The Company has Signed an Agreement with
India's Largest Co-Shared Kitchen
Space Provider to Offer a Variety of its Delivery-Only Food Brands
in Tranches Across the Large, New
Market
VANCOUVER, BC, June 8, 2022
/CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the
"Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), a
technology focused and enabled operator of ghost kitchens
specializing in the development of delivery-only food brands, is
pleased to announce it has signed a royalty-based Virtual Kitchen
Services Agreement (the "Agreement") with Cloud Retail
Solutions Private Limited doing business as Kitchens Centre
("Kitchens Centre"), which is located in New Delhi, India. Effective April 16, 2022, the Agreement makes JustKitchen's
portfolio of food brands available for delivery in the large, new
Indian market, which is planned to be authorized and deployed in
multiple tranches.
Pursuant to the terms and conditions of the Agreement, Kitchens
Centre has agreed to perform all services related to order intake
and fulfillment including, but not limited to, food preparation,
packaging and coordination of order pick-ups by third-party
delivery service providers. In exchange for making its portfolio of
approximately 30 food brands available to Kitchens Centre in
India, JustKitchen will receive a
percentage of net receipts on all orders and has agreed to provide
access to its manuals and portals, provide training to Kitchens
Centre's personnel, complete inspections and execute a mutually
agreed upon a marketing strategy, among other terms.
"We are thrilled to partner with JustKitchen to quickly ramp up
its presence in all tier 1 cities in India within the year. With great recipe
development capabilities by both Kitchens Centre and JustKitchen's
culinary team, specialized ghost kitchen SOP's , and
wonderful customer experience, we are confident that JustKitchen's
brands will be an instant hit in the country" said co-founder
and CEO, Lakshay Jain of Kitchens Centre. Kitchens Centre is the
largest co-shared kitchen space provider in India with over 1000 kitchens, in 80 locations
in over 25 cities and it works with more than 350 brands. The
business aims to provide young food entrepreneurs with access to
the cloud kitchen space. It also provides opportunities to
established brands, like those of JustKitchen, to expand into new
markets and explore business prospects in food delivery-centric
locales across India.
Kitchens Centre also offers facilities on a kitchen-as-a-service
("KaaS") to its clients. KaaS is a service that provides a
well-equipped, ready-to-use kitchen to anyone who wants to either
start their new culinary venture or wants to expand to new
locations without adding physical stores.1 Kitchens
Centre provides ready-to-move-in, compliant delivery-based
commercial kitchens to food and beverage brands aiming to reduce
overhead costs for businesses, along with many other benefits. More
information about Kitchens Centre can be found on its website:
https://www.kitchenscentre.com/
Management Commentary
"We are excited to enter the large Indian market, which is yet
another new market for JustKitchen in 2022. Expanding our footprint
across Asia and deploying our
tasty proprietary menus plus third-party brands to new customers,
in a scalable and asset-lite model, continues to be at the core of
our competitive strategy. And Kitchens Centre's innovative business
model makes our collaboration very exciting to will certainly
expedite our growth," said Jason
Chen, Co-Founder and Chief Executive Officer of JustKitchen.
"To have Kitchens Centre offer JustKitchen's delivery-based brands
to a significant new group of consumers in India is aligned with our mission of providing
people around the world with authentic, high-quality and easily
accessible food, all enhanced by the power of technology," added
Mr. Chen.
ABOUT JUSTKITCHEN
JustKitchen is primarily a technology focused and enabled
operator of ghost kitchens specializing in the development and
marketing of proprietary and franchised delivery-only food brands
for customers. The Company currently conducts business in
Taiwan, Hong Kong, India, the
Philippines and Singapore
with plans to expand operations to other Asian countries.
JustKitchen uniquely utilizes a hub-and-spoke operating model where
appropriate, which features advanced food preparation taking place
at larger hub kitchens and final meal preparation taking place at
smaller spoke kitchens located in areas with higher population
densities. The Company combines this operating model with online
and mobile application-based food ordering fulfilled by third-party
delivery companies, to minimize capital investments and operating
expenses and reach more customers in underserved markets. The
Company's other business, JustMarket, is an e-commerce grocery
delivery platform that allows customers to purchase groceries for
delivery or add select grocery items to meals ordered through
JustKitchen.
For more information about the Company, please visit
investors.justkitchen.com. JustKitchen's final prospectus,
financial statements and management's discussion and analysis,
among other documents, are all available on the Company's profile
page on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements"
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as "anticipates", "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed", "positioned" and other similar
words, or statements that certain events or conditions "may" or
"will" occur including but not limited to the Company's comments
regarding making JustKitchen's portfolio of food brands available
for delivery in the large, new market of India for the first time; and authorizing and
deploying food brands in multiple tranches. These statements are
only predictions. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made and are subject
to a variety of risks, including those risk factors identified in
the Company's prospectus dated March 26,
2021, and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking statements. The Company is under no
obligation, and expressly disclaims any intention or obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
Endnotes:
- "KaaS (Kitchen-as-a-Service), a boon for the high-risk
restaurant market", Sonal Mishra,
Medium, September 22, 2020,
https://fabled.medium.com/kaas-kitchen-as-a-service-a-boon-for-the-high-risk-high-failure-restaurant-market-61e23623d356
SOURCE Just Kitchen Holdings Corp.