the Company's program of
continued production efficiency.
"We are thrilled by our progress," states Rob Harrison President and CEO, Global Gardens
Group Inc. Mr. Harrison continues, "launching Veggemo in both the
U.S. and China and on e-commerce
has provided the platform for continued growth. Consumers in
new markets and channels can now buy Veggemo. We are still in
early stages in both countries with the opportunity to grow
distribution further across these geographies. Veggemo is available
at major retailers like Wegmans, Whole Foods (Mid Atlantic), Stop
& Shop, Giant, Safeway, Fresh Thyme, Earth's Fare, and Jewel
amongst others. Consumer feedback on Veggemo's taste and
creaminess is overwhelmingly positive. Investment into driving
higher levels of brand awareness is a focus going forward."
About Veggemo
The Veggemo product line is the
non-dairy milk originating from vegetables and is Global Garden
Group's (VGM) showcase product for the dairy-free industry. Veggemo
is available in a non-refrigerated shelf stable format in 3
flavors: Original, Unsweetened and Vanilla. Veggemo competes with
Silk (Whitewave), Almond Breeze (Blue Diamond), Hain Celestial,
Pacific Foods, Ripple Foods, Califia Farms, amongst others. The
dairy-free industry continues to witness dynamic growth led by the
development of, and the consumer shift to, plant-based food and
beverages.
Driven by shifting consumer behavior, Health & Wellness food
and beverage companies have become a popular acquisition target for
many multi-national corporations. Most recently WhiteWave
Foods, the provider of plant-based foods and beverages, was
successfully sold to Danone for $12.5
billion, representing a 3.1x revenue multiple.
About Global Gardens Group
Global Gardens Group is
comprised of a highly experienced management team and board that
have provided senior leadership to many consumer brands and
financial institutions including: Neilson Dairy, Ben & Jerry's
and Haagen Dazs ice cream, Gillette, P&G, Cadbury Schweppes,
Sunkist, Primo Pasta, Tropicana, Sunny Delight, Price Waterhouse
Coopers, Desjardins Securities Inc., Orion Securities Inc., Vengate
Capital, HSBS Securities Inc. and Gordon Capital.
SOURCE Global Gardens Group Inc.