THE VERY GOOD FOOD COMPANY REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS

Napoleon Elizer

Q2 2022 Wholesale Income Elevated 117% In comparison with Q2 2021

Q2 2022 Basic and Administrative Expense Decreased 57% In comparison with Q2 2021

CEO Parimal Rana Offers Replace on VERY GOOD’s Refocused Technique

VANCOUVER, BC , Aug. 15, 2022 /CNW/ – The Very Good Meals Firm Inc. (NASDAQ: VGFC) (TSXV: VERY) (FSE: OSI) (“VERY GOOD” or the “Firm“), a number one plant-based meals know-how firm, as we speak reported its monetary outcomes for the second quarter ended June 30, 2022.

Monetary Highlights

  • Income decreased $1,279,215 or 46% to $1,501,446 in Q2 2022, in comparison with $2,780,681 in the identical interval in 2021. The lower in income was pushed by a lower of $1,825,436 in eCommerce gross sales, offset by a rise of $523,223 in wholesale income.
  • Wholesale income elevated 117% to $987,278 in Q2 2022 as in comparison with the identical quarter final 12 months attributable to a rise within the variety of shops and distribution factors in addition to elevated unit velocities on core and new objects.
  • eCommerce income decreased 83% to $380,967 in Q2 2022 as in comparison with the identical interval final 12 months as a result of Firm’s strategic choice to restrict its eCommerce gross sales attributable to excessive digital advertising prices to accumulate new clients, lowered manufacturing and headcount at some areas to handle stock ranges. VERY GOOD is specializing in its wholesale and foodservice channels and is evaluating potential exit plans for its eCommerce enterprise.
  • Basic and administrative expense (“G&A expense”) decreased $3,899,256 or 57% to $2,935,624 in Q2 2022 in comparison with $6,834,880 in Q2 2021. Excluding share-based compensation and depreciation expense, adjusted common and administrative expense decreased $1,563,585 or 28% to $4,038,034 in Q2 2022 in comparison with $5,601,619 in Q1 2022. The lower in adjusted common and administrative expense was primarily pushed by a lower in salaries and wages.
  • Adjusted common and administrative expense (“Adjusted G&A Expense”)1 elevated $1,829,479 or 183% to $4,038,034 in Q2 2022, in comparison with $2,208,555 in Q2 2021. The rise in adjusted common and administrative expense was primarily pushed by elevated authorized {and professional} charges of $1,036,165, elevated insurance coverage charges of $659,708 attributable to will increase in director and officer insurance coverage on account of the Firm’s Nasdaq itemizing, elevated wages and advantages of $616,539 attributable to increased head rely and offset by a lower in recruitment charges of $139,543.
  • Web loss decreased 46% to $(6,699,130) in Q2 2022 in comparison with $(12,500,733) in Q2 2021.
  • Adjusted EBITDA2 was a lack of $(7,028,270) in Q2 2022 in comparison with $(5,673,109) in Q2 2021, and $(9,991,892) in Q1 2022.

__________________________________

1 Adjusted common and administrative expense is a Non-IFRS measure calculated as whole common and administrative expense much less share-based compensation and depreciation.

2 Administration defines adjusted EBITDA as internet loss earlier than finance expense, tax, depreciation and amortization, share-based compensation, and different non-cash objects, together with impairment of goodwill, loss on disposal of kit, loss on termination of leases, and shares, models and warrants issued for companies.

Money and Liquidity Replace

As of June 30, 2022, the Firm had money and money equivalents of $6,156,414, a discount of $15,819,239 from $21,975,653 as of December 31, 2021. This lower is primarily associated to the Firm’s higher than anticipated money burn through the quarter. As of the date of this MD&A, the Firm’s money steadiness is roughly $3.2 million to settle present accounts payable and accrued liabilities of roughly $4.3 million. The Firm might want to search extra financing by the tip of September to fulfil its excellent obligations and fund ongoing operations and will likely be required to acquire subsequent financings in future intervals. To deal with its lack of crucial liquidity, the Firm has decreased its money outflow associated to paying commerce payables whereas it evaluates its financing choices. The Firm can also be frequently evaluating different options of producing money within the quick time period equivalent to disposing of non-core tools and sure uncooked materials stock to increase the present money runway. There could be no assurance that disposing of non-core tools and sure uncooked materials stock will likely be profitable. Whereas there is no such thing as a assurance on the supply of the Firm’s future financings, on acceptable phrases, or in any respect, the Firm at the moment believes that it is going to be in a position to increase capital by means of financing within the close to time period to fund operations because it continues to implement its new refocused technique.

