Plant&Co Announces Expansion Outside Plant to Accelerated Growth and Name Change to Happy Belly Food Group
Toronto, Ontario--(Newsfile Corp. - July 29, 2022) - Plant&Co. Brands Ltd. (CSE: VEGN) (FSE: VGP) (OTCQB: VGANF) ("Plant&Co." or the "Company"), a company focused on organic growth and accelerating growth through the acquisition of businesses that have great tasting foods, is pleased to announce it is expanding beyond plant-based to enable the company to participate in the broader food category.
"Plant-based eating will continue to grow and gain greater importance in the food category, and we are absolutely committed to continue building our plant-based brands and business. Our Plant&Co portfolio includes five (5) plant-based brands (on July 25th we announced the 5th as a binding LOI to acquire Lettuce Love), and from a business perspective the expansion beyond plant-based will enable the Company to accelerate growth by expanding our offerings and reach," said Shawn Moniz, CEO.
To facilitate the expansion, and subject to the approval of the Canadian Securities Exchange, the Company intends to change its name to "Happy Belly Food Group" and its ticker to "HBFG".
"The expansion is very significant for the Company," said Sean Black, Chief Investment Officer. "From the day I joined Plant&Co and looked at the M&A landscape across the various food and beverage verticals, it seemed like a no brainer to leverage the board of directors' experience, in addition to my own, in successfully operating and scaling brands in both the plant-based and non-plant sectors. We had tremendous success when we operated 'Fresh Plant Powered' Restaurants at the same time as we operated a very successful burger brand called 'The Burger's Priest'. The same recipe of success is being instilled here at Happy Belly. We have successful track-records implementing this framework, and I look forward to repeating our previous success at Happy Belly."
"Our expansion immediately brings opportunities to the Company which will expand the M&A pipeline with accretive transactions. My previous experience as Chief Development Officer at MTY (TSX: MTY) which operates over 70 brands was a great example of what can be achieved as a consolidator in the restaurant sector. Now Happy Belly Food Group can provide entrepreneurs another option to consider as a new home for their plant and non plant-based business if they are looking for a JV partner to help them grow or to have someone acquire their brand outright. We are very excited to show our investors what we can do going forward with the newly expanded business. Organic & inorganic growth is our focus with brands built on great food and great people."
The Company anticipates the name change and ticker symbol update to take effect within the next 30 days.
Plant&Co. Brands Ltd.
Chief Executive Officer
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Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, and include management's expectations related to the accretive nature of the Acquisition as well as the future performance of the Company or of Heal Wellness, management's anticipated growth of Heal Wellness through existing and new locations being established throughout 2022 and 2023, the successful sourcing of suitable new Heal Wellness locations by the Company, the success of the Company's discussions with respect to the potential of expanding the Heal Wellness stores via corporate and franchise locations, and any announcements related thereto, the introduction of new Heal Wellness products, as well as the Company's continuing search for accretive opportunities in 2022. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Plant&Co. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
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