REPEAT: Goodfood Doubles Montreal Production Facility and Increases National Delivery Capacity to $500 Million
September 27 2018 - 9:00AM
Goodfood Market Corp. (“Goodfood” or “the company”) (TSX: FOOD)
announced today it is expanding its Montreal facility with the
signing of a lease for an additional 72,000 square feet adjacent to
the company’s current location. The five-year lease, with three
5-year renewal options, will double the production capacity of the
Montreal facility and increase facility size to 155,000 square
feet. The new facility is expected to be operational in fiscal year
2019.
“More and more Canadians are enjoying cooking
with Goodfood on a weekly basis,” said Jonathan Ferrari, Chief
Executive Officer of Goodfood. “Our expanded state of the art
facility will double our sales capacity in Eastern Canada and
increase our national sales capacity from $300 million to $500
million as we continue to add new meal options and expand our
product offering to better meet to the needs of our fast growing
customer base.”
Goodfood is a market leader in the home meal
solutions industry in Canada. Since launching in 2014, the company
is constantly growing its footprint in Canada and customers are
showing deep appreciation for the new meal options the company is
offering. Active subscribers count reached 89,000 as of August 31,
2018, an increase of 187% over August 31, 2017.
About Goodfood Goodfood is a
leading home meal solutions company in Canada, 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 systematic
instructions. Headquartered in Montréal, Canada, Goodfood had
89,000 active subscribers as of August 31, 2018.
www.makegoodfood.ca
For further
information:Philippe Adam, Chief Financial Officer 1(855)
515-5191IR@makegoodfood.ca
Forward-Looking Information
This 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.
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