Q2 2022 Operational and Company Technique Replace

As of August 15, 2022, the Firm has ceased common operations on the Victoria Facility, Fairview Facility, and Patterson Facility and consolidated operations into the Rupert Facility. The Firm closed the Victoria Flagship Retailer in June 2022 and has terminated the lease for the deliberate location of the Mount Nice Flagship Retailer. The Firm made these choices in an effort to enhance manufacturing efficiencies and scale back overhead.

In the course of the six-month interval ended June 30, 2022, VERY GOOD made the strategic shift to deal with sustainable progress and a path to profitability versus solely specializing in high line progress. As a part of this shift, VERY GOOD determined to restrict its eCommerce gross sales attributable to excessive digital advertising prices to accumulate new clients, lowered manufacturing, and headcount at some areas to handle stock ranges, carried out initiatives equivalent to pausing non-critical capital expenditures and decreasing common and administrative bills.

VERY GOOD has decreased its work pressure to core administration groups with plant employees and total head rely has decreased to roughly 100 from 260 throughout first half of 2022 on account of each terminations and worker resignations. The Firm has granted inventory choices as a retention instrument to assist scale back worker turnover. The Firm will proceed to assessment its departments to search out efficiencies and can handle stock ranges to solely buy important uncooked supplies.

VERY GOOD intends to proceed to deal with the wholesale and meals service channels, notably in america, which it views as important to realizing its imaginative and prescient to scale the Firm.

On June 2, 2022, VERY GOOD closed a non-public placement providing with an institutional investor for gross proceeds of $8,184,762 (US$6,500,000) consisting of 13,100,000 widespread shares, 19,400,000 widespread share equivalents, and 32,500,000 share buy warrants.  In reference to the providing, the Firm incurred share issuance prices of $936,659.

On June 23, 2022, VERY GOOD elevated U.S. retail enlargement by way of a brand new settlement with superstore chain Meijer Inc. (Meijer). With 262 supercenters and grocery shops all through Michigan, Illinois, Indiana, Ohio, and Wisconsin, Meijer’s strong Midwest presence represents vital progress in the direction of VERY GOOD’s goal to increase its model and supply merchandise in each main metropolis throughout america.

On July 7, 2022, VERY GOOD elevated U.S. retail enlargement by way of a brand new settlement with The Big Firm (“Big”). With Big’s presence all through Pennsylvania, Maryland, Virginia, and West Virginia in addition to on-line procuring and supply to New Jersey, this retail distribution considerably expands VERY GOOD’S product availability on the U.S. Japanese Seaboard.

On July 27, 2022, VERY GOOD introduced additional enlargement into the Japanese U.S. retail atmosphere with Weis Markets, Inc. (“Weis”). Weis owns and operates 196 supermarkets all through Pennsylvania, Delaware, Maryland, New York, New Jersey, Virginia, and West Virginia and in addition presents on-line procuring and supply to Pennsylvania. This extra retail distribution additional extends VERY GOOD’s product availability in america.

On August 15, 2022, VERY GOOD introduced that the Firm was awarded the Meals Community Grocery store Award for our A Lower Above Pork within the “Most Noteworthy Vegan Newcomers” class. 

Administration Adjustments

On July 4, 2022, VERY GOOD introduced that as a part of its succession plan, Matthew Corridor has stepped down as interim Co-Chief Government Officer and as a director of the Firm however will proceed to help VERY GOOD in an advisory capability. Parimal Rana, a seasoned meals trade skilled who had been serving as VERY GOOD’s Vice President of Operations, assumed the position of Chief Government Officer (“CEO“) and joined VERY GOOD’s board of administrators (“Board“).

On July 12, 2022, VERY GOOD introduced the appointment of a brand new Chief Monetary Officer (“CFO“), Pratik Patel, CPA, CGA.  Pratik commenced employment as CFO of VERY GOOD on July 25, 2022.  He has over fifteen years of expertise as a senior accounting and finance skilled, with experience in integration and exterior report. 

Efficient August 19, 2022, Kevin Callaghan, Vice President of Gross sales – North America of VERY GOOD will likely be resigning from his place.  With its present gross sales crew together with Michael Hoeksema, Director of Foodservice Gross sales, VERY GOOD believes it’s nonetheless nicely positioned to proceed its deliberate market developments within the speedy time period – with potential augmentations or additions to the gross sales crew as wanted. VERY GOOD needs Kevin the most effective in his future endeavors.

