Wildpack Achieves Record Confirmed Orders and Record Production Results in February 2023
February 2023 Highlights (in USD):
Confirmed Customer Orders: $7,206,225 (annualized run rate of $86.5 million).
Confirmed Sales Orders: 245.
New Customer Conversions: 54.
Total Throughput: 28,019,901 cans.
Decoration Throughput: 3,917,437 cans.
Filling Throughput: 2,225,028 cans.
Printed Sleeve Throughput: 4,527,049 sleeves.
Brokering Throughput: 16,825,388 cans.
Plant Utilization: 32%, up 22% month over month.
VANCOUVER, BC / ACCESSWIRE / March 3, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTCQB:WLDPF) ("Wildpack" or the "Company") a leading middle market co-packer of canned goods announces impressive results for February 2023. The Company continues to deliver exceptional quality and service to its customers, while achieving outstanding results for its business.
Confirmed customer orders reached a new record in February, with a total of $7,206,225, representing a significant increase over the previous month. February confirmed customer orders indicate an annualized 12-month forward run rate of $86.5 million. The Company also confirmed 245 sales orders and successfully converted 54 new customers during the month, both new records.
Wildpack's commitment to efficiency and quality is reflected in its impressive production results. Total throughput in February was 28,019,901 cans, including filling throughput of 2,750,027 cans, 16,825,388 cans were brokered during the month and printed sleeve throughput of 4,527,049 sleeves, all record-breaking breaking throughputs respectively. The Company's decoration throughput was also notable, with a total of 3,917,437 cans decorated. The recent addition of Mr. Gavin Cook as Director of our Printing Operations team has streamlined and enhanced both our onboarding and production processes. Each of Wildpack's three production verticals all achieved new 1-week records for Week 8 of the production schedule, plus this momentum of operational efficiency already appears to be carrying through to the next month.
Despite these impressive results, the Company remains committed to continuing to improve its operations and increasing its plant utilization. February plant utilization was a near record at 32%, and Wildpack remains on track to its planned utilization build-up into profitable operations.
Mitch Barnard, Wildpack's CEO commented, "We are proud of our collective achievements in February and we remain focused on delivering exceptional quality and service to our customers. Our commitment to efficiency and continuous improvement in delivering vertically integrated services is key to our long-term success."
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
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elijah@wildpackbev.com
Advisors
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
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About Wildpack
Wildpack is engaged in beverage manufacturing and packaging operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021, and on the OTCQB® Venture Market under the symbol "WLDPF" on February 23, 2022.
Cautionary Statement on Forward Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wildpack Beverage Inc
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