The Very Good Food Company Shares Corporate Video Update
November 03 2021 - 7:30AM
Business Wire
- CEO and Co-Founder Mitchell Scott shares a video outlining VERY
GOOD’s growth and development.
- Highlights include increase in production capability at
facilities and growth in its wholesale retail base for The Very
Good Butchers products.
The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V)
(FSE: 0SI) ("VERY GOOD" or the "Company"), a leading plant-based
food technology company, today released a corporate video update
featuring CEO and co-founder Mitchell Scott highlighting recent
Company developments and offering insight into expected growth
through the coming year including shots of the production
facilities.
Of particular note were announcements of increased wholesale
distribution across the U.S. and Canada, as well as an update on
production capability following growth in consumer demand for
innovative plant-based goods. With target production capability to
increase to an average of 40,000 pounds per day in Q4 2021, VERY
GOOD is aiming to build the capacity to produce 60,000 pounds of
delicious plant-based, bean-packed product per day in Q1 2022 as
its products continue to gain traction with consumers.
Seeing the U.S. demand for plant-based goods rising amid
environmental impact concerns and an interest in wider
accessibility to meat alternatives, The Very Good Food Company is
now in 1,060 stores throughout 15 states, with the addition of all
23 of Earth Fare's locations across the Southern U.S. Consumers can
order via the brand’s website and through Amazon with options to
subscribe for regular deliveries. By the end of August 2021 alone,
the brand has fulfilled more than 55,000 orders, an increase of
15,000 from last year’s total sales of 40,000 orders; this number
is expected to grow with the NEXTY award-winning Mmm...Meatballs
and the new Butcher’s Select line receiving outstanding reviews
from media and consumers alike.
The full video is available online at
https://youtu.be/knHTQQHd9po.
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food
technology company that produces nutritious and delicious
plant-based meat and cheese products under VERY GOOD’s core brands:
The Very Good Butchers and The Very Good Cheese Co.
www.verygoodfood.com
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET
MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE
WORLD A WORLD OF GOOD. BY OFFERING PLANT‑BASED FOOD OPTIONS SO
DELICIOUS AND NUTRITIOUS, WE’RE HELPING THIS KIND OF DIET BECOME
THE NORM.
Forward-Looking Information
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, including Section 21E of the Securities Exchange Act
of 1934, as amended, and applicable Canadian securities laws, for
the purpose of providing information about management’s current
expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate
for other purposes. Any such forward-looking statements and
information may be identified by words such as “plans”, “proposed”,
“expects”, “anticipates”, “intends”, “estimates”, “may”, “will”,
and similar expressions. Forward-looking statements contained or
referred to in this news release includes statements relating, but
not limited to, the expected further expansion of retail
distribution and increases in production capacity at the Rupert and
Patterson facilities including the timing therefor. These
forward-looking statements are based on a number of factors and
assumptions which have been used to develop such information, but
which may prove to be incorrect including, but not limited to,
material assumptions with respect to the availability of sufficient
financing on reasonable terms to fund VERY GOOD’s capital and
operating requirements, the continued strong demand for VERY GOOD’s
products, the successful placement of VERY GOOD’s products in
retail stores and continued e-Commerce growth, VERY GOOD’s ability
to successfully enter new markets and manage its international
expansion, VERY GOOD’s ability to increase production capacity and
obtain the necessary production equipment, the availability of
labour as well as the accuracy of construction schedules and cost
estimates for the commissioning of production lines at VERY GOOD’s
Rupert and Patterson facilities and the timely receipt of required
permits, VERY GOOD’s relationship with its suppliers, distributors
and third-party logistics providers, and the Company’s ability to
position VERY GOOD competitively. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, undue reliance should not be placed on
forward-looking statements because VERY GOOD can give no assurance
that such expectations will prove to be correct. Risks and
uncertainties that could cause actual results, performance or
achievements of VERY GOOD to differ materially from those expressed
or implied in such forward-looking information include, among
others, the impact of, uncertainties and risks associated with the
ongoing COVID-19 pandemic, negative cash flow and future financing
requirements to sustain and grow operations, limited history of
operations and revenues and no history of earnings or dividends,
expansion of facilities, competition, availability of raw
materials, dependence on senior management and key personnel,
general business risk and liability, regulation of the food
industry, change in laws, regulations and guidelines, compliance
with laws, unfavourable publicity or consumer perception, product
liability and product recalls, risks related to intellectual
property, difficulties with forecasts, management of growth and
litigation. For a more comprehensive discussion of the risks faced
by VERY GOOD, please refer to VERY GOOD’s most recent Annual
Information Form filed with Canadian securities regulatory
authorities at www.sedar.com and as an exhibit to the registration
statement on Form F-10 filed with the SEC and is available at
www.sec.gov. The forward-looking statements in this news release
reflect the current expectations, assumptions and/or beliefs of the
Company based on information currently available. Each of these
forward-looking statements speaks only as of the date on which it
is made and, except as may be required by applicable securities
laws, VERY GOOD disclaims any intent or obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
None of the Nasdaq, TSX Venture Exchange, the SEC or any other
securities regulator has either approved or disapproved the
contents of this news release. None of the Nasdaq, the TSX Venture
Exchange or its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange), the SEC or
any other securities regulator accepts responsibility for the
adequacy or accuracy of this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211103005460/en/
For further information, please contact: Mitchell Scott
Chief Executive Officer The Very Good Food Company Inc.
Kevan Matheson Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com Phone: +1 855-472-9841
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