Over 100 U.S. retail stores to carry VERY GOOD's product line, increasing total distribution points in North America by 112% from March 2021
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2021) - Leading plant-based food technology company, The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company"), today announced that its U.S. wholesale retail distribution channel now has more than 100 retail stores signed to carry VERY GOOD's suite of products under its core brand, The Very Good Butchers, with orders placed as recent as July 1, 2021.
VERY GOOD expanded its U.S. retail distribution network earlier this year when it first secured its first U.S. sales order from the California-based online vegan grocery store, GTFO It's Vegan. Since then, the Company has rapidly expanded its U.S. retail reach through additional retail distribution partnerships with Green Spoon Sales, Colorado-based natural food and beverage brokerage; KeHE Distributors, LLC ("KeHE"), 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. The Company now has over 100 U.S. retail stores who will be carrying its product on their shelves with many more in the pipeline; reaching a record number of retail distribution points across North America of approximately 2,876 from 1,356 at the end of March 2021; representing a 112% increase.
"Over the past year, we have strategically focused on enhancing our production capabilities and rolling out an expansive plant-based product line. As delicious and healthy eating continues to become the norm, we have seized the opportunity to enter new high-growth markets and are proud that within months of partnering with some of America's most notable natural food distributors, we are placing our products on shelves across the country," said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company. "Signing on with over 100 retail stores in the U.S. is just the beginning and clearly demonstrates our ability to effectively scale production and successfully meet surging demand."
The Company also previously announced its coast-to-coast expansion in Canada through its new wholesale distribution partnership with Horizon Grocery + Wellness, where the Company signed on with Save-On-Foods, Canada's largest Western-based grocery retailer, to carry The Very Good Butchers suite of products in 184 of its retail stores across Canada.
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 expected increase in distribution points, the number of stores and variety of banners that will carry The Very Good Butchers products, the assortment of the products to be carried and the expected timing for the products to become available in-store as well as management's expectations as to the Company's ability to effectively scale production and successfully meet surging demand. 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 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 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.
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
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