VERY GOOD to launch Amazon US eCommerce Store
Expanding Customer Base Through a Trusted eCommerce Platform
Canadian-based Third Party Sellers Grossed $2 Billion+ USD Sales in Amazon Stores
3.4 billion Products Sold by Small and Medium-sized Businesses through Amazon Storefronts
Vancouver, British Columbia--(Newsfile Corp. - June 1, 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, today announced that its flagship brand - The Very Good Butchers - will be available to U.S. customers through its new Amazon store by the end of June 2021.
The Amazon.com launch strongly supports VERY GOOD's mission to make plant-based eating not only nutritious and delicious, but approachable and accessible. U.S. customers will soon have access to the Company's popular bean-based products through their well-known Butcher Boxes which include some of The Very Good Butchers best sellers such as Very Good Pepperoni, The Very British Banger, The Very Good Burger and the Taco Stuff'er. VERY GOOD's Butcher boxes will also be available through Amazon's app making it even easier for consumers to order its delicious products.
According to Amazon, more than 30,000 Canada-based small and medium sized businesses grossed more than $2 billion in sales in 2019 (pre-COVID 19) via Amazon's stores; selling over 3.4 billion products in 2020. The new launch with Amazon will be in addition to the crowd-pleasing selection available through the Company's website. The timing of this launch is inline with the ramp up of production capacity and supports the revenue growth that the Company is targeting through its eCommerce channel.
This news comes on the heels of the Company's expansion into the U.S. market with the signing of a distribution agreement in May with United Natural Foods (UNFI), the largest publicly traded wholesale distributor of health and specialty food in North America.
"We are quickly executing on our North American expansion strategy and expect 2021 to be a banner year for our brands. We are building our Company based on customer demand, and customers want plant-based alternatives from a trusted eCommerce source," said Mitchell Scott, Co-founder & CEO of The Very Good Food Company. "Being on the Amazon platform affords us the opportunity to boost sales growth by leveraging strong data analytics that allows us to test and validate new products, and thus better understand our customers' needs. We are obsessed with our customers and value their feedback and are excited to get our products into more homes."
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.
Forward-Looking Information
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 Amazon store including the ability to boost sales by leveraging data analytics, to better understand customers' needs and to support eCommerce revenue growth; the expected timing of the Amazon store launch; and management's expectations for 2021 as a banner year for VERY GOOD's brands. 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.
Investor Contact:
The Very Good Food Company
Mitchell Scott
Kevan Matheson
Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com
Phone: +1 855-472-9841
Phil Carlson / Erika Kay
KCSA Strategic Communications
Email: VERY@kcsa.com
Phone: 212-896-1233
Media Contact:
Anne Donohoe
KCSA Strategic Communications
Email: VERY@kcsa.com
Phone: 212-896-1265
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85987
