VAUGHAN, ON, Aug. 5, 2021 /CNW/ - Recipe Unlimited
Corporation reported financial results today for the 13 and 26
weeks ended June 27, 2021.
- Q2 Total System Sales increased by 44.1% compared to Q2
2020
- E-Commerce System Sales increased by 28.6% compared to Q2
2020 and 111.9% compared to Q2 2019
- Operating EBITDA of $30.4
million compared to $15.6
million in Q2 2020
- Net Earnings of $19.4 million
compared to net loss of $40.6 million
in Q2 2020
"During the past 15 months, we have taken steps to strengthen
our overall business. Some of the initiatives include streamlining
menus, improving our digital platform, testing higher efficiency
kitchen equipment and more importantly, investing in our people and
our franchisees. We have also closed underperforming restaurants,
opened 42 new restaurants and have recently made changes to improve
our brand portfolio mix. All of these have placed us in a strong
position to be able to respond positively to the recovery.
With the help of the above initiatives, our business
generated $30.4 million in EBITDA and $19.4 million in net earnings in Q2 2021. This
was achieved while facing the most severe restrictions on dine-in
since the beginning of the pandemic. Those restrictions impacted
97% of our operating weeks in the quarter.
Since the majority of restrictions have been lifted by the end
of Q2, we have been excited to see the enthusiastic return of
Guests to our restaurants. Our teammates and franchisees have
remained disciplined to ensure great Guest experiences while
performing in difficult and unpredictable environments."
- Frank Hennessey, CEO
Highlights for the 13 weeks ended June 27, 2021:
- System Sales(1) for the 13 weeks ended June 27,
2021 was $561.8 million, compared to
$389.8 million in 2020 and
$871.3 million in 2019. Despite the
effects of government mandated restaurant closures and
restrictions, which impacted 96.5% of the Company's total operating
weeks in the second quarter of 2021, System Sales for the quarter
increased by 44.1% from 2020. The increase from 2020 was driven by
higher off-premise System Sales in both our corporate and franchise
segments and reflects the strong consumer demand for our restaurant
brands and retail products.
- E-Commerce System Sales for the 13 weeks ended June 27,
2021 was $167.1 million, compared to
$130.0 million in 2020 and
$78.9 million in 2019, representing
increases from 2020 and 2019 of 28.6% and 111.9% respectively. The
Company continues to build on its off-premise channels through its
established IT platform infrastructure, which makes it convenient
for guests to enjoy their experience in whatever manner they
choose.
- Retail and Catering System Sales for the 13 weeks ended
June 27, 2021 was $87.3 million
compared to $83.0 million in 2020 and
$74.8 million in 2019, representing
increases from 2020 and 2019 of 5.2% and 16.7% respectively. The
increases were driven by increased sales to retail grocery
customers, partially offset by declines in the catering segment due
to the impacts of COVID-19.
- Operating EBITDA(1) for the 13 weeks ended
June 27, 2021 was $30.4 million,
compared to $15.6 million in 2020,
representing an increase of 94.9%. Operating EBITDA Margin on
System Sales(1) for the 13 weeks ended June 27,
2021 was 5.4% compared to 4.0% in 2020. The increase in Operating
EBITDA(1) was primarily driven by increased System
Sales, higher rental income and rent subsidies, as well as various
cost saving measures implemented by the Company.
- The Company opened its fourth Ultimate Kitchens location in
Hamilton in May 2021. Ultimate Kitchens is a delivery and
take-out concept offering customers greater choice from the ability
to order from multiple brands on the same order or to simply order
from a specific brand. Ultimate Kitchens represents a significant
opportunity for future growth and expansion for Recipe.
- On May 6, 2021, the Company
acquired the remaining 50% interest of The Burger's Priest and
majority ownership interest in Fresh Since 1999. The Burger's
Priest is a premium fast-casual burger restaurant brand that offers
accelerated restaurant growth potential. Fresh Since 1999 is a
modern plant-based full service restaurant brand that offers
healthy vegan menu options and is on-point to meet the increasing
consumer demand for great tasting plant-based food and beverages.
Fresh Since 1999 is the owner of the intellectual property related
to the Fresh brand, and is the entity through which future Fresh
restaurant locations and new concepts will be developed. The first
Fresh Since 1999 location was opened in Ontario in December
2020, and the Company plans to open its second location in
the fourth quarter of 2021. Fresh Since 1999 excludes all
Fresh-branded locations that were opened prior to December 2020.