Nasdaq Itemizing Notification

On January 11, 2022, VERY GOOD acquired notification from the Itemizing {Qualifications} Division of Nasdaq that, for the earlier 30 consecutive enterprise days, the bid worth of the Frequent Shares had closed under the minimal US$1.00 per share requirement for continued inclusion on the Nasdaq pursuant to Nasdaq Itemizing Rule 5550(a)(2) (the “Bid Value Rule”). On July 11, 2022, VERY GOOD was granted a further 180-day interval from Nasdaq’s Itemizing Qualification Division or till January 9, 2023, to regain compliance with the minimal US$1 bid worth requirement for continued itemizing on The Nasdaq Capital Market. The Nasdaq notification has no speedy impact on the itemizing of the Frequent Shares. VERY GOOD can also be listed on the TSXV and the notification doesn’t have an effect on the Firm’s compliance standing with such itemizing. Nasdaq knowledgeable VERY GOOD within the July 11 notification, that if compliance can’t be demonstrated by January 9, 2023, Nasdaq will present written notification that VERY GOOD’s securities will likely be delisted – at which era, the Firm might attraction Employees’s dedication to a Hearings Panel (the “Panel”).

Nasdaq’s dedication of VERY GOOD’S eligibility for a further 180 calendar day interval throughout which the Firm can regain compliance, was based mostly on VERY GOOD assembly the continued itemizing requirement for market worth of publicly held shares and all different relevant necessities for preliminary itemizing on the Capital Market aside from the bid worth requirement, and the Firm’s written discover of its intention to treatment the deficiency through the second compliance interval by effecting a reverse inventory break up, if crucial.

Refocused Technique

The Firm continues to implement its three-prong strategy to (1) Stabilize, (2) Proper-Dimension, and (3) Optimize, first introduced in Could 2022. The Board and its strategic advisors are targeted on the stabilization prong and the administration crew, led by the CEO Parimal Rana, are executing to Proper-Dimension and Optimize. The Proper-Sizing efforts have largely been accomplished with the closure of the restaurant operations and consolidation of manufacturing amenities into the Rupert Facility. With the re-focusing of gross sales away from eCommerce and towards wholesale and meals service the Firm can also be reviewing strategic personal label and co-manufacturing alternatives to fill extra manufacturing capability and enhance income.

The Firm’s long-term technique is anticipated to proceed to focus on establishing and sustaining sturdy relationships with its clients by means of differentiated merchandise, classes and channels that construct our dedication to long-term worthwhile progress

CEO Parimal Rana commented on VERY GOOD’s second quarter outcomes and the present state of the group. “In Q2 2022 We made notable progress towards our initiative to stabilize, right-size and optimize the enterprise. We acknowledge that the laborious work will not be over, and we’re nonetheless fully targeted on forging a path towards profitability and progress by leveraging our observe document of innovation and our clear, plant-based merchandise which might be nicely acquired by vegan in addition to flexitarian customers.  It is by no means straightforward to report a sequentially down quarter, however the progress we’re seeing in wholesale income, in addition to a few of our more moderen wins are encouraging validation of our new strategic initiative to deal with the wholesale and foodservice channels. We’re positioning ourselves to be on the vanguard of the plant-based-foods market restoration and future progress alternative.” 

The administration’s dialogue and evaluation for the interval and the accompanying monetary statements and notes will likely be out there below the Firm’s profile on SEDAR at www.sedar.com and will likely be furnished on a Report on Kind 6-Ok on EDGAR at www.sec.gov.

Q2 2022 Convention Name Particulars

VERY GOOD will host a convention name on Tuesday, August 16, 2022, at 5:00 pm Japanese Time/ 2:00 pm Pacific Time to debate its monetary outcomes and enterprise outlook.

Participant Dial-In Numbers:

Toll-Free: 1-877-425-9470

Toll / Worldwide: 1-201-389-0878

* Contributors ought to request The Very Good Meals Firm Second Quarter Earnings Name.

The decision will likely be out there by way of webcast on VERY GOOD’s investor web page of the Firm web site at https://investor.theverygoodfood.co/ till September 16, 2022.

