The Very Good Food Company Inc. Announces Record Holiday Orders, Production Increase & New Distribution Partner
Vancouver, British Columbia--(Newsfile Corp. - October 9, 2020) - The Very Good Food Company Inc. (CSE: VERY) (OTC: VRYYF) (FSE: 0SI) ("VGFC" or the "Company") is pleased to announce record orders for its popular holiday item "The Stuffed Beast", an increase in production volume out of the Victoria facility, and the addition of a new Canadian distribution partner.
Record Orders of Holiday Specialty Product "The Stuffed Beast"
Orders for vegan holiday product "The Stuffed Beast" have grown to record levels in 2020, with pre-sales for both Thanksgiving and Christmas at maximum capacity. These orders include 2,000 units for Thanksgiving, 4,500 units for Christmas, and an additional 1,500 units sold direct-to-consumers online through the Company's ecommerce store at www.verygoodbutchers.com.
These pre-sales represent a greater than 300% annual increase in units, compared to less than 2000 units sold during last year's holiday season and do not yet include upcoming ecommerce sales for Christmas or American Thanksgiving. The Stuffed Beast has an average retail sale price in stores of approximately CDN $44.
As part of the holiday orders, existing retailers Whole Foods and Sobeys (Thrifty Foods) will be selling "The Stuffed Beast" in their stores located in British Columbia, Canada.
CEO Mitchell Scott stated: "We are delighted to see not only record demand for one of our most popular products, but continued repeat orders from key partners Whole Foods and Sobeys. As we look to expand across their large combined network, the robust sales velocity we are experiencing at the stores we're currently in gives us a lot of optimism for the future."
Increased Production Capacity
With continuously rising demand, increasing production out of the Victoria facility continues to be a high priority item for the Company. As an update on the various initiatives to optimize and increase production, the Company is pleased to report the implementation of an updated inventory management system which is expected to streamline inventory tracking and procurement.
In addition, pending possession of additional warehouse space in Victoria scheduled for the beginning of next year, the Company will be able to implement a just-in-time inventory management system, which is expected to further increase capacity and decrease order wait times.
The current initiatives implemented to date have resulted in a significant boost in weekly production volume to 11,000 lbs per week, an increase of nearly 50% above the previously reported volume on August 11, 2020. The current trajectory of production is on track for the Company's near-term goal of 19,000 lbs per week.
New Distribution Partnership - SPUD
The Company is also pleased to announce that sustainable online retailer and Canadian distributor Spud.ca ("SPUD") will now be carrying Very Good Butchers products. Through its online store, and retail network in Alberta, SPUD will distribute the Company's products to an expanding base of Canadian consumers.
SPUD is a certified B-corp and the winner of numerous awards, including The Best Grocery Delivery by Georgia Straight Magazine (2016-2020), The Sustainable Process/Facility Awards (2019), and The Think Beyond Plastic Innovation Challenge Award.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes, and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create 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.
For further information, please contact:
Chief Executive Officer and Director
Corporate Communications and Investor Relations
Phone: +1 855-472-9841
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided 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, but is not limited to the record sales and pre-sales of our Stuffed Beast, the average retail sale price of the Stuffed Beast, the benefits the Company expects to derive from the successful implementation of the updated inventory management system and addition of warehouse space in Victoria, the Company's ability to consistently achieve or further increase production volumes, and the new distribution partnership with Spud.ca.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
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, the Company 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 statements or information contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65604