Vancouver, British Columbia--(Newsfile Corp. - January 28, 2021) - The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company"), is pleased to announce a new flagship butcher shop and restaurant in Victoria, Canada, and update on the commissioning of the Rupert Facility.
New Flagship Butcher Shop
VERY is pleased to announce the launch of a new flagship butcher shop located in downtown Victoria, Canada. The new butcher shop will feature a quick service restaurant and retail outlet. The flagship restaurant will have an outdoor patio and a larger footprint than VERY's current butcher shop located in the Victoria Public Market, and will accommodate a higher volume of customers while maintaining COVID-19 pandemic social distancing protocols. This flagship butcher shop will be a template for the opening of additional flagship butcher shops/restaurants across strategic cities in North America. Improvements are underway and the new butcher shop is scheduled for an official opening in May 2021, at which time the Douglas Street location will close.
CEO Mitchell Scott commented: "We are very excited to be moving to this new larger space. We chose this location for its foot traffic, the outdoor patio and the ability to offer an extended beverage menu including beer and wine; as well as longer opening hours. We will be opening a second flagship butcher shop in the Mount Pleasant area in the latter half of the year."
Rupert Facility Commissioning Progress
The Rupert Facility is rapidly undergoing its transformation to be ready for its first production run expected to commence on schedule in March. The work currently being undertaken consists of minor alterations such as electrical hookups and floor resurfacing to accommodate the automated production lines to be installed.
The adjacent Vancouver warehouse has been set up and is fully operational with key direct ingredients arriving in preparation for March. A supply chain warehouse team has been deployed and virtual job fairs are being held for production and facility employees.
Investor Relations and Corporate Communications Engagements
VERY also announced that it has renewed its engagement with Edge Growth Holdings Corp. ("Edge") who have provided strategic investor relations and corporate communications services to VERY since June 2020 with the goal of transparent and continuous dialogue with the Company's investors. Edge is a team of capital markets communications professionals that focus on engaging the millennial and Gen Z investor demographic on new age platforms such as Instagram, TikTok, Discord and WhatsApp.
Under the terms of the six-month agreement, the Company will pay Edge a monthly fee of $6,000 and grant to Kevan Matheson, the principal of Edge, 100,000 incentive stock options. Other than the options to be granted, 25,000 previously issued options, 1,150 warrants and 1,930 shares, neither Edge, Kevan Matheson nor any employees of Edge have any direct or indirect interest in VERY or its securities.
The Company has also engaged Apaton Finance GmbH ("Apaton"), a Hannover, Germany, based financial public relations and investor relations agency. Under the 6 month agreement with Apaton, the Company will pay a monthly fee of 4,167 EUR per month. Apaton does not have any direct or indirect interest in VERY or its securities and no incentive stock options have been granted to Apaton.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company. Our mission is to use progressive food technology to create plant-based meat and other food 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 is not limited to: the attributes of, and the benefits to be derived from, the new location for the Victoria butcher shop and its anticipated opening date; the expected timing for the opening of the Mount Pleasant butcher shop; and the timing for commencement of the first production run at the Rupert Facility.
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. Certain assumptions in respect of continued strong demand for our products; that added production capacity will enable us to increase our sales volume, that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, the availability of labour, and changes and trends in our industry or the global economy are material assumptions made in preparing forward-looking statements or information and management's expectations. 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 including the risk of disruption at the Company's facilities or in its supply and distribution channels. 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.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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