TSXV: JK OTCQB:
JKHCF FRA: 68Z
Consumers in Thailand Will Soon Be Able to Enjoy
JustKitchen's Own Master Don, K.Bao and Bodyfit Delivery-Only
Brands
VANCOUVER, BC, Sept. 26,
2022 /CNW/ - Just Kitchen Holdings Corp.
("JustKitchen or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA:
68Z), an operator of ghost kitchens specializing in the
development of delivery-only food brands, announces the expansion
of JustKitchen's in-house brands to Thailand (the "Thailand Location") via
GrabKitchen. For the Thailand Location in the Phayathai area of
Bangkok, GrabKitchen is providing
the physical kitchen on a Kitchen-as-a-Service ("KaaS")
basis. The Thailand Location is situated near a busy commuter rail
hub that is supplemented by a steady flow of other traffic. As
previously announced in April, the Company hasa partnership with
GrabExpress Inc. ("Grab") in the
Philippines that enables it to access GrabKitchen and
GrabFood resources.
Immediately upon opening, the Thailand Location will serve
JustKtichen's Master Don food brand, followed shortly thereafter by
the K.Bao brand, featuring a customized menu with a local twist, as
well as the Bodyfit brand. The Southeast Asian on-demand food
delivery market is experiencing a high annual growth rate of 14%,
which implies that the market will eventually reach a total value
of $49.7 billion by
2030.1
Grab is southeast Asia's
leading 'super app' based on gross merchandise value in 2021 in
each of food delivers, mobility, and the e-wallets segment of
financial services, according to Euromonitor.2
Management Commentary
"International expansion is critical to our company's growth
plan, but it is also an opportunity to learn from the locals in
each new market. In Thailand, the
food delivery market is mainstream and growing, which is something
we plan to study very carefully and hopefully master as well," said
Jason Chen, Co-Founder and Chief
Executive Officer of JustKitchen. "People in Thailand want access to new and exciting foods
that are affordable and convenient. We are aiming to provide
exactly that to them," added Mr. Chen.
ABOUT JUSTKITCHEN
Just Kitchen Holdings Corp. (the "Company" or
"Just Kitchen") is primarily
an operator of ghost kitchens specializing in the development and
marketing of proprietary and franchised delivery-only food brands
for customers and businesses. The Company currently operates in
Taiwan, Hong Kong, the
Philippines and Malaysia.
It has also signed an agreement that will allow JustKitchen to sell
several of its proprietary food brands in Japan and it has also signed a brand swap
agreement in India. Where
appropriate, JustKitchen utilizes a hub-and-spoke operating model,
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 via its proprietary mobile food
ordering app and other third-party ordering apps. Delivery is
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 consumers in Thailand
soon being able to enjoy JustKitchen's own Master Don, K.Bao and
Bodyfit delivery-only brands; and GrabKitchen providing the
physical kitchen for the Thailand Location on a
Kitchen-as-a-Service basis. 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
- "On-demand Food Delivery Services: Next Growth Frontier in
Southeast Asia", Destination
Thailand News, February 18, 2022,
https://destinationthailandnews.com/news/headline-news/on-demand-food-delivery-services-next-growth-frontier-in-southeast-asia.html
- "Grab Holdings Inc in Mobility", August
2021, Euromonitor, accessed on September 15, 2022,
https://www.euromonitor.com/grab-holdings-inc-in-mobility/report
SOURCE Just Kitchen Holdings Corp.