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Else Nutrition Holdings Inc. Shareholder Update

VANCOUVER, British Columbia, Aug. 21, 2019 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC. (TSX-V: BABY) (“BABY” or the “Company”), a company focused on developing and marketing a real alternative to dairy-based baby nutrition, is pleased to provide the following update letter to shareholders.

Product Highlights

  • Preparing mass production and manufacturing scale-up protocols for our products.
  • Preparation of healthy Toddler snacks launch in the U.S. market.
  • Preparing digital marketing and social influencer campaigns.

Key Recruits Highlights

  • Recruited Dr. Fabiana Bar-Yoseph, M.Sc., Ph.D., ex Infant Nutrition R&D Director at Enzymotec, as Director of Clinical Development, Regulatory and Scientific Affairs to lead FDA Certification for infants (0-12 months).
  • Recruited Mr. Asher Waidberg, B.Sc. in Bio-Chemical Engineering and ex Infant Nutrition Development Process Manager at Enzymotec, to lead Else New Product Development.
  • Recruited Barak Orenstein, ex Sodastream, L’Oréal, Nestle and Evian water as Director of Digital Marketing.
  • Recruited Mr. Shay Shamir, ex Atlantium Technologies clean tech and E&Y, as CFO and Company Secretary.

Dear Shareholders,

We began our journey this past June, and I am pleased to provide you with this update:

Clinical Research

Obtaining United States Food and Drug Administration (U.S. FDA) certification for infants (0-12 months old) is a mission critical task for Else Nutrition, as it represents a $90 Billion  market; therefore we have added Fabiana Bar-Yoseph, M.Sc., Ph.D., to the Else team as Director of Clinical Development, Regulatory and Scientific Affairs.

Ms. Bar-Yoseph holds both a PH.D. and a Master’s degree in Medical Science from the esteemed Technion, Israel Institute of Technology. She joins Else Nutrition with the precise experience and knowledge required, coupled with ardent passion for our sector and products. Fabiana has nearly 10 years of expertise as a former Clinical Development Director and Infant Nutrition R&D Director at Enzymotec (enzymotec.com), a public Israeli company, acquired in 2017 by Frutarom, and subsequently acquired in October 2018 by International Flavors and Fragrances (IFF).

Ms. Bar-Yoseph has already commenced preparation for the clinical study process, identifying suitable partners, experts and service providers.

Product Development

Else Nutrition’s potential extends beyond baby formula, the product pipeline contains products for key markets such as: children, adults and elderly meal replacement, and drinks amongst others. As product development processes are complex and lengthy by nature, Else has hired Mr. Asher Waidberg, an experienced Head of Product Development to lead our new product development efforts.

Mr. Waidberg holds a B.Sc. in Bio-Chemical Engineering and a MBA, both from the esteemed Technion, Israel Institute of Technology. He brings valuable experience in product development of baby products, and leading innovative product development teams. With 9 years of experience, 4 of which were as a manager for infant nutrition product process development at Enzymotec (enzymotec.com), a public Israeli company, acquired in 2017 by Frutarom, and subsequently acquired in October 2018 by International Flavors and Fragrances (IFF).

Mr. Waidberg will commence his role with Else Nutrition in November 2019.

Branding and Digital Marketing

Creating and developing a successful, market-disrupting brand that is: purpose-driven, strong both on and offline with consumers/influencers, and that is highly emotionally connective, constitute cornerstones of our marketing.

To lead this effort, Else has hired Mr. Barak Orenstein as Director of Digital Marketing. Mr. Orenstein is a seasoned consumer goods marketer, bringing over 15 years of global experience at companies/brands including Sodastream, L’Oréal, Absolut Vodka, Nestle and Evian water. Barak brings 10 years of senior marketing experience in the premium beverage category, helping Sodastream restore global growth as Global Brand Director, and Evian water return to brand glory as Canada Marketing Director. Previously he served as Chief Marketing Officer at AHAVA (ahava.com), a premium, vegan skincare brand acquired by Fosun, where he drove strong global growth. Barak holds a B.Sc. in Business and Biology, and an M.B.A. in Marketing from Canada’s prestigious Schulich Business School at York University.

Mr. Orenstein has commenced important consumer insight research for Else Nutrition, and is bringing on board strategic agency partners, with vast baby nutrition and better-for-you category experience to help with branding, design and asset creation.

Financial

Mr. Shay Shamir has been hired as CFO & Company Secretary. Mr. Shamir is a CPA with over 15 years of experience in executive financial positions and in accounting, financing and tax. He has a strong background in management of early to mid-stage companies. Mr. Shamir served 11 years at Atlantium Technologies, an innovative clean-tech company leading in the field of UV water treatment, first as controller (4 years) and then as CFO (7 years). Prior to that, he served as an assistant controller at SuperCom, a worldwide provider of innovative Radio Frequency verifications solutions.

Mr. Shamir began his career as a CPA in public accounting at Ernst & Young. He holds a B.A. in Accounting and an Executive M.B.A., both from Tel Aviv University, and an additional B.A. in Logistics and Economics from Bar-Ilan University.

Mr. Shamir’s first initiative at Else Nutrition included completion and implementation of the go public transaction, while also establishing the Financial department towards the upcoming Quarterly Financials. Additionally, he commenced licensing and implementing the organizational enterprise resources planning (ERP) system ("Oracle NetSuite").

Looking forward

The Else Nutrition team is now actively progressing in several key areas:

  • Preparing to start mass manufacturing of our products, conducting production scale-up tests, working with manufacturers and packers to make sure that we will be ready to sell our products in the spring of 2020;
  • Performing market research (among U.S. consumers) and strategic branding initiative;
  • Preparing digital and social/influencer marketing campaigns;
  • Starting the clinical research and regulatory process for Infants, and FDA certification, and other jurisdictions;
  • Preparation of launch for healthy Toddler snacks in the U.S. market;
  • Starting the R&D process for new products;
  • Continuing to sell the Golden Heart Baby products in Israel;

I am optimistic that this update letter will shed light on our exciting progress and I look forward to providing more updates in the near future.

Sincerely,

Hamutal Yitzhak

CEO, Co-Founder & Director
ELSE Nutrition 
E:hamutal@elseformula.com
P: +972(0)52-447-9931

TSX Venture Exchange

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “will”, “plan”, “hope to”, “intend” or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company’s commercialization of its products and expected timing, expected go-to-market strategy (including marketing, proposed markets, sales, customer growth and market position), and industry conditions.

Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct.

Forward-looking statements made in this press release assume, among others, the successful completion of Else’s proposed scale-up for its products, and such statements are intended to apply only to the infant formula market for ages 12 months and above, and having all necessary regulatory approval as required by each target market.

Numerous risks and uncertainties could cause the Company’s actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: consumer demand for the Company’s products, whether the Company’s current and future products achieve commercialization, uncertainty regarding material changes in laws and regulations, retention of key personnel, the Company’s ability to expand into global markets and competitive developments.

The foregoing list of factors is not exhaustive, and other risks and uncertainties not presently known, or believed to be material, to management. Additional information and other factors that could affect the operations or financial results of the Company are set out in the Company's Filing Statement dated May 14, 2019 under the heading “Risk Factors” and may be accessed through the SEDAR website (www.sedar.com).

Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.