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Plant-Based Food Company Commissions First Production Line at Vancouver-based Facility
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company") announced today that it has commissioned its first production line - by butchering its very first bean - at the newly renovated Rupert production facility located in Vancouver, British Columbia.
The plant-based food technology company took possession of the 45,000 square foot facility in January 2021 in order to increase production of its low-processed, plant-based meat alternatives product line to meet high customer demand from both its eCommerce and retail channels. Following minor facility upgrades and retrofitting to accommodate the production requirements, as well as, adding new capital equipment, the first production line is officially operational and the Company is conducting trial runs. This first production line will initially produce seven of VERY's existing products already in the market. The Company is on track with the buildout of Rupert and plans to commission the second production line in late Q3 2021 with food production shortly thereafter.
The Rupert facility can produce up to 37,000,000 lbs of annualized product from the two production lines to be phased in over the year, representing an approximate increase of 2,690% over expected annualized production capacity of the VERY's Victoria facility of 1,375,000 lbs per year.
"Bringing the Rupert facility online, as scheduled, is a major milestone for our business," said Mitchell Scott, CEO of VERY. "Once we are fully operational, we will be able to quickly and substantially scale our food production in order to meet consumer demand. Since launching our line of plant-based meat alternatives, we have seen tremendous interest from wholesale retailers and online consumers with orders increasing at record pace. The Rupert facility offers one of our strongest opportunities to optimize and increase production to reach a new level of revenue growth and market share for our Company. This production capability will prove vital as we look to expand our operational footprint in Canada and the U.S."
VERY today also announced the appointment of Ana Silva, the Company's President, to its board of directors. The appointment was coordinated with VERY's listing on the TSX Venture Exchange.
About The Very Good Food Company Inc.
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.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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 news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking information is 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 expected timing and VERY's plans for the second production line at the Rupert facility, the total production volume capacity of the Rupert facility, VERY's ability to quickly and substantially scale production as a result of the Rupert facility coming online and thereby achieve revenue growth and increase market share. 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 information contained in this news release is expressly qualified by this cautionary statement. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation, timely receipt of licenses, permits and approvals from the City of Vancouver, current and future demand for VERY's products, the accuracy of the construction schedule and cost estimates for the Rupert facility's second production line and VERY's ability to execute its strategic initiatives in connection with the Rupert facility. Other 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 Very Good Food Company
Chief Executive Officer and Director
Corporate Communications and Investor Relations
Phone: +1 855-472-9841
Phil Carlson / Erika Kay
KCSA Strategic Communications
KCSA Strategic Communications
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79512