- The Company entered into a definitive agreement to sell
substantially all of the assets of its Milestones restaurant brand
in June 2021. This transaction is part of the Company's
strategy for its restaurant portfolio, which may include divesting
of certain under-performing brands that no longer fit the portfolio
strategy. This transaction will enable the Company to adjust its
restaurant portfolio to focus on large brands that generate
significant free cash flow, as well as young brands that offer new
restaurant growth opportunities. This transaction is expected to
close in the third quarter of 2021 and is expected to have a
positive impact on EBITDA.
- The Company continues to execute the planned closures of
restaurants that no longer fit its long-term strategic plan. For
the 13 weeks ended June 27, 2021, the
Company successfully closed and exited 9 locations, resulting
in 25 locations being closed in 2021, including 4 corporate,
20 franchise and 1 joint venture location.
- Net earnings (loss) was $19.4
million for the 13 weeks ended June 27, 2021 compared
to ($40.6) million in 2020,
representing an increase of $60.0 million from 2020. The
$60.0 million increase was primarily
driven by an increase in Operating EBITDA of $14.8 million, a decrease in impairment charges
of $48.3 million, and a decrease in
interest expense of $2.0 million,
partially offset by an increase in income tax expenses of
$16.4 million.
- Adjusted Basic EPS(1) for the 13 weeks ended
June 27, 2021 was $0.12 compared
to $0.11 in 2020, representing an
increase of $0.01 from 2020.
Adjusted Diluted EPS(1) for the 13 weeks ended
June 27, 2021 was $0.12 compared
to $0.11 in 2020, representing an
increase of $0.01 from 2020.
- Free Cash Flow(1) before growth capex, dividends,
and share repurchases under the Company's normal course issuer bid
("NCIB") for the 13 weeks ended June 27, 2021 was $17.2 million compared to $3.6 million in 2020 and $40.0 million in 2019.
- Free Cash Flow(1) per share before growth capex,
dividends, and NCIB on a diluted basis was $0.29 for the 13 weeks ended June 27, 2021,
compared to $0.06 in 2020 and
$0.63 in 2019
Impact of COVID-19
The actions taken by the Company throughout the COVID-19
disruption period, including its focus on off-premise sales, retail
and delivery channels, e-commerce platform enhancements and other
IT investments, the expansion of the Ultimate Kitchens, careful
working capital management, and franchise support investments have
allowed the Company to generate meaningful levels of system sales,
positive EBITDA and free cash flow, and maintain a stable net debt
position, despite the significant impact of the COVID-19 pandemic.
The following table summarizes the impact of the COVID-19 pandemic
and compares the Company's quarterly results to the pre-pandemic
results of operations in the fourth quarter of 2019:
(C$ millions
unless otherwise stated)
|
|
Q2 –
2021
Jun
27,
2021
|
|
Q1 –
2021
Mar
28,
2021
|
|
Q4 –
2020
Dec
27,
2020
|
|
Q4 – 2019
Dec 29,
2019
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
% of Operating Weeks
impacted by COVID-19 related restrictions
|
|
96.5
|
%
|
88.7
|
%
|
42.2
|
%
|
0
|
%
|
|
|
|
|
|
|
Total System
Sales
|
|
$
|
561.8
|
|
$
|
537.6
|
|
$
|
611.3
|
|
$
|
895.8
|
|
E-Commerce System
Sales
|
|
$
|
167.1
|
|
$
|
149.8
|
|
$
|
143.8
|
|
$
|
89.4
|
|
|
|
|
|
|
|
Operating
EBITDA
|
|
$
|
30.4
|
|
$
|
24.0
|
|
$
|
35.0
|
|
$
|
60.5
|
|
|
|
|
|
|
|
Normalized net
debt(1)
|
|
$
|
450.4
|
|
$
|
457.7
|
|
$
|
451.3
|
|
$
|
438.9
|
|
|
|
|
|
|
|
Number of restaurants
(at period end)
|
|
1,327
|
|
1,330
|
|
1,341
|
|
1,373
|
|
|
|
|
|
|
|
Free Cash Flow
before growth capex, dividends, and NCIB
|
|
$
|
17.2
|
|
$
|
8.8
|
|
$
|
17.5
|
|
$
|
44.3
|
|
Free Cash Flow per
share - basic (in dollars)
|
|
$
|
0.30
|
|
$
|
0.16
|
|
$
|
0.31
|
|
$
|
0.79
|
|
Free Cash Flow per
share - diluted (in dollars)
|
|
$
|
0.29
|
|
$
|
0.15
|
|
$
|
0.31
|
|
$
|
0.76
|
|
(1)
|
Normalized net debt
in the second quarter of 2021 was normalized for the draw on the
Company's revolving credit facility of $21.7 million, which was
used to fund the acquisitions of Burger's Priest and Fresh Since
1999.
