The Very Good Food Company Announces New President from Daiya Foods Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2020) - The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("Very" or the "Company") is pleased to announce that veteran plant-based food production executive, Ana Silva, will join Very as President commencing in January 2021.
New President Appointment
Management is pleased to enlist a President with such an impressive background in plant-based food production, as the Company scales operations. Silva has spent the past five years with Daiya Foods Inc. ("Daiya"), where she served as Chief Financial Officer. Daiya is a Canadian-based company that manufactures plant-based dairy alternatives available at more than 25,000 stores across North America. During Silva's time with Daiya, the company underwent a CAD$405 million acquisition by Otsuka Pharmaceuticals, a Japanese based pharmaceutical and nutraceutical company. Along with this significant acquisition, Silva oversaw a period where Daiya was ranked as the fastest growing plant-based food company in America by SPINS. Ana will be appointed President as of January 1, 2021.
Incoming President Ana Silva stated: "I'm so excited! The possibilities in the plant-based food industry are endless, and I believe the plant-based movement will secure our long term global food supply. So why Very Good Food? Three things: The founders are innovative risk-takers with a great vision. The core values and purpose are truly inspiring. And finally, this company is at the early stages of growth, which for me, is another critical element that has me excited. What more could I ask for?"
Silva's appointment comes at a transformative time as Very steps into a period of expansion and brings online additional production capacity with its proposed Rupert and Patterson facilities and expands R&D capabilities with the Mount Pleasant facility in order to meet strong demand for the Company's products. Ana's experience will also guide the Company as it pursues its efforts to expand into the US and other international markets.
CEO Mitchell Scott stated: "We are fortunate to have someone of Ana's caliber and experience joining our team at a critical inflection point for our company, as we are on the verge of scaling our operations by a very substantial margin. With significant capacity expansion and a large waitlist of wholesale accounts, Ana's previous executive level experience at Daiya Foods will be an invaluable asset to our team."
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) accept 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 anticipated appointment of Ana Silva as the Company's new President including the timing thereof; the benefits the Company expects to derive from Ms. Silva's appointment and her experience and qualifications; and the Company's ability to increase production capacity with the Rupert and Patterson facilities and expand R&D capabilities with the Mount Pleasant facility.
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. Certain assumptions in respect of Ms. Silva's ability to guide the Company; that added production capacity will enable us to increase our sales volume, that the impact of the COVID-19 pandemic in British Columbia and California does not materially worsen and that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, and changes and trends in our industry or the global economy are material assumptions made in preparing forward-looking statements or information and management's expectations. 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; 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.
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