Stryve Foods, LLC (“Stryve” or “the Company”), an emerging healthy
snacking platform disrupting traditional snacking categories and
the leading air dried meat snack company in the U.S., has
integrated the #2 biltong brand in the U.S., Kalahari Snacks, which
it purchased in mid-December 2020.
Inclusive of the Kalahari Snacks acquisition and
following a year of significant growth for Stryve, the Company is
now the largest supplier of air-dried meat in the United States
with 85% market share according to SPINS for the 52-week period
ending January 24, 2021.
This news follows the late January announcement
that Stryve and Andina Acquisition Corp. III, (NASDAQ: “ANDA”)
(“Andina”), a publicly traded special purpose acquisition company,
reached a definitive agreement for a business combination that
would result in Stryve becoming a public company. Upon closing of
the transaction, which is expected in the second quarter of 2021,
the combined company will be renamed Stryve Foods, Inc. and would
remain listed on the NASDAQ under the ticker SNAX. More detailed
information regarding the proposed transaction may be obtained by
listening to the webcast and viewing the investor presentation at
www.stryve.com under “Investors” or at
www.andinaacquisition.com under “Investor Relations”.
“We’re thrilled to have the Kalahari team join
the Stryve family of brands,” said Alex Hawkins, COO of Stryve
Foods. “As we’ve built our air-dried meat vertical, the opportunity
to acquire one of the fastest growing brands in the biltong space
was too important to pass up. We’ve each disrupted the meat-snack
category on our own and now together, the sky’s the limit.”
Kalahari is now benefiting from Stryve Foods’
existing infrastructure, bringing direct access to research and
development, a simplified supply chain, faster speed to market and
synergies in functions across the companies. Stryve Foods’ revenue
grew almost 50% last year to firmly establish the company as the
leading air-dried meat snack company, and the acquisition and
investment will bolster that growth in 2021.
“We are thrilled to join forces with Stryve, especially at such
a high-growth time for the Company,” saidTyler Noyes and Brett
Johnston, Co-Founders of Kalahari Snacks. "From day one, we have
shared a dream and a vision of bringing traditional South
African biltong to the American market. We look forward to
working with Stryve to make biltong a household staple snack
in America.”
About Stryve Foods LLCStryve
Foods is an emerging healthy snacking platform with a mission to
help Americans snack better and live happier, better lives. The
Company is focused on manufacturing and marketing highly
differentiated healthy snacks that disrupt traditional snacking
categories.
Stryve is currently building a tribe of early
adopters consisting of healthy snack seekers, many of whom are new
to the meat snack category. Stryve Beef Biltong is a delicious,
good-for-you snack made from 100% American beef – high in protein
with zero sugar and made from nothing artificial. Founded by
fitness and nutrition enthusiasts, Stryve Biltong is on a mission
to help America snack better. Biltong is a process for air-drying
meat that originated centuries ago in South Africa and actually
boasts more protein in every bite than traditional jerky. It is
made simply – with beef, vinegar and spices – and served in slices,
sticks or slabs. Stryve Beef Biltong comes in a variety of
delicious flavors, including Original, Cajun, Hickory, Mesquite
BBQ, Teriyaki, Zesty Garlic, Hatch Green Chile, and Spicy Peri.
Stryve is available on https://stryve.com/, Amazon and over 17,000
retail stores across the U.S. and Canada.
For more information about Stryve, visit
www.stryve.com or follow on social at @StryveBiltong.
About Kalahari SnacksAfter
racing 175 miles in an Ironman and Ultramarathon in South Africa
within a week, Tyler Noyes and Brett Johnston were inspired to
bring South African biltong to the United States. Kalahari Snacks
produces authentic biltong in a centuries-old South African
tradition of naturally air-dried meat with simple ingredients and
no sugar, resulting in delicious, thin, tender slices of beef that
greatly surpass the texture and nutritional value of beef jerky. To
learn more about Kalahari, please visit www.eatbiltong.com.