|
Financial Summary
|
|
For the 13 weeks
ended
|
(C$ millions
unless otherwise stated)
|
|
June 27,
2021
|
|
June 28,
2020
|
|
June 30,
2019
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Total System
Sales
|
|
$
|
561.8
|
|
$
|
389.8
|
|
$
|
871.3
|
|
System Sales Growth
(1)(2)
|
|
44.1
|
%
|
(55.3)
|
%
|
(0.3)
|
%
|
Total number of
restaurants (at period end)
|
|
1,327
|
|
1,354
|
|
1,384
|
|
|
|
|
|
|
Operating
EBITDA (1)
|
|
$
|
30.4
|
|
$
|
15.6
|
|
$
|
56.0
|
|
Operating EBITDA on
System Sales
|
|
5.4
|
%
|
4.0
|
%
|
6.4
|
%
|
|
|
|
|
|
Corporate restaurant
sales
|
|
$
|
87.8
|
|
$
|
37.7
|
|
$
|
196.2
|
|
Number of corporate
restaurants (at period end)
|
|
239
|
|
206
|
|
209
|
|
Contribution from
Corporate segment
|
|
$
|
2.8
|
|
$
|
(13.5)
|
|
$
|
20.5
|
|
Contribution as a %
of corporate sales
|
|
3.2
|
%
|
(35.8)
|
%
|
10.5
|
%
|
|
|
|
|
|
Franchise restaurant
System Sales
|
|
$
|
381.7
|
|
$
|
266.2
|
|
$
|
595.9
|
|
Number of franchised
& JV restaurants
|
|
1,088
|
|
1,148
|
|
1,175
|
|
Contribution from
Franchise segment
|
|
$
|
17.3
|
|
$
|
9.1
|
|
$
|
26.9
|
|
Contribution as a %
of Franchise sales
|
|
4.5
|
%
|
3.4
|
%
|
4.5
|
%
|
|
|
|
|
|
Retail and Catering
sales
|
|
$
|
87.3
|
|
$
|
83.0
|
|
$
|
74.8
|
|
Contribution from
Retail and Catering
|
|
$
|
6.4
|
|
$
|
14.8
|
|
$
|
7.2
|
|
Contribution as a %
of Retail & Catering sales
|
|
7.3
|
%
|
17.8
|
%
|
9.6
|
%
|
|
|
|
|
|
Contribution from
Central segment (excluding net royalty expense)
|
|
$
|
4.6
|
|
$
|
4.7
|
|
$
|
4.8
|
|
Contribution as a %
of total System Sales
|
|
0.8
|
%
|
1.3
|
%
|
0.2
|
%
|
|
|
|
|
|
Total gross
revenue
|
|
$
|
207.6
|
|
$
|
140.4
|
|
$
|
311.9
|
|
Operating EBITDA
Margin on gross revenue
|
|
14.6
|
%
|
11.1
|
%
|
18.0
|
%
|
|
|
|
|
|
Earnings (loss)
before income taxes
|
|
$
|
23.6
|
|
$
|
(52.7)
|
|
$
|
23.8
|
|
Net earnings
(loss)
|
|
$
|
19.4
|
|
$
|
(40.6)
|
|
$
|
16.6
|
|
Adjusted Net
Earnings (1)
|
|
$
|
7.0
|
|
$
|
6.2
|
|
$
|
23.4
|
|
|
|
|
|
|
EPS attributable to
common shareholders of the Company (in dollars)
|
|
|
|
|
Basic EPS (in
dollars)
|
|
$
|
0.34
|
|
$
|
(0.72)
|
|
$
|
0.27
|
|
Diluted EPS (in
dollars)
|
|
$
|
0.33
|
|
$
|
(0.72)
|
|
$
|
0.26
|
|
Adjusted Basic EPS
(1) (in dollars)
|
|
$
|
0.12
|
|
$
|
0.11
|
|
$
|
0.38
|
|
Adjusted Diluted
EPS (1) (in dollars)
|
|
$
|
0.12
|
|
$
|
0.11
|
|
$
|
0.37
|
|
|
|
|
|
|
Free Cash Flow before
growth capex, dividends and NCIB (1)
|
|
$
|
17.2
|
|
$
|
3.6
|
|
$
|
40.0
|
|
Free cash flow Per
Share - Basic (in dollars)
|
|
$
|
0.30
|
|
$
|
0.06
|
|
$
|
0.65
|
|
Free cash flow Per
Share - Diluted (in dollars)
|
|
$
|
0.29
|
|
$
|
0.06
|
|
$
|
0.63
|
|
(1)
|
See "Non-IFRS
Measures" section of the Company's press release for definitions of
System Sales, System Sales Growth, Operating EBITDA, Operating
EBITDA Margin, and Operating EBITDA on System Sales.
