Vancouver, British Columbia--(News file Corp. - July 2, 2020) - The Very Good Food Company Inc.(CSE: VERY) ("VGFC" or the "Company") is pleased to announce a significant increase in its distribution network as part of its continued focus on scaling operations. As a result of the new agreements, the Company has expanded its points of distribution by over 30%.
Effective July 1st, 2020, a new distribution agreement with Nesters Market and Buy-Low Foods came into effect for The Very Good Butchers brand, representing an additional 25 stores. On July 15th, 2020, a highly anticipated agreement with Sobeys Inc. will become active, which will initially include distribution in 30 Thrifty Foods stores in British Columbia and Alberta. The sum of the two agreements represents 55 new stores, increasing points of distribution from 150 to over 200 locations.
"The Thrifty Foods agreement represents a particularly exciting milestone for the Company, as it opens up the potential for significant expansion across the 1500 store network operated by Sobeys. We are thrilled to have the support from one of North America's largest grocery chains as we look to rapidly scale from coast to coast," - Mitchell Scott, CEO
New Product Launches
VGFC is also announcing the retail rollout of two new meat alternative products under The Very Good Butchers brand. These two products will start appearing on store shelves in the coming weeks.
Very Good Pepperoni
Perfect for pizzas, charcuterie, sandwiches and anything in between, our newly launched pepperoni rounds out our product portfolio with an upscale offering sure to please even the most refined taste buds.
Very Good Dogs
In a new take on a classic, our dogs are perfect for summertime BBQ season. This new product offering is an in-demand staple that will soon be found on a grill near you.
New Team Member
Olga Millman has been chosen to join the Company as Director of Process & Engineering Operations. As part of the VGFC team, Olga will apply her expertise to scale up production in the Victoria facility to meet the current influx of product demand. In addition, Olga will oversee the buildout and start-up of the Vancouver facility, which is the next critical step to significantly expanding production volume.
Olga has over 14 years of experience in the food and pharmaceutical industries, most recently at the meat alternative company Garden Protein International (Gardein). Gardein is a product line of meat-free foods made by Conagra Brands, which in November 2014 sold to Pinnacle Foods for $154 million.
At Gardein, Olga provided technical leadership, guidance and oversight in equipment design and development, plant equipment specification, acquisition and installation. She developed site specific capital plans, while managing forecasts and ensuring execution of project scope, schedule and cost.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. To date we have developed a core product line under The Very Good Butchers brand.
For further information, please contact:
Chief Executive Officer and Director
Corporate Communications and Investor Relations
Phone: +1 855-472-9841
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided 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 information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward- looking information contained or referred to in this news release includes, but may not be limited to: the general scalability of operations, any significant expansion across the Sobeys network and ongoing efforts to rapidly scale from coast to coast.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes and the impact of and risks associated with the ongoing COVID-19 pandemic. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
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