The Very Good Food Company Announces New Appointment to its Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2020) - The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company"), a progressive creator of innovative plant-based food products, today announced the appointment of Bill Tolany, a past Whole Foods Market and Amazon executive, to VERY's Board of Directors.
Appointment of Bill Tolany
Bill Tolany joins VERY's Board of Directors, bringing a wealth of experience in marketing and ecommerce strategies. Bill served as the Senior Director of Marketing at Whole Foods Market, where he was responsible for launching the company's integrated marketing team and growing alternative commerce sales by hundreds of millions of dollars. Bill was then recruited by Amazon to join the company as Regional General Manager, where he helped lead the launch and expansion of Amazon Prime Now, Amazon's transformative entry into local retail and ultra-fast delivery.
Bill Tolany recently commented: "I am delighted to join Very Good Food's Board of Directors. The company has a passionate and skilled team, does work with true purpose as leaders in the plant-based movement, and has absolutely AMAZING products. This is one of those rare businesses that can be both massive and meaningful. I can't wait to help grow VERY's global footprint as we make a real difference in the way the world eats."
In connection with this appointment, Drew Bonnell has stepped down from the Company as Director and Corporate Secretary effective December 4, 2020. Drew led VERY's IPO and has been instrumental in the growth of the Company to where it is today. Since transitioning into the role of Corporate Secretary from CFO, Drew has been working diligently to make his departure seamless.
CEO Mitchell Scott stated: "We were fortunate to have recruited someone of Drew's caliber to lead our IPO and advise our new Board over the past year and a half. We've come a long way in a short period of time and Drew's expertise has been instrumental in what we have achieved. With a solid foundation now built and while it is with mixed feelings, we are pleased for Drew to step aside to pursue other opportunities."
Drew Bonnell commented: "During my tenure as CFO and Board Director, it was a pleasure to work closely with Mitchell and James to lead the Company's IPO and related financings. The Company is now well established with new leadership and expertise joining the team and the time is right for me to step aside. It has been a very exciting journey and I look forward to following the success of the Company in the months and years ahead."
In connection with his appointment to the Company's Board of Directors, Mr. Tolany will be granted an aggregate of 150,000 incentive stock options under Very's stock option plan. The options will be exercisable for a period of five years from the date of grant at an exercise price to be set in accordance with the policies of the Canadian Securities Exchange.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company. Our mission is to use progressive food technology to create 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.
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 expected benefits to be derived from Mr. Tolany's appointment to the Company's board of directors.
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 Mr. Tolany's experience and future contributions to the VERY board of directors, 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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