|
(2)
|
Results from East
Side Mario restaurants in the United States are excluded in the
System Sales totals and number of restaurants.
|
Outlook
The restaurant and food services industry continues to
experience significant disruptions as a result of the COVID-19
pandemic. During the second quarter of 2021, the Company faced the
most severe restrictions on dine-in since the beginning of the
pandemic. Those restrictions impacted 96.5% of the Company's total
operating weeks in the quarter. Since the majority of restrictions
have been lifted by the end of the second quarter of 2021, we have
been excited to see the enthusiastic return of Guests to our
restaurants. Our teammates and franchisees have remained
disciplined to ensure great Guest experiences while performing in
difficult and unpredictable environments.
As economies reopen, the global recovery from the economic
impacts of COVID-19 is disrupting supply chains around the world.
Multiple economic sectors reopening simultaneously is creating a
temporary but significant labour shortage throughout North
America. Management expects that this labour shortage may
lead to short term higher labour costs due to increased overtime
hours, retention pay programs and higher training costs as new
employees are brought onboard. The recovery is also negatively
impacting commodity food prices as supply and demand dynamics
normalize. While management is responding with cost saving
initiatives, some sectors such as retail, may experience temporary
margin impacts until price adjustments can be properly
administered.
The Company has proven that its brands and franchisees are
strong and resilient and management expects the Company's post
COVID-19 recovery to be swift. The Company's restaurants are
predominantly situated in non-urban locations and its recovery is
not dependent on the recovery in urban city-center areas where the
effects of the COVID-19 pandemic were the most significant due to
offices being closed and the reduction in business travel.
Management believes that Recipe is well positioned to increase its
market share through its omni-channel customer relationships, the
continuation of its off-premise sales growth, expanded and enhanced
patios (including many that will operate for three seasons) and the
continuation of Recipe's Social Safely program to offer safe and
comfortable dining experiences for our guests and staff.
Focus on the short to medium term will include:
- Reopening restaurants that have been temporarily closed as a
result of the COVID-19 pandemic and providing exceptional service,
food, ambience and value that reinforces to customers what they
have been missing;
- Continue to practice amplified "Social Safely" safety protocols
across all of our corporate and franchise locations to protect the
health of our guests, teammates and franchise partners. This
includes comprehensive protocols related to food safety, strict
standard operating procedures, independent third party audits and
our rigorous safety training programs;
- Manage and improve the long-term health of our network and
restaurant profitability by providing tools and guidance for
franchisees to access government assistance programs, providing
direct assistance to certain franchise partners, and reducing
and/or deferring non-essential restaurant costs;
- Actively negotiate early exit and permanent closure of
under-performing restaurants that were identified at the end of
2019;
- Prepare Recipe's portfolio of brands for post-COVID success
including identifying the brands for accelerated growth, possible
brand acquisition and rationalizing under-performing brands;
and
- Continue to expand the Company's off-premise business for all
brands with digital and mobile order applications and brand
appropriate features including curb-side pick-up, preorder and pay,
as well as other payment convenience options. The Company is also
focused on the expansion of Ultimate Kitchens, our multiple brands
delivery and take-out only concept.
