Vancouver, British Columbia–(Newsfile Corp. – December 10, 2020) – The Very
Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) (“VERY” or the
“Company”), a progressive creator of innovative plant-based food products, is
pleased to announce record sales in November due to highly successful
Thanksgiving, Black Friday and Cyber Monday e-commerce sales promotions.
November Record Monthly Revenue
VERY achieved a new record for monthly sales in November 2020 of $782,790, an
increase of 582% over November 2019 due to increased e-commerce sales
attributable to American Thanksgiving along with Black Friday and Cyber Monday
sales promotions.
E-commerce sales in November were $600,671 resulting from 6,258 orders, an
increase of $292,486 from the prior month, and $550,429 compared to November
CEO Mitchell Scott commented: “We are very pleased with the results of
November’s e-commerce sales promotions. We will be rolling out new marketing
initiatives in the New Year to target existing and new customers in both our
e-commerce and wholesale sales channels as we work to expand our production
and distribution capabilities with the commissioning of the Rupert facility.”
Extension of Marketing Agreement
The Company also announced today that it has extended its agreement with
Gravity Accelerator PBC (“Gravity”), who has provided search engine
optimization services to VERY since August 2020. As compensation for their
services, Gravity will receive a monthly consulting fee in the aggregate
amount of US$50,000 of which US$30,000 is payable through the issuance of
common shares of the Company and US$20,000 is payable in cash. The number of
shares issuable will be determined based on the closing price on the last
trading day prior to the date of Gravity’s monthly invoice less a 10%
discount. All shares issued to Gravity will be subject to a hold period of
four months from the day of issuance.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology
company. Our mission is to use progressive food technology to create
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 VeryGood Butchers brand.
For further information, please contact:
Mitchell Scott
Chief Executive Officer and Director
Kevan Matheson
Corporate Communications and Investor Relations
Email: invest@verygoodbutchers.com
Phone: +1 855-472-9841
Neither the Canadian Securities Exchange nor its Market Regulator (as defined
in the policies of the Canadian Securities Exchange) accept responsibility for
the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking
statements or information are provided 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, but is not limited to: the expected timing for
commencement of operations at the Rupert Facility, the Company’s efforts and
ability to build its production and distribution capabilities.
Forward-looking statements or information are based on a number of factors and
assumptions which have been used to develop such statements and information,
but which may prove to be incorrect. Certain assumptions in respect of
continued strong demand for our products; ; that added production capacity
will enable us to increase our sales volume, that we do not experience
material interruptions or supply chain failures as a result of COVID-19, our
ability to retain key personnel, and changes and trends in our industry or the
global economy are material assumptions made in preparing forward-looking
statements or information and management’s expectations. Although the Company
believes that the expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because the Company can give no assurance that such
expectations will prove to be correct. Factors that could cause actual results
to differ materially from those described in such forward-looking information
include, but are not limited to: negative cash flow and future financing
requirements to sustain operations; dilution; limited history of operations
and revenues and no history of earnings or dividends; competition; economic
changes; and the impact of and risks associated with the ongoing COVID-19
pandemic including the risk of disruption at the Company’s facilities or in
its supply and distribution channels. The forward-looking information in this
news release reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available to the Company.
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, the Company
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 statements or information contained in this news release
are expressly qualified by this cautionary statement.
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(c) Copyright Newsfile Corp. 2020
Written By: Dylan Ander
Gravity Group has a technology accelerator that works with high-impact and ESG companies that improve the world we live in. The Accelerator’s portfolio companies support the United Nations Sustainable Development Goals (SDGs), simultaneously seeking profitability and high returns for investors. The Co-Founders, Partners and Chief Executives of Gravity Accelerator are luminary entrepreneurs and investors such as Jeremy Nichele (pictured below), Novalena Betancourt Nichele, Richard Andrew Salony, Petr Johanes and Michael Wadden. Gravity’s Executive Team has either founded, lead or held key executive roles in companies such as Accenture Digital, US West Cellular and NextWave among others who have historically returned over $3 Billion to shareholders and generated over $20 Billion in revenue.
Emilio Rivero (left) and Jeremy Nichele (right) CEO of Gravity Group
While over-subscribing its Seed Round, Gravity Accelerator earned equity positions in 17 disruptive portfolio companies, with stand-out companies such as Verses (spatial web), Pngme (providing credit scores and lending in third world countries), and Tsunami XR(reducing carbon emissions through the creation of virtual workspaces).
Emilio Rivero is the Chairman of Envirofit Mexico, a social enterprise that mitigates the negative health effects of cooking on an open fire. Envirofit Mexico has delivered over 300,000 Clean Cook Stoves throughout Latin America saving 4.5 million tons of trees, reducing 4.2 million tons of CO2 in the atmosphere while benefiting 1.2 million people’s long-term health.
Rivero highlights his experience as a Diplomat managing commercial relations within the NAFTA Northwest region. He was a senior advisor to the Office of the Cabinet of Japan for Development and Cooperation International Trade, as well as the International Olympic Committee’s Chief of Protocol dealing with International Dignitary and Security Programs for Olympic Winter Games (VANOC).
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