The Very Good Food Company Begins Commissioning of its Vancouver-based Production Facility and Announces Changes to Senior Leadership Team
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2021) - The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company"), is pleased to announce that it has taken possession of its highly anticipated Vancouver-based production facility (the "Rupert Facility"). In addition, VERY provides an update on changes to its Senior Leadership team.
Rupert Facility Commencement
As of January 11, 2021, VERY has officially taken custody of the Rupert Facility, initially announced on November 11, 2020. After an initial ramp-up period, the leased Rupert Facility is expected to be capable of producing up to 37,000,000 lbs of annualized product to be phased in over the next year, representing an approximate increase of 2,690% over expected annualized production capacity of the Company's Victoria facility of 1,375,000 lbs per year.
Already built-out as a food production facility by its previous plant-based operator, Daiya Foods, the Rupert Facility spans approximately 45,000 sq. ft. and comprises production, refrigeration, warehousing, R&D and office space. Over the next few months, the Rupert Facility will require minor upgrading and retrofitting to accommodate the production requirements for the Company. Equipment for the first production line will start to arrive in late January with commissioning to begin in late February and food production to commence shortly thereafter. The Facility is anticipated to be fully operational in the second quarter of 2021 and capacity will be systematically scaled upwards over the following months.
Mitchell Scott, CEO of VERY, commented: "Custody of the Rupert Facility represents our first significant milestone in 2021. Over the last couple of years, our ability to meet consumer demand has been restricted due to capacity constraints. The Rupert Facility allows us to increase the availability and reach of our products to consumers not only in Canada, but also in the United States, through both our retail and our eCommerce sales channels. We are excited about all of the potential opportunities this milestone creates."
Commissioning of the Rupert Facility is dependent on, among other things, the mitigation of identified operational risks such as, but not limited to, onboarding the necessary labour and expertise, securing new wholesale relationships and meeting COVID-19 protocols going forward.
Executive Team Update
As of January 4, 2021, Ana Silva has commenced her role with the Company as President directly focusing on operations, supply chain and logistics, and procurement to ensure a seamless initial production launch of the Rupert Facility. In connection with the newly appointed President, VERY also announces that Brian Greanleaf has stepped down from the Company in his role as Chief Operating Officer effective January 31, 2021. The Senior Leadership team extends their sincere thanks to Brian for his service since the Company's initial public offering in June 2020.
Kyle Marancos has been appointed Director of Marketing with his employment commencing January 18, 2021. Kyle has an extensive pedigree in the food and beverage industry where he spent the last six years as the Director of Marketing with Earth's Own Food Company Inc., well known for their Happy Planet Products. Prior experience also includes twelve years working with Unilever, where he was the Senior Global Brand Development Manager for their Bertolli Brand.
In her capacity as President, Ms. Silva has been granted 500,000 options exercisable at a price of $6.21 until March 4, 2026.
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 production capacity of the Rupert Facility, the nature of the required upgrading and retrofitting at the Rupert Facility and the timing therefor; the anticipated timing for commencement of operations at the Rupert Facility and the Company's ability to increase the availability and reach of its products to consumers in Canada and in the United States.
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 continued strong demand for our products; that added production capacity will enable us to increase our sales volume, that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, the availability of labour, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71915