The foregoing description of Recipe's outlook is based on
management's current strategies and its assessment of the outlook
for the business and the Canadian Restaurant Industry as a whole,
may be considered to be forward-looking information for purposes of
applicable Canadian securities legislation. Readers are cautioned
that actual results may vary. See "Forward-Looking Information" and
"Risk & Uncertainties" for a description of the risks and
uncertainties that impact the Company's business and that could
cause actual results to vary.
Non-IFRS Measures
These measures are not recognized measures under IFRS, do not
have a standardized meaning prescribed by IFRS and are therefore
unlikely to be comparable to similar measures presented by other
companies. Rather, these measures are provided as additional
information to complement those IFRS measures by providing further
understanding of the Company's results of operations from
management's perspective. Accordingly, they should not be
considered in isolation nor as a substitute for analysis of the
Company's financial information reported under IFRS. The Company
uses non-IFRS measures including "System Sales", "EBITDA",
"Operating EBITDA", "Operating EBITDA Margin", "Operating EBITDA
Margin on System Sales", "Adjusted Net Earnings", "Adjusted Basic
EPS", and "Adjusted Diluted EPS", and "Free Cash Flow" to provide
investors with supplemental measures of its operating performance
and thus highlight trends in its core business that may not
otherwise be apparent when relying solely on IFRS financial
measures. The Company also believes that securities analysts,
investors and other interested parties frequently use non-IFRS
measures in the evaluation of issuers. The Company's management
also uses non-IFRS measures in order to facilitate operating
performance comparisons from period to period, to prepare annual
operating budgets, and to determine components of management
compensation.
"System Sales" represents top-line sales from restaurant
guests at both corporate and franchise restaurants including
take-out and delivery customer orders. System Sales includes
sales from both established restaurants as well as new
restaurants. System sales also includes sales received from
its food processing and distribution division. Management believes
System Sales provides meaningful information to investors regarding
the size of Recipe's restaurant network, the total market share of
the Company's brands sold in restaurant and grocery and the overall
financial performance of its brands and restaurant owner base,
which ultimately impacts Recipe's consolidated financial
performance.
"System Sales Growth" is a metric used in the restaurant
industry to compare System Sales over a certain period of time,
such as a fiscal quarter, for the current period against System
Sales in the same period in the previous year.
"EBITDA" is defined as net earnings before: (i) net
interest expense and other financing charges; (ii) income taxes;
(iii) depreciation of property, plant and equipment;
(iv) amortization of other assets and deferred gain.
"Operating EBITDA" is defined as net earnings before:
(i) net interest expense and other financing charges; (ii)
income taxes; (iii) depreciation of property, plant and
equipment; (iv) amortization of other assets and deferred
gain; (v) impairment of assets, net of reversals;
(vi) losses on early buyout / cancellation of equipment
rental contracts; (vii) restructuring and other;
(viii) conversion fees; (ix) net (gain) / loss on
disposal of property, plant and equipment; * stock based
compensation, costs related to its restricted share units, and
one-time cash payments related to the exercise and settlement of
stock options; (xi) changes in onerous contract provision;
(xii) expense impact from fair value inventory adjustment resulting
from the St-Hubert purchase
relating to inventory sold during the period; (xiii) acquisition
related transaction costs; (xiv) change in fair value of
non-controlling interest liability; (xv) change in fair value of
Exchangeable Partnership units; (xvi) the Company's proportionate
share of equity accounted investment in joint ventures; (xvii)
interest income from the Partnership units; and the rent expense
impact related to the implementation of IFRS 16,
"Leases".
"Operating EBITDA Margin" is defined as Operating EBITDA
divided by total gross revenue.
"Operating EBITDA Margin on System Sales" is defined as
Operating EBITDA divided by System Sales.
"Free Cash Flow before capex, dividends and NCIB" is
defined as Operating EBITDA less (i) cash interest paid; (ii)
maintenance capex; and (iii) cash taxes paid.
"Free Cash Flow after capex, dividends and NCIB" is
defined as Operating EBITDA less (i) cash interest paid; (ii)
maintenance capex; (iii) cash taxes paid; (iv) growth capex; (vi)
dividends paid; (vi) shares repurchased under the NCIB; and (vii )
proceeds from sale of assets.
