Goodfood Market Corp. (“Goodfood” or “the company”) (TSX:FOOD)
announced today the launch of its national platform with the
opening of a new production and distribution facility in Calgary,
Alberta. The facility will serve the Western Canadian provinces of
British Columbia, Alberta, Saskatchewan and Manitoba, extending the
Goodfood experience to Canadian consumers from coast to coast.
Initial market testing carried out by Goodfood
has shown strong demand for its services in the region. Active
subscriptions1 have already reached over 2,000 following the
pre-launch phase. The company currently has over 40 employees in
Calgary and expects to significantly grow its operations there over
time to meet anticipated robust demand.
“The launch of our national platform and the
opening of our Calgary facility represent a significant step in the
evolution of our fast growing business. It fulfills a promise to
our Western Canadian customers to bring the Goodfood experience
closer to home, said Jonathan Ferrari, Chief Executive Officer of
Goodfood. There are significant market growth opportunities in
Western Canada, and as we capitalize on these we will further
consolidate our leadership position in this industry.”
Goodfood is a market leader in the meal-kit
industry in Canada. Since launching in 2014, the company has
experienced substantial growth in revenues and subscribers
increasing by more than 300% in the past year.
Meal-kits address growing lifestyle trends
towards convenience, healthy food and value for money. Goodfood
facilitates the creation of nutritious meals made with fresh,
top-quality ingredients with a minimum of preparation time and
without the fuss associated with grocery shopping. The company is
proud to partner with local farms to source its ingredients, and
its business model reduces food waste and is environmentally
friendly.
“This is an exciting day for our company. Our
experience shows that there is strong demand for meal-kits once
consumers understand the value proposition on offer," said Mo
Awada, Vice President of Western Canada. "I look forward to leading
our efforts to ensure that the unique preferences of Western
Canadians are reflected in the meal choices on offer.”
About Goodfood Goodfood is
Canada’s leading meal kit company, delivering fresh ingredients
that make it easy for subscribers to prepare delicious meals at
home every week. Goodfood’s objective is to take the hassle out of
cooking, leaving subscribers with the fun part - cooking, sharing
with family and eating. Subscribers select their favorite recipes
from a variety of original dishes online. The company prepares a
personalized box of fresh ingredients and delivers it to the
subscriber's doorstep with easy step-by-step instructions.
Headquartered in Montréal, Canada, Goodfood had 61,000 active
subscribers as at February 28, 2018. www.makegoodfood.ca
For further
information:Philippe Adam, Chief Financial Officer 1(855)
515-5191IR@makegoodfood.ca
Forward-Looking InformationThis
release contains information that may be considered
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Such forward-looking information
includes, but is not limited to, information with respect to our
objectives and the strategies to achieve these objectives, as well
as information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking
information is identified by the use of terms and phrases such as
“may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”,
“anticipate”, “plan”, “foresee”, “believe”, or “continue”, the
negative of these terms and similar terminology, including
references to assumptions, although not all forward-looking
information contains these terms and phrases. Forward-looking
information is provided for the purposes of assisting the reader in
understanding the Company and its business, operations, prospects
and risks at a point in time in the context of historical and
possible future developments and therefore the reader is cautioned
that such information may not be appropriate for other purposes.
Forward-looking information is based upon a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond our control, which could cause actual results to
differ materially from those that are disclosed in or implied by
such forward-looking information. These risks and uncertainties
include, but are not limited to, the following risk factors which
are discussed in greater detail under “Risk Factors” in the
Company’s Annual Information Form for the year ended August 31,
2017 available on SEDAR at www.sedar.com: limited operating
history, negative operating cash flow, food industry, quality
control and health concerns, regulatory compliance, regulation of
the industry, public safety issues, product recalls, damage to
Goodfood’s reputation, transportation disruptions, product
liability, ownership and protection of intellectual property,
evolving industry, reliance on a single facility, unionization
activities, reliance on management, factors which may prevent
realization of growth targets, competition, availability and
quality of raw materials, limited number of products, environmental
and employee health and safety regulations, online security
breaches and disruption, reliance on data centers, open source
license compliance, future capital requirements, operating risk and
insurance coverage, management of growth, conflicts of interest,
litigation, and catastrophic events. Although the forward-looking
information contained herein is based upon what we believe are
reasonable assumptions, readers are cautioned against placing undue
reliance on this information since actual results may vary from the
forward-looking information. Certain assumptions were made in
preparing the forward-looking information concerning availability
of capital resources, business performance, market conditions, and
customer demand. Consequently, all of the forward-looking
information contained herein is qualified by the foregoing
cautionary statements, and there can be no guarantee that the
results or developments that we anticipate will be realized or,
even if substantially realized, that they will have the expected
consequences or effects on our business, financial condition or
results of operation. In addition, any statements as to financial
results (including without limitation, revenue, sales, margin and
profitability in general or with respect to any aspect of the
Company`s business) is made as at the time in question. There can
be no assurance that past results will be repeated and future
results may vary materially. Unless otherwise noted or the context
otherwise indicates, any forward-looking information contained
herein is provided as of the date hereof, and we do not undertake
to update or amend such forward-looking information whether as a
result of new information, future events or otherwise, except as
may be required by applicable law.
1 An active subscriber is defined as an account that will
receive a delivery or has elected to skip a delivery in the
subsequent weekly delivery cycle.
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