Monetary Highlights


Three months
ended

June 30,

Three months
ended

March 31,

Three months
ended

June 30,

Six

months ended

June 30,

Six

months ended

June 30,


2022

2022

2021

2022

2021

Income by channel






eCommerce

$    380,967

$  1,081,360

$  2,206,403

$   1,462,327

$  4,391,497

Wholesale

987,278

772,919

455,055

1,760,197

800,960

Butcher Store, Restaurant and Different

133,201

164,065

119,223

297,266

231,307


$  1,501,446

$  2,018,344

$  2,780,681

$   3,519,790

$  5,423,764

Web loss

$(6,699,130)

$(9,573,309)

$(12,500,733)

$(16,272,439)

$(27,529,309)

Adjusted EBITDA internet loss1 

$(6,828,270)

$(9,991,892)

$(5,673,109)

$(16,820,162)

$(11,065,045)

Loss per share – primary and diluted

$     (0.05)

$     (0.08)

$     (0.13)

$      (0.14)

$     (0.28)

Weighted common variety of shares excellent –
primary and diluted

122,542,033

118,503,242

97,603,729

120,533,795

97,381,583

1See “Non-IFRS Monetary Measures” beginning on web page 15 for extra info on non-IFRS monetary measures and reconciliations thereof to the closest comparable measures below IFRS.

Condensed Interim Consolidated Statements of Monetary Place
(Expressed in Canadian {dollars}, unaudited) 

As at

Notes

June 30, 2022

December 31, 2021

 

Property

Present belongings

Money and money equivalents


$     6,156,414

$     21,975,653

Accounts receivable

4

1,013,985

2,101,842

Stock

5

10,507,040

8,474,255

Prepaids and deposits

6

4,758,834

8,640,286

Loans to associated social gathering

12

410,268

Whole present belongings


22,436,273

41,602,304

 

Proper-of-use belongings

 

7

 

14,563,190

 

16,659,502

Property and tools

8

17,236,365

15,450,608

Prepaids and deposits

6

564,345

707,110

Deferred financing prices

11

2,433,263

3,924,743

Whole belongings


$    57,233,436

$     78,344,267

 

Liabilities and shareholders’ fairness


Present liabilities




Accounts payable and accrued liabilities

9

$      5,503,691

$      8,109,161

Deferred income


10,684

32,137

Present portion of lease liabilities

10

1,688,186

849,935

Present portion of loans payable and different liabilities

11

6,270,459

1,947,642

Contingent consideration

20

450,000

1,048,000

Spinoff liabilities

13

13,946,578

3,942,002

Whole present liabilities


27,869,598

15,928,877

 

Lease liabilities

 

10

 

13,136,775

 

16,764,458

Loans payable and different liabilities

11

98,709

5,474,605

Whole liabilities


41,105,082

38,167,940


Share capital

14

85,024,964

84,751,366

Fairness reserves


13,846,091

26,719,047

Subscriptions acquired and receivable


4,884,687

(3,750)

Amassed different complete loss


(77,329)

(12,716)

Deficit


(87,550,059)

(71,277,620)

Whole shareholders’ fairness


16,128,354

40,176,327

Whole liabilities and shareholders’ fairness


$     57,233,436

$    78,344,267

Nature of operations and going concern uncertainty (Be aware 1)

Commitments (Notes 10 and 23)

Occasions after the reporting interval (Be aware 25)

Condensed Interim Consolidated Statements of Web Loss and Complete Loss
(Expressed in Canadian {dollars}, unaudited)



Three months ended

Six months ended


Notes

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021







Income


$   1,501,446

$    2,780,681

$   3,519,790

$   5,423,764

Procurement expense

7,8,21

(3,007,420)

(2,102,822)

(5,669,103)

(4,155,068)

Fulfilment expense

7,8,21

(1,256,785)

(2,045,714)

(3,174,601)

(4,028,609)

Basic and administrative expense

7,8,21

(2,935,624)

(6,834,880)

(7,780,315)

(16,409,437)

Advertising and marketing and investor relations expense

21

(560,537)

(2,579,656)

(2,138,931)

(4,726,001)

Analysis and improvement expense

8,21

(344,804)

(515,965)

(909,322)

(881,985)

Pre-production expense

7,8,21

(106,400)

(656,288)

(350,850)

(1,541,823)

Working loss


(6,710,124)

(11,954,644)

(16,503,332)

(26,319,159)

Finance expense

17

(1,237,418)

(405,947)

(2,526,282)

(762,977)

Different bills

18

(276,568)

(140,142)