"Adjusted Net Earnings" is defined as net earnings plus
(i) change in fair value of non-controlling interest liability;
(ii) change in fair value of Exchangeable Partnership units; (iii)
one-time transaction costs; (iv) non-cash impairment charges; (v)
restructuring and other; (vi) amortization of unearned conversion
fees income; (vii) losses on early buyout/cancellation of equipment
rental contracts; (viii) net gain on disposal of property, plant
and equipment and other assets; and (ix) write-off of deferred
financing fees.
"Adjusted Basic EPS" is defined as Adjusted Net Earnings
divided by the weighted average number of shares
outstanding.
"Adjusted Diluted EPS" is defined as Adjusted Net
Earnings divided by the weighted average number of shares
outstanding plus the dilutive effect of stock options and
RSUs.
Forward-Looking Information
The financial performance of the Company is subject to a number
of factors that affect the commercial food service industry
generally and the full-service restaurant and limited-service
restaurant segments of this industry in particular. The Canadian
restaurant industry is intensely competitive with respect to price,
value proposition, service, location and food quality. There are
many well-established competitors, including those with greater
financial and other resources than the Company. Competitors include
national and regional chains, as well as numerous individually
owned restaurants. Recently, competition has increased in the
mid-price, full-service, casual dining segment of this industry in
which many of the Company's restaurants operate. Some of the
Company's competitors may have restaurant brands with longer
operating histories or may be better established in markets where
the Company's restaurants are located or may be located. If the
Company is unable to successfully compete in the segments of the
Canadian Restaurant industry in which it operates, the financial
condition and results of operations of the Company may be adversely
affected.
The Canadian restaurant industry business is also affected by
changes in demographic trends, traffic patterns, and the type,
number and locations of competing restaurants. In addition, factors
such as inflation, increased food, labour and benefit costs, and
the availability of experienced management and hourly employees may
adversely affect the restaurant industry in general and the Company
in particular. Changing consumer preferences and discretionary
spending patterns and factors affecting the availability of certain
foodstuffs could force the Company to modify its restaurant content
and menu and could result in a reduction of revenue. Even if the
Company is able to successfully compete with other restaurant
companies, it may be forced to make changes in one or more of its
concepts in order to respond to changes in consumer tastes or
dining patterns. If the Company changes a restaurant concept, it
may lose additional customers who do not prefer the new concept and
menu, and it may not be able to attract a sufficient new customer
base to produce the revenue needed to make the restaurant
profitable. Similarly, the Company may have different or additional
competitors for its intended customers as a result of such a
concept change and may not be able to successfully compete against
such competitors. The Company's success also depends on numerous
other factors affecting discretionary consumer spending, including
general economic conditions, disposable consumer income, consumer
confidence and consumer concerns over food safety, the genetic
origin of food products, public health issues and related matters.
Adverse changes in these factors could reduce guest traffic or
impose practical limits on pricing, either of which could reduce
revenue and operating income, which would adversely affect the
Company.
The Company's unaudited condensed consolidated interim financial
statements for the 13 and 26 weeks ended June 27, 2021 and
Management's Discussion and Analysis are available under the
Company's profile on SEDAR at www.sedar.com.
About Recipe
Founded in 1883, RECIPE Unlimited Corporation is Canada's largest full-service restaurant
company. The Company franchises and/or operates some of the most
recognized brands in the country including Swiss Chalet, Harvey's,
St-Hubert, The Keg, Montana's, Kelsey's, East Side Mario's, New
York Fries, Prime Pubs, Bier Markt, Landing, Original Joe's, State
& Main, Elephant & Castle, The Burger's Priest, The Pickle
Barrel, Marigolds & Onions, 1909 Taverne Moderne, Fresh Since
1999 and Ultimate Kitchens.
RECIPE's iconic brands have established the organization as a
nationally recognized franchisor of choice. As at June 27,
2021, Recipe had 25 brands and 1,327 restaurants, 82% of which are
operated by franchisees and joint venture partners, operating in 11
countries (Canada, USA, Bahrain,
China, India, Macao,
Oman, Panama, Qatar, Saudi
Arabia and the UAE). RECIPE's shares trade on the
Toronto Stock Exchange under the ticker symbol RECP. More
information about the Company is available at
www.recipeunlimited.com.
SOURCE Recipe Unlimited Corp.