About Andina Acquisition Corp. IIIAndina
Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) is a blank
check company for the purpose of entering into a merger, share
exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more
businesses or entities. For information about Andina, please visit
http://www.andinaacquisition.com/
Forward Looking
StatementsCertain statements made in this press release
are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, actual results may differ materially from
Andina’s or Stryve’s expectations or projections. The following
factors, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive agreement for the business combination between Andina
and Stryve (the “Business Combination Agreement”); (ii) the ability
of the combined company to meet Nasdaq listing standards following
the transaction and in connection with the consummation thereof;
(iii) the inability to complete the transactions contemplated by
the Business Combination Agreement due to the failure to obtain
approval of the stockholders of Andina or other reasons; (iv) the
failure to meet the minimum cash requirements of the Business
Combination Agreement due to Andina stockholder redemptions and one
or more defaults by the investors in the private placement, and
failing to obtain replacement financing; (v) costs related to the
proposed transaction; (vi) changes in applicable laws or
regulations; (viii) the ability of the combined company to meet its
financial and strategic goals, due to, among other things,
competition, the ability of the combined company to pursue a growth
strategy and manage growth profitability; (vii) the possibility
that the combined company may be adversely affected by other
economic, business, and/or competitive factors; (viii) the effect
of the COVID-19 pandemic on Andina and Stryve and their ability to
consummate the transaction; and (ix) other risks and uncertainties
described herein, as well as those risks and uncertainties
discussed from time to time in other reports and other public
filings with the Securities and Exchange Commission (the “SEC”) by
Andina.
Additional information concerning these and
other factors that may impact Andina’s expectations and projections
can be found in Andina’s periodic filings with the SEC, including
its Annual Report on Form 10-K for the fiscal year ended December
31, 2019, the definitive proxy statement filed by Andina with the
SEC on January 4, 2021 wherein Andina sought and obtained
stockholder approval to extend the date by which Andina has to
consummate its initial business combination to April 30, 2021
(which has since been extended to July 31, 2021 as a result of
Andina signing the Business Combination Agreement) (the “Extension
Proxy”), and in the preliminary and definitive proxy statements to
be filed by Andina with the SEC regarding the transaction when
available. Andina’s SEC filings are available publicly on the SEC's
website at www.sec.gov.
The foregoing list of factors is not exclusive.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Neither Andina nor Stryve undertakes or accepts any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based, subject to applicable
law.
No Offer or SolicitationThis
press release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities pursuant to the proposed transactions or otherwise,
nor shall there be any sale of securities in any jurisdiction in
which the offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such jurisdiction. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
No AssurancesThere can be no
assurance that the transactions described herein will be completed,
nor can there be any assurance, if such transactions are completed,
that the potential benefits of combining the companies will be
realized. The description of the transactions contained herein is
only a summary and is qualified in its entirety by reference to the
definitive agreements relating to the transactions, copies of which
will be filed by Andina with the SEC as an exhibit to a Current
Report on Form 8-K.
Important Information about the
Transactions and Where to Find It
In connection with the transactions described
herein, Andina will file relevant materials with the SEC, including
a Form S-4 registration statement that will include a proxy
statement of Andina that constitutes a prospectus for Andina and a
definitive proxy statement for Andina’s shareholders. Promptly
after filing the registration statement with the SEC, Andina will
mail the registration statement and a proxy card to each
shareholder entitled to vote at the special meeting relating to the
business combination and related matters. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN
CONNECTION WITH THE TRANSACTIONS THAT ANDINA WILL FILE WITH THE SEC
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT ANDINA, STRYVE AND THE BUSINESS COMBINATION. The
preliminary registration/proxy statement, the definitive
registration/proxy statement and other relevant materials in
connection with the transactions (when they become available), and
any other documents filed by Andina with the SEC, may be obtained
free of charge at the SEC’s website (www.sec.gov).
Participants in
SolicitationAndina and Stryve and their respective
directors, executive officers and other members of their management
and employees, under SEC rules, may be deemed to be participants in
the solicitation of proxies of Andina’s stockholders in connection
with the proposed transaction. Investors and security holders may
obtain more detailed information regarding the names, affiliations
and interests in Andina of directors and officers of Andina in
Andina’s Annual Report on Form 10-K for the year ended December 31,
2019 which was filed with the SEC on March 27, 2020, and in
Andina’s Extension Proxy, which was filed with the SEC on January
4, 2021. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies to
Andina’s security holders in connection with the proposed
transaction will be set forth in the registration statement/proxy
statement for the proposed transaction when available. Other
information regarding the interests of the participants in the
proxy solicitation will be included in the proxy
statement/prospectus pertaining to the proposed transactions when
it becomes available. These documents can be obtained free of
charge from the sources indicated above.
Media ContactPower Digital
Marketingstryve@powerdigital.com
Investor Relations ContactRaphael
Gross, ICR(203) 682-8253raphael.gross@icrinc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e39b1f23-6a2d-4f9a-82cf-bad7c020e04f
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