Innovative plant-based food technology company brings acquired company, The Cultured Nut, under VERY GOOD family of brands, expanding growing portfolio
Vancouver, British Columbia--(Newsfile Corp. - May 12, 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 unveiled its new product line of plant-based cheeses to be relaunched under its new brand The Very Good Cheese Co.
The Very Good Cheese Co. and its lineup of five new SKUs mark a key milestone in VERY GOOD's growth strategy focused on building an expansive plant-based product portfolio through a combination of organic development and strategic acquisitions. These newly announced plant-based cheeses follow the Company's completed acquisition of The Cultured Nut Inc., a popular artisan vegan cheese producer known for its block-style cheeses.
"I am very proud of the VERY GOOD team's quick execution on our strategy allowing us to enter the plant-based cheese market in record time. We completed the transaction in February and will have created a new brand, redesigned packaging and relaunched key SKUs in less than 16 weeks, said Co-founder and CEO Mitchell Scott. This marks the first accretive acquisition for VERY GOOD at a time when the plant-based cheese industry is experiencing tremendous growth. Plant-based dairy products, excluding plant-based milk, experienced USD$1.9bn sales in 2020 with plant-based cheeses representing USD$270m of that spend (42% growth year over year) according to data published by the Good Food Institute and retail SPINS data.
The Very Good Cheese Co. products will be made available in the U.S. and Canada in June through the Company's eCommerce site through www.verygoodfood.com and in retail stores in Q3 2021. These new SKUs will initially consist of:
- BOLD CHEDDAH, white cheddar style: Just slip into yer jammies and give the old Mac 'n' Cheese a whole lotta attitude with a sharper sauce.
- CHEDDAH, medium cheddar style: Bring on the ultimate 'meltdown' - use for your favourite cheese sauce and drift on down that dreamy, creamy river.
- DILL'ISH, garlic and dill-havarti style: Generic streaming service 'n' Dill - Use as a creamy spread while streaming your current guilty pleasure.
- GOUD AF*, smoky gouda style (*and fermented, of course): Smoke 'em if you got 'em - liven up anything grilled or baked with this smoky addition.
- PEPPER JACK, monterey jack style: Enjoy on a fancy cracker and let the neighbours hear your reaction to the heat.
The new dairy-free, plant-based cheese products have already been tested in the market, receiving highly positive feedback from consumers. They join VERY GOOD's growing portfolio of 14+ plant-based food options, including The Very Good Butchers' Very Good Pepperoni and Very Good Dog launched last year.
The Company also recently announced the signing of a U.S. distribution agreement with United Natural Foods (UNFI), the largest publicly traded wholesale distributor of health and specialty food in North America, that is expected to significantly boost VERY GOOD's U.S. retail presence.
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces 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.
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 expected timing for the launch of The Very Good Cheese Co. products and their availability through the Company's eCommerce website and placement in retail stores; VERY GOOD's growth strategy focused on building an expansive plant-based product portfolio through a combination of organic development and strategic acquisitions; and management's expectation that the newly signed distribution agreement with UNFI will significantly boost VERY GOOD's U.S. retail presence. 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 successful placement of VERY GOOD's products in retail stores, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. 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 VERYGOOD's Management's Discussion & Analysis for the fiscal years ended December 31, 2020 and 2019 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.
Investor Contact:
The Very Good Food Company
Mitchell Scott
Kevan Matheson
Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com
Phone: +1 855-472-9841
Phil Carlson / Erika Kay
KCSA Strategic Communications
Email: VERY@kcsa.com
Phone: 212-896-1233
Media Contact:
Anne Donohoe
KCSA Strategic Communications
Email: VERY@kcsa.com
Phone: 212-896-1265
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83737
