The Very Good Food Company Expands Retail Footprint in Eastern Canada and Quebec with Sobeys Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 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, is pleased to announce it has further expanded its product offering within Sobeys Inc.'s ("Sobeys") retail network. Our popular The Very Good Butchers product line up is now available for the first time in Québec at Rachelle Béry health food stores, and online throughout the Greater Toronto Area via Voilà by Sobeys' online home delivery service.
Rachelle Béry opened its first natural products grocery store over 35 years ago with a groundbreaking mission - to reimagine the way consumers take care of their health. With 10 grocery stores and over 80 Espace santé sections in IGA supermarkets throughout Québec, customers are able to shop with peace of mind that the products offered are carefully sourced, organic, natural or local. The Very Good Butchers products will first be available in Rachelle Bery's 10 grocery stores in Québec.
Voilà by Sobeys is an online grocery home delivery service in the Greater Toronto Area. Since the launch of its home delivery service in the Greater Toronto Area in Ontario. Voilà by Sobeys has recently expanded with the launch of curbside pickup in Nova Scotia and Alberta. Customers can order online at voila.ca or by downloading the Voilà mobile app.
"We are quickly building a fast network of retailers across the country, and our partnership with Sobeys, one of North America's largest grocery chains, has allowed us to rapidly expand our presence across Canada," said Mitchell Scott, Co-Founder & CEO of The Very Good Food Company. "Being on the shelves of Rachelle Béry marks our entry into the Québec market. Voilà by Sobeys home delivery services the Greater Toronto Area, the country's most populated metropolitan area; in addition to Nova Scotia and Alberta, all of which are sizable markets for our nutritious and delicious plant-based foods."
Last month, the Company announced that its Very Good Butchers products are available in more than 750 outlets across North America, including more than 100 stores in the US. VERY GOOD is continually building out its retail network and anticipates being on the shelves of additional stores by the end of the year, with further distribution expansion expected for the first quarter of 2022, following the major retailers' fall 2021 product category review period.
VERY GOOD today also announced that it has entered into a six-month agreement with Los Angeles based The Wellness Agency ("TWA"), a provider of marketing and support services to companies in the wellness industry. Under the terms of the agreement, TWA will work with the Company to identify and introduce celebrity talent to the VERY GOOD brand. As compensation for services provided, TWA will receive a monthly cash fee in addition to an equity fee component, pursuant to which TWA will receive 10% of all equity issued by the Company as compensation to any celebrity successfully introduced to VERY GOOD by TWA. The number of securities ultimately issuable under any such arrangement will be determined based on the market price of the Company's shares on the TSX Venture Exchange at the time of issuance. All securities issued to TWA will be subject to a hold period of four months and one day from issuance.
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD's core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com
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 but not limited to: the current reach and expected future expansion of VERY GOOD's retail distribution network and in particular the additional retailers the Company expects to add by the end of the year and in the first quarter of 2022; the expected benefits to be derived from the placement in Rachelle Béry stores and Voilà by Sobeys online grocery delivery. 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 availability of sufficient financing on reasonable terms to fund VERY GOOD's capital and operating requirements, the continued strong demand for VERY GOOD's products, the successful placement of VERY GOOD's products in retail stores and continued e-Commerce growth, VERY GOOD's ability to successfully enter new markets and manage its international expansion, VERY GOOD's ability to increase production capacity and obtain the necessary production equipment, the availability of labour as well as the accuracy of construction schedules and cost estimates for the commissioning of production lines at VERY GOOD's Rupert and Patterson facilities and the timely receipt of required permits, VERY GOOD's relationship with its suppliers, distributors and third-party logistics providers, and the Company's ability to position VERY GOOD competitively. 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, the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, 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. For a more comprehensive discussion of the risks faced by VERY GOOD, please refer to VERY GOOD's most recent Annual Information Form 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.
For further information, please contact:
Chief Executive Officer
The Very Good Food Company Inc.
Director, Investor Relations
The Very Good Food Company Inc.
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