Plant-based Company's Vancouver facility completes testing in record time, production of seven products underway as Company rapidly grows
Vancouver, British Columbia--(Newsfile Corp. - May 18, 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 its latest operational milestone -- that it is now producing saleable product from the first production line at its new Vancouver facility for both eCommerce and retail sales channels.
VERY GOOD commissioned Line 1 in April 2021 at its recently renovated Rupert Facility located in Vancouver, BC and has finished testing seven SKUs from its original plant-based product line under the The Very Good Butchers brand. With the production of saleable product now underway, the Company is starting to plan for a second production shift to meet the fast-growing demand for its products among its expanding North American customer base, and for its upcoming launch of an online sales platform for UK-based consumers. The signature products now being produced at the Rupert Facility consist of such delicious, nutritious and minimally processed plant-based items as The Very Good Burger, Smokin' Burgers, The Very British Banger, The Very Good Steak, the Very Good Dog and the Very Good Pepperoni.
"We are not only delivering on our ambitious production goals, but doing so flawlessly and in record time," said VERY GOOD co-founder and CEO Mitchell Scott. "The production of saleable product from our first production line at our Rupert facility is another exciting milestone in The Very Good Food Company's strategic growth; demonstrating our ability to exceed expectations as we expand our operational footprint, enter into wholesale partnerships and engage new customers eager to rethink the way they eat."
The Company is also pleased to announce the achievement of a new production target at its Victoria Facility. Production capacity at the Victoria Facility has increased 20% to an average of 24,000 lbs per week from the previously reported capacity of 20,000 lbs per week in December 2020, due to the addition of new equipment and production labour.
VERY GOOD reported record growth of 364% in FY2020 and is set to release its Q1 2021 financial results on May 26, 2021, including updates on the Company's continued progress towards increasing sales in the U.S., adding to its plant-based product portfolio and expanding the Company's operational capacity to meet global demand for high-quality, artisanal-style plant-based food options.
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: plans for a second production shift at the Rupert facility; the fast-growing demand for VERY GOOD's products; the Company's expanding North American customer base; the launch of an online platform for UK-based consumers; and VERY GOOD's continued progress towards increasing sales in the United States. 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/84404