(296,798)

(447,173)

Acquire on debt modification

11

16,783

16,783

Change in truthful worth of spinoff liabilities

13

1,508,197

3,037,190

Web loss


(6,699,130)

(12,500,733)

(16,272,439)

(27,529,309)

 

Different complete earnings






Overseas foreign money translation (loss) achieve


(111,135)

4,461

(64,613)

8,935

Complete loss


$ (6,810,265)

$ (12,496,272)

$(16,337,052)

$(27,520,374)

Loss per share – primary and diluted


$       (0.05)

$       (0.13)

$      (0.14)

$      (0.28)

Weighted common variety of shares
excellent – primary and diluted


122,542,033

97,603,729

120,533,795

97,381,583

Condensed Interim Consolidated Statements of Money Flows
(Expressed in Canadian {dollars}, unaudited) 

Six months ended

June 30, 2022

June 30, 2021

Web loss for the interval

$  (16,272,439)

$  (27,529,309)

Changes for non-cash objects:



  Finance expense

2,526,282

764,182

  Change in truthful worth of spinoff liabilities

(3,037,190)

  Depreciation

1,601,139

841,652

  Loss on termination of lease

151,491

(1,600)

  Acquire on debt modification

(16,783)

  Impairment of right-of-use belongings

3,103

  Impairment of property and tools

122,459

  Loss on disposal of kit

1,490

22,561

  Share-based compensation (restoration)

(2,099,714)

14,609,998

  Shares, models and warrants issued for companies

227,471

Adjustments in non-cash working capital objects:



  Accounts receivable

1,104,631

(924,659)

  Stock

(1,865,955)

(2,055,329)

  Prepaids and deposits

2,645,433

(1,144,701)

  Accounts payable and accrued liabilities

(2,686,481)

1,194,146

  Deferred income

(21,453)

(56,893)

  Web money and money equivalents utilized in working actions

(17,843,987)

(14,052,481)

  Money paid for acquisitions

(1,250,000)

  Money acquired from acquisitions

9,306

  Buy of property and tools

(2,641,780)

(3,599,115)

  Safety deposits paid for property and tools

(412,608)

(3,412,197)

  Safety deposits refunded for property and tools

655,008

  Acquisition of right-of-use belongings

(36,074)

(29,408)

  Fee of contingent consideration

(598,000)

  Reimbursement acquired from loans to associated events

410,268

Web money and money equivalents utilized in investing actions

(2,623,186)

(8,281,414)

  Proceeds from the train of warrants

2,207,082

  Proceeds from the train of inventory choices

182,456

55,875

  Proceeds from subscriptions acquired

28,999

  Proceeds from the issuance of widespread shares and customary share equivalents

8,184,762

  Share issuance prices

(936,659)

  Proceeds from loans payable

32,288

1,891,092

  Repayments of loans payable

(994,302)

(240,000)

  Deferred financing prices paid

(238,164)

  Funds of lease liabilities

(1,364,642)

(532,097)

  Curiosity paid

(242,356)

  Lease settlement paid

(168,677)

Web money and money equivalents offered by financing actions

4,692,870

3,172,787

Impact of overseas alternate charge modifications on money and money equivalents

(44,936)

3,092

Lower in money and money equivalents

(15,819,239)

(19,158,016)

Money and money equivalents, starting of interval

21,975,653

25,084,083

Money and money equivalents, finish of interval

$     6,156,414

$    5,926,067

  Money

$    6,056,414

$    4,861,067

  Redeemable assured funding certificates (“GIC”)

1,000,000

  Restricted redeemable GIC

100,000

65,000

Whole money and money equivalents

$     6,156,414

$    5,926,067

Supplemental money circulate disclosures (Be aware 19)

 

The accompanying notes are an integral a part of these condensed interim consolidated monetary statements

NON-IFRS FINANCIAL MEASURES

Non-IFRS monetary measures are metrics utilized by administration that would not have any standardized that means prescribed by IFRS and is probably not akin to comparable measures introduced by different firms.

Adjusted EBITDA

Administration defines adjusted EBITDA as internet loss earlier than finance expense, tax, depreciation and amortization, share-based compensation and different non-cash objects, together with loss on disposal of kit, achieve on termination of leases, and shares, models and warrants issued for companies. Administration believes adjusted EBITDA is a helpful monetary metric to evaluate its working efficiency as a result of it adjusts for objects that both don’t relate to the Firm’s underlying enterprise efficiency or which might be objects that aren’t fairly prone to recur.


