The Very Good Food Company Announces Increased Distribution With National Retailers
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2021) - The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company") is pleased to announce new retail distribution with Quality Foods owned by the Jim Pattison Group; and additional distribution points with Sobeys Inc. through its Safeway retail network. These partnerships are a result of VERY's efforts to scale distribution in line with production capacity.
Quality Foods has agreed to distribute The Very Good Butchers brand, increasing VERY's retail network by 14 locations. Quality Foods is a premier Vancouver Island grocer that has operated as a community staple since 1986. In 2017, The Jim Pattison Group acquired the wholly-owned grocery chain and added it to their existing portfolio of brands which include boutique banners such as Urban Fare and larger Western banners like Save-on-Foods. These additional 14 stores will initially stock The Very Good Burgers, Smokin' Burgers, Taco Stuff'er and British Bangers.
CEO Mitchell Scott commented: "The Quality Foods placement is an exciting development for VERY as it provides an opportunity for further expansion across a larger network of stores owned and operated by The Jim Pattison Group such as Save On Foods. We plan to become an established brand in both Canada and the US by aggressively building relationships with national grocery banners, in addition to independent grocers."
Furthermore, Sobeys has agreed to expand product placements into its top ten Safeway locations within the next 60 days. Sobeys is Canada's second-largest retailer; with over 1,500 stores operating under various banners of which 183 are Safeway locations.
CEO Mitchell Scott stated: "The growing relationship with Sobeys is demonstrative of the positive response retailers are receiving from consumers. We expect a similar trajectory for all of our retail partnerships."
Fiscal 2020 Financial Results Update
The Company provided an update on the filing of its fiscal 2020 financial results. VERY expects to file its annual financial statements and related filings for the year ended December 31, 2020, by April 30, 2021, in accordance with the 120 day deadline for venture issuers.
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.
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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 distribution of the Company's products in Quality Foods stores and the potential for further expansion across a larger network of stores owned and operated by The Jim Pattison Group; product placements into the top ten Safeway locations and the expected timing therefor; the Company's expectations as to the positive development of its retail partnerships; and the expected timing for filing of the Company's fiscal 2020 financial results.
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.
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