New Gluten-Free and Soy-Free Product Line to Compete with Beyond Meat and Impossible Foods
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company") today announced its forthcoming new gluten-free and soy-free Butcher's Select product line of plant-based meats available this summer. A prime cut of plant-based goodness, this premium line is set to compete with the likes of Beyond Meat and Impossible Foods by packing an extra meaty taste and texture while using simple and wholesome ingredients.
With more consumers interested in plant-based products due to a focus on healthier and more sustainable habits, more than half of U.S. households are now purchasing plant-based foods. According to SPINS data released by the Good Food Institute and the Plant Based Foods Association (PBFA) in April, plant-based meat sales have outpaced conventional animal product sales for the third consecutive year. The Butcher's Select line will not only appeal to households interested in a more plant-based diet but also extends the Company's consumer base to the estimated 30% of Americans who avoid gluten.
Butcher's Select is made with real, minimally processed ingredients, and is a 'cut above' other plant-based meats currently available. The new product line will diversify VERY GOOD's portfolio of plant-based meats and position The Very Good Butchers brand in the alternative meat substitute category where products are created to directly simulate their animal-based counterparts and which has been largely dominated by Beyond Meat and Impossible Foods. The products pack an extra meaty taste and texture and will be available through a limited release on VERY GOOD's e-Commerce platform www.verygoodbutchers.com next month with a retail rollout across North America to follow.
"Core to VERY GOOD is our belief that everyone deserves delicious and nutritious plant-based food that is both accessible and not full of unpronounceable ingredients," said Mitchell Scott, co-founder and CEO of The Very Good Food Company. "Butcher's Select will engage a new set of consumers with dietary restrictions or preferences and significantly increase our target customer base. We're thrilled to offer better, cleaner and more accessible options that taste great, and we hope to inspire even more people to be conscious about the impact of the food they're consuming."
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD's core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE'RE HELPING THIS KIND OF DIET BECOME THE NORM.
Forward-Looking Information
This news release contains forward-looking information 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 statements relating to the attributes of the new Butcher's Select products and their ability to compete with Beyond Meat, Impossible Foods and others in the meat substitute market, VERY GOOD's expectations regarding its ability to extend the Company's consumer base with the Butcher's Select products and the timing for the limited e-Commerce release and subsequent retail roll-out of the new product line. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to, material assumptions with respect to the continued strong demand for VERY GOOD's products, the continued production capacity ramp-up to meet distribution commitments, the availability of sufficient financing on reasonable terms to fund the Company's capital and operating requirements, the ability to obtain necessary equipment, production inputs and labour, and competitive conditions and the Company's ability to position VERY GOOD competitively. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because VERY GOOD can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of VERY GOOD to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of VERY GOOD. For a more comprehensive discussion of the risks faced by VERY GOOD, please refer to VERY GOOD's most recent Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. 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, VERY GOOD 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.
The TSX Venture Exchange has neither approved nor disapproved of 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.
For further information, please contact:
Mitchell Scott
Chief Executive Officer and Director
Kevan Matheson
Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90721