Three months
ended

June 30,

Three months
ended

March 31,

Three months
ended

June 30,

Six months ended

June 30,

Six months ended

June 30,


2022

2022

2021

2022

2021

Web loss as reported

$(6,699,130)

$(9,573,309)

$(12,500,733)

$(16,272,439)

$(27,529,309)

Changes:






Change in truthful worth of spinoff liabilities

(1,508,197)

(1,528,993)

(3,037,190)

Depreciation

985,754

615,385

512,168

1,601,139

841,652

Finance expense

1,237,418

1,288,864

402,432

2,526,282

764,182

Acquire on debt modification

(16,783)

(16,783)

Impairment of right-of-use belongings

3,103

3,103

Impairment of property and tools

122,459

122,459

Loss on termination of lease1 

152,478

(987)

(239)

151,491

(1,600)

Loss on disposal of kit

1,490

2,679

1,490

22,561

Share-based compensation (restoration)

(1,306,862)

(792,852)

5,835,989

(2,099,714)

14,609,998

Shares, models and warrants issued for companies

74,595

227,471

Adjusted EBITDA

$(7,028,270)

$(9,991,892)

$(5,673,109)

$(17,020,162)

$(11,065,045)

1In the course of the six months ended June 30, 2022, the Firm terminated 2 lease agreements and acknowledged a $151,491 loss on termination of lease. In the course of the six months ended June 30, 2021, the Firm terminated 1 lease settlement and acknowledged a $1,600 achieve on termination of lease.

Adjusted Basic and Administrative Expense

Administration defines adjusted common and administrative expense as common and administrative expense excluding non-cash objects equivalent to share-based compensation and depreciation expense. Administration believes adjusted common and administrative expense offers helpful info because it represents the company prices to function the enterprise excluding any non-cash objects.


Three months
ended

June 30,

Three months
ended

March 31,

Three months
ended

June 30,

Six months
ended

June 30,

Six months
ended

June 30,


2022

2022

2021

2022

2021

Basic and administrative expense

$(2,935,624)

$(4,844,691)

$(6,834,880)

$(7,780,315)

$(16,409,437)

Changes:






Share-based compensation (restoration)

(1,218,638)

(846,012)

3,819,876

(2,064,650)

11,887,846

Depreciation

116,228

89,084

79,438

205,312

112,200

Adjusted common and administrative expense

$(4,038,034)

$(5,601,619)

$(2,935,566)

$(9,639,653)

$ (4,409,391)

About The VERY GOOD Meals Firm Inc.

The VERY GOOD Meals Firm Inc. is an rising plant-based meals know-how firm that produces nutritious and scrumptious plant-based meat and cheese merchandise below VERY GOOD’s core manufacturers: The VERY GOOD Butchers and The VERY GOOD Cheese Co. www.verygoodfood.com.

OUR MISSION IS LOFTY 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.

ON BEHALF OF THE VERY GOOD FOOD COMPANY INC.

