The Very Good Food Company Takes First Step into Food Service
The Very Good Food Company Partners with Vancouver's Premier Meal Kit Service Company, FreshPrep, Marking its Entry into North America's Food Service Industry
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, announced today that it has partnered with Vancouver-based homegrown meal kit company, Fresh Prep, to add VERY GOOD's innovative plant-based food products to its extensive menu of recipes and meal kits.
The partnership with Fresh Prep marks VERY GOOD's entry into the food service and meal kit space representing the latest milestone in its growth strategy, which focuses on making its diversified line of minimally processed, high-quality plant-based foods easily accessible to its growing consumer base.
Entering the food service industry and meal kit category is a natural growth opportunity for VERY GOOD as the brand continues to earn positive recognition and see significant demand from retailers, distributors and consumers.
The global meal kit delivery services market was valued at $10.26 billion USD in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.0% from 2021 to 2028, according to Grand View Research. Increasing preference for homemade meals among millennials is a major factor contributing to the growth of the market.
"We have witnessed record growth and demand over the past several quarters for our expanding line of plant-based products," said CEO Mitchell Scott. "Our team is focused on building upon this success by making our delicious and nutritious products more widely accessible to those rethinking their food choices. Fresh Prep shares our commitment to human health and the environment, and we are honored to be part of their creative meal preparations that go above and beyond traditional meal delivery services."
Fresh Prep is Canada's most sustainable meal kit company with more than 75% of ingredients and add-on items supplied by local companies. Each week, customers receive pre-cut and pre-portioned ingredients delivered in reusable, insulated cooler bags. It's newly launched Zero Waste Kits feature reusable meal containers. VERY GOOD's popular The Very Good Burger, Smokin' Burger, and Smokin' Bangers will be a part of Fresh Prep's add-on menu, and will be marketed along with their BBQ kits and other summer grilling campaigns.
The Very Good Food Company also recently announced that its flagship brand - The Very Good Butchers - will soon be available to U.S. Customers through an Amazon store and app at the end of June 2021, which will make its well-known Butcher Boxes available to U.S.-based customers via the popular eCommerce platform.
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces 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.
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE'RE HELPING THIS KIND OF DIET BECOME THE NORM.
This news release contains forward-looking information 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 statements relating to: the expected benefits to VERY GOOD from the partnership with Fresh Prep, expectations as to VERY GOOD's entry into the food service and meal kit space being a natural growth opportunity for the Company; and the compound annual growth rate at which the global meal kit delivery services market is expected to expand from 2021 to 2028. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to, material assumptions with respect to the continued strong demand for VERY GOOD's products, the continued production capacity ramp-up, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because VERY GOOD can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of VERY GOOD to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of VERY GOOD. For a more comprehensive discussion of the risks faced by VERY GOOD, please refer to VERYGOOD's Management's Discussion & Analysis for the fiscal years ended December 31, 2020 and 2019 filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. 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, VERY GOOD 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 information contained in this news release is expressly qualified by this cautionary statement.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The Very Good Food Company
Corporate Communications and Investor Relations
Phone: +1 855-472-9841
Phil Carlson / Erika Kay
KCSA Strategic Communications
KCSA Strategic Communications
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