Vancouver, British Columbia--(Newsfile Corp. - August 10, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, today announced that its The Very Good Butchers product line is now available in 754 retail outlets across North America.
The Company is continuing to expand its presence in the United States and its delicious plant-based products are now available on the shelves of Erewhon Organic Grocer, Harmons Grocery, PCC Community Markets, Metro Markets, and Chicago-based Potash Markets, widening VERY GOOD's reach across multiple US States. These new retail relationships come through VERY GOOD's newly formed wholesale distribution partnerships with KeHE Distributors, LLC , a top pure play U.S. wholesale food distributor of natural, organic, speciality and fresh food brands across North America; and United Natural Foods (UNFI), the largest publicly traded wholesale distributor of health and specialty food in North America.
VERY GOOD's products are now also sold in 184 Save-on-Foods locations across Canada, a key milestone achieved by the Company through its distribution partnership with Horizon Grocery + Wellness. Save-On-Foods is Canada's largest Western-based grocery retailer.
"I am very proud of the continued success we are having in expanding our reach in the US retail landscape. This is a direct result of our teams' tireless efforts to expand distribution, drive sales growth and gain market share," said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company. "We are experiencing strong demand from retailers as our products resonate with consumers looking for a healthier, more sustainable and environmentally friendly way of living, and look forward to continually building out our retail network."
This announcement comes on the heels of VERY GOOD's production capacity update where the Company shared that it will begin food production at its Patterson facility located in Patterson, California, starting in September. VERY GOOD also reported that its first production line ("Line 1") at its Rupert facility, located in Vancouver, Canada, is now producing four times the daily production volume of the Company's Victoria facility. Line 1 is fully operational and mainly produces The Very Good Butchers original suite of products. The Company expects the ramp up of capacity of Line 1 to continue into the fall as it targets 40,000 lbs per day on average starting in Q4 2021; gradually increasing to an average of 60,000 lbs per day in early Q1 2022.
About Erewhon Organic Grocer
Erewhon Organic Grocer and Cafe is an independent, family-owned grocer with locations in Los Angeles, Calabasas, Venice and Santa Monica, CA. Since 1968, Erewhon has been committed to providing the purest foods and products to the communities we serve. Included in their commitment is keeping abreast of market innovations, supporting local farmers and brands, and protecting the environment. Recognized for their uncompromising quality standards and customer service, Erewhon provides an experience unlike any other for their loyal and passionate shoppers. www.erewhonmarket.com.
About Harmons Grocery
Harmons Grocery was founded in 1932, by George Reese (Jake) Harmon and his wife Irene. It started a small grocery store called "The Market Spot" which initially sold fruit and vegetables and now, Harmons has approximately 20 stores across the state of Utah. They are committed to providing the best products and quality food from all over the state, in store and online. www.harmonsgrocery.com.
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 Company's US retail expansion and the demand for its products. 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 availability of sufficient financing on reasonable terms to fund VERY GOOD's capital and operating requirements, the continued strong demand for VERY GOOD's products, the successful placement of VERY GOOD's products in retail stores and e-Commerce growth, VERY GOOD's ability to successfully enter new markets and manage its international expansion, VERY GOOD's ability to increase production capacity and obtain the necessary production equipment, the availability of labour as well as the accuracy of construction schedules and cost estimates for the commissioning of production lines at VERY GOOD's Rupert and Patterson facilities and the timely receipt of required permits, VERY GOOD's relationship with its suppliers, distributors and third-party logistics providers, 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 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 of The Very Good Food Company Inc.
Sabina Srubiski
Director, Investor Relations
The Very Good Food Company Inc.
Email: invest@verygoodfood.com
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