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MONTREAL, April 18, 2019 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (the “Company” or “Goodfood”) (FOOD.TO) announced today that with his appointment as President and CEO of Investissement Québec, Mr. Guy LeBlanc is obliged to resign as a member of the Board of Directors and as chair of the Audit Committee of the Company.
Investissement Québec is a Québec Government fund that was created to foster the growth of investment in Québec and contribute to economic development and job creation in the Province. Investissement Québec currently has approximately $10 billion in assets under management. Given the nature of Investissement Québec and Mr. LeBlanc’s position, and to avoid any potential situations of conflict of interest, he is not permitted to continue as a director of the Company.
The Board of Directors would like to wish Mr. LeBlanc great success in his new role at Investissement Québec and to sincerely thank him for his important contributions to Goodfood. Goodfood added more than 1,500 jobs during Mr. LeBlanc’s tenure as director of the Company.
“Guy’s contribution and dedication to Goodfood from our going public transaction to date has been remarkable and is very much appreciated. We wish him the best as he takes on this significant leadership role,” said Jonathan Ferrari, Chief Executive Officer of Goodfood.
The Company and the Board of Directors are currently evaluating alternatives with respect to selecting a new director to fill the vacancy created by Mr. LeBlanc’s departure.
Goodfood is a leading home meal solutions company in Canada, delivering fresh ingredients that make it easy for subscribers to prepare delicious meals at home every week. Goodfood’s objective is to take the hassle out of cooking, leaving subscribers with the fun part - cooking, sharing with family and eating. Subscribers select their favorite recipes from a variety of original dishes online. The Company prepares a personalized box of fresh ingredients and delivers it to the subscriber's doorstep with easy step-by-step instructions. The Company has its main production facility and administrative offices based in Montreal, Quebec, and a second production facility in Calgary, Alberta. Goodfood had 159,000 active subscribers as of February 28, 2019. www.makegoodfood.ca
|For further information:|
|Philippe Adam, Chief Financial Officer |
|Pierre Boucher, 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.