The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) (“VERY GOOD” or the “Company“), a leading plant-based food technology company, today announced that it will begin food production at its Patterson facility located in Patterson, California starting in September.
Production at the Patterson facility will initially be launched on a commercial-grade kitchen equipment line in order to fast-track the production of Taco Stuff’er, one of the Company’s most in-demand SKUs, while the installation of the facility’s first major production line (“Line 1“) is underway for targeted completion in Q2 2022. Once commissioned, Patterson’s Line 1 will produce The Very Good Butchers’ various unique products which have not yet been scaled, including the popular Holiday roast “The Stuffed Beast” and the jackfruit based “Ribz”, and will have the capability to make the brand’s original suite of products. The production of Taco Stuff’er will also be transitioned to Line 1 once commissioned, which is expected to produce an average of 27 million lbs of product per year when fully operational.
“We are seeing significant demand for our range of products in the United States and especially on the West Coast. Having a production facility in California will allow us to manufacture and distribute products there in a more cost effective and efficient way”, stated co-founder and CEO Mitchell Scott. “Taco Stuff’er is a crowd favourite so I am thrilled to start large scale production of this product on an accelerated basis to support our US retail entry. The launch of this first phase of production at Patterson reflects our purposeful approach to increasing production capacity and will allow efficient integration with our existing operations while we work to complete Line 1.”
The California based facility is strategically located on the same property as one of VERY GOOD’s main third-party logistics providers. It is also located on key shipping routes for ground transportation by way of truck or rail to major wholesale distribution partners and is in close proximity to key suppliers for ingredients, allowing for effective delivery times.
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 to: the anticipated timing for the launch of initial Taco Stuff’er production at the Patterson facility; the timing for the completion of Line 1 in Q2 2022, the anticipated production capacity of Line 1 and the products to be produced thereon; the benefits to be derived from a California located production facility; and expectations as to future demand for Taco Stuff’er and VERY GOOD’s products generally. 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 the Company’s capital and operating requirements, the ability to obtain the necessary equipment and the availability of labour to launch initial production and Line 1 at the Patterson facility, the accuracy of the construction schedule, timely receipt of required permits and cost estimates for Line 1, the continued strong demand for VERY GOOD’s products, the successful placement of VERY GOOD’s products in retail stores, and competitive conditions 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, 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 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 of The Very Good Food Company Inc.
Corporate Communications and Investor Relations
Phone: +1 855-472-9841