MONTREAL, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (the “Company” or “Goodfood”) (FOOD.TO) announced today the appointment of Mr. François Vimard to the Company’s Board of Directors and as Chair of the Audit Committee. The Board of Directors is now comprised of six members of which two-thirds are independent.
“We are honored to have Mr. Vimard join the Board of Directors of Goodfood. His extensive experience in financial management, distribution and logistics, combined with his strong knowledge of the Canadian retail food industry, will be instrumental in guiding us to our next level of growth,” said Jonathan Ferrari, Chief Executive Officer of Goodfood.
Mr. Vimard is currently an independent Corporate Director. He spent more than 22 years at Empire Ltd/Sobeys Inc., the second largest food retailer in Canada through banners that include Sobeys, FreshCo, Safeway and IGA. Most recently, he was Interim President and CEO of both organizations and from 2007 to 2016 he held the position of CFO. He has over 30 years of experience in retail and a solid background in operations management having led business transformations including process optimization, automation, mergers and acquisitions and information technology. Prior to joining Empire Ltd/Sobeys Inc., Mr. Vimard held positions at Provigo, Petro-Canada and Deloitte.
“I am thrilled to join the Board of Directors of such a dynamic Company that is a market leader and innovator. Consumer habits are evolving quickly, and Goodfood is well positioned to change the way Canadians do their groceries forever. I look forward to contributing to the Company’s continued growth in the years ahead,” said François Vimard.
Mr. Vimard is a Board member of Andrew Peller ltd (ADW-A.TO) and is Chair of its Audit Committee. He is also a Board member of Daisy Intelligence, a private Artificial Intelligence software company, as well as a Board member and past Chair of GSI Canada, a not-for-profit organization responsible for establishing electronic standards in many industries. From 2014 to 2017, he was also a trustee of Crombie REIT.
Goodfood (FOOD.TO) is a leading online grocery company in Canada, delivering fresh meal solutions that make it easy for members from coast to coast to enjoy delicious meals at home every week. Goodfood’s mission is to make the impossible come true, from farm to kitchen, by enabling members to do their weekly meal planning and grocery shopping in less than 1 minute. Goodfood members get access to a unique selection of products online as well as exclusive pricing made possible by its world class direct to consumer fulfilment eco-system that cuts out food waste and expensive retail overhead. The Company has its main production facility and administrative offices based in Montreal, Quebec, a second production facility in Calgary, Alberta and a third production facility in Montreal, Quebec. Goodfood had 189,000 active subscribers as of May 31, 2019. www.makegoodfood.ca
|For further information:|
|Philippe Adam, Chief Financial Officer |
|Pierre Boucher, President |
Jennifer McCaughey, Vice-President
Caution Regarding Forward-Looking Statements
This release contains forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the following risk factors which are discussed in greater detail under “Risk Factors” in the Company’s annual information form for the year ended August 31, 2018 available on SEDAR at www.sedar.com: limited operating history, negative operating cash flow, food industry, quality control and health concerns, regulatory compliance, regulation of the industry, public safety issues, product recalls, damage to Goodfood’s reputation, transportation disruptions, product liability, ownership and protection of intellectual property, evolving industry, unionization activities, reliance on management, factors which may prevent realization of growth targets, competition, availability and quality of raw materials, limited number of products, environmental and employee health and safety regulations, online security breaches and disruption, reliance on data centers, open source license compliance, future capital requirements, operating risk and insurance coverage, management of growth, conflicts of interest, litigation, and catastrophic events. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward-looking information concerning availability of capital resources, business performance, market conditions, and customer demand. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.