Parimal Rana
Chief Government Officer

Ahead-Trying Statements

This information launch comprises “forward-looking info” throughout the that means of relevant securities legal guidelines in Canada and “forward-looking statements” throughout the that means of america Non-public Securities Litigation Reform Act of 1995, together with Part 21E of the Securities Alternate Act of 1934, as amended (collectively known as “forward-looking info”), for the aim of offering details about administration’s present expectations and plans regarding the longer term. Readers are cautioned that reliance on such info is probably not acceptable for different functions. Ahead-looking info could also be recognized by phrases equivalent to “plans”, “proposed”, “expects”, “anticipates”, “intends”, “estimates”, “might”, “will”, and comparable expressions. Ahead-looking info contained or referred to on this information launch consists of, however will not be restricted to: the Firm’s potential to fulfill its present and future money obligations and to proceed as a going concern; the Firm’s plans and wishes to hunt a financing to handle near-term liquidity points and proceed operations, in addition to the Firm’s necessities for future financings;  the Firm’s perception that it is going to be in a position to increase capital by means of financing within the close to time period to fund operations because it continues to implement its new refocused technique; the Firm’s plans to handle stock ranges and its ongoing cost-reduction initiatives to handle each quick and long-term liquidity and re-establish a path in the direction of profitability; the Firm’s refocused technique and its three-prong strategy to (1) Stabilize, (2) Proper-Dimension, and (3) Optimize and the Board of Administrators’ and administration’s work and progress on efficiently implementing such refocused technique; the main focus of the Firm’s long-term technique; the Firm’s ongoing assessment of its eCommerce channel and the potential end result of such assessment; potential strategic personal label and co-manufacturing alternatives and the anticipated advantages that could be derived therefrom; the Firm’s deal with the wholesale and meals service channels; the supply of options of producing money within the quick time period equivalent to disposing of non-core tools and uncooked supplies to increase the Firm’s  money runway;  the continued North American retail geographic enlargement for VERY GOOD’s merchandise and the talents of the Firm’s gross sales crew: the Firm’s potential to compete; developments and progress expectations within the plant-based trade; and the influence of the COVID-19 pandemic on VERY GOOD’s enterprise; the Firm’s potential to mitigate worker turnover.   Ahead-looking info is predicated on various components and assumptions which have been used to develop such info, however which can show to be incorrect together with, however not restricted to, materials assumptions with respect to the Firm’s potential to proceed as a going concern; the Firm’s potential to handle current personnel modifications; which is offered at www.sedar.com and www.sec.gov. The Firm’s potential to execute on its technique may additionally rely on the Firm’s potential to precisely forecast buyer demand for its merchandise and handle its present and future stock ranges, continued demand for VERY GOOD’s merchandise, continued progress of the recognition of meat options and the plant-based meals trade, no materials deterioration basically enterprise and financial circumstances, the profitable placement of VERY GOOD’s merchandise in retail shops and distribution within the meals service channel, the Firm’s potential to stay listed on the Nasdaq, VERY GOOD’s potential to efficiently enter new markets, VERY GOOD’s potential to acquire crucial manufacturing tools and human assets as wanted, VERY GOOD’s relationship with its suppliers, distributors and third-party logistics suppliers, and administration’s potential to place VERY GOOD competitively. Though the Firm believes that the expectations mirrored in such forward-looking info are affordable, undue reliance shouldn’t be positioned on forward-looking info as a result of VERY GOOD can provide no assurance that such expectations will show to be appropriate. Dangers and uncertainties that would trigger precise outcomes, efficiency or achievements of VERY GOOD to vary materially from these expressed or implied in such forward-looking info embody, amongst others, the influence of, uncertainties and dangers related to adverse money circulate and future financing necessities to maintain and develop operations, restricted historical past of operations and revenues and no historical past of earnings or dividends, competitors, dangers regarding the supply of uncooked supplies, dangers regarding regulation on social media, enlargement of amenities, dangers associated to credit score amenities, dependence on senior administration and key personnel, availability of labor, common enterprise threat and legal responsibility, regulation of the meals trade, change in legal guidelines, laws and pointers, compliance with legal guidelines, dangers associated to 3rd social gathering logistics suppliers, unfavorable publicity or shopper notion, elevated prices on account of being a United States public firm, product legal responsibility and product recollects, dangers associated to mental property, dangers regarding co-manufacturing, dangers associated to enlargement into america; dangers associated to our acquisition technique, taxation dangers, difficulties with forecasts, administration of progress and litigation in addition to the dangers related to the continuing COVID-19 pandemic. For a extra complete dialogue of the dangers confronted by VERY GOOD, please consult with VERY GOOD’s most up-to-date Annual Data Kind filed with Canadian securities regulatory authorities at www.sedar.com and as an exhibit to the Kind 20-F filed with the SEC on Could 26, 2022 and out there at www.sec.gov. The forward-looking info on this information launch displays the present expectations, assumptions and/or beliefs of the Firm based mostly on info at the moment out there. Any forward-looking info speaks solely as of the date of this information launch. VERY GOOD undertakes no obligation to publicly replace or revise any forward-looking info whether or not due to new info, future occasions or in any other case, besides as in any other case required by legislation. The forward-looking info contained on this information launch is expressly certified by this cautionary assertion.

Not one of the Nasdaq Inventory Market LLC, TSX Enterprise Alternate, the SEC or another securities regulator has both accredited or disapproved the contents of this information launch.

Not one of the Nasdaq, the TSX Enterprise Alternate or its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate), the SEC or another securities regulator accepts accountability for the adequacy or accuracy of this information launch.

SOURCE The Very Good Meals Firm Inc.

THE VERY GOOD FOOD COMPANY REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS

For additional info: Very Good Meals Firm, Investor Relations, E mail: [email protected], Telephone: +1 855-472-9841

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