Finance

THE VERY GOOD FOOD COMPANY REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS

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 Gives 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 expertise firm, right this moment reported its monetary outcomes for the second quarter ended June 30, 2022.

The Very Good Food Company Inc. Logo (CNW Group/The Very Good Food Company Inc.)

The Very Good Meals Firm Inc. Brand (CNW Group/The Very Good Meals Firm Inc.)

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 on account of a rise within the variety of shops and distribution factors in addition to elevated unit velocities on core and new gadgets.

  • 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 determination to restrict its eCommerce gross sales on account of 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 normal 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 normal and administrative expense was primarily pushed by a lower in salaries and wages.

  • Adjusted normal 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 normal and administrative expense was primarily pushed by elevated authorized {and professional} charges of $1,036,165, elevated insurance coverage charges of $659,708 on account of will increase in director and officer insurance coverage on account of the Firm’s Nasdaq itemizing, elevated wages and advantages of $616,539 on account of greater head rely and offset by a lower in recruitment charges of $139,543.

  • Internet 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 normal and administrative expense is a Non-IFRS measure calculated as whole normal 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 gadgets, together with impairment of goodwill, loss on disposal of kit, loss on termination of leases, and shares, items and warrants issued for providers.

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 better 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 might be required to acquire subsequent financings in future durations. To handle its lack of obligatory liquidity, the Firm has decreased its money outflow associated to paying commerce payables whereas it evaluates its financing choices. The Firm can be frequently evaluating different alternate options of producing money within the quick time period akin 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 might be profitable. Whereas there isn’t a assurance on the supply of the Firm’s future financings, on acceptable phrases, or in any respect, the Firm presently believes that it is going to be in a position to elevate capital via 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 selections in an effort to enhance manufacturing efficiencies and cut back overhead.

In the course of the six-month interval ended June 30, 2022, VERY GOOD made the strategic shift to give attention to sustainable development and a path to profitability versus solely specializing in high line development. As a part of this shift, VERY GOOD determined to restrict its eCommerce gross sales on account of excessive digital advertising prices to accumulate new clients, lowered manufacturing, and headcount at some areas to handle stock ranges, applied initiatives akin to pausing non-critical capital expenditures and decreasing normal 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 device to assist cut 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 give attention to the wholesale and meals service channels, significantly in america, which it views as essential to realizing its imaginative and prescient to scale the Firm.

On June 2, 2022, VERY GOOD closed a personal 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 growth through 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 provide merchandise in each main metropolis throughout america.

On July 7, 2022, VERY GOOD elevated U.S. retail growth through a brand new settlement with The Large Firm (“Large”). With Large’s presence all through Pennsylvania, Maryland, Virginia, and West Virginia in addition to on-line buying 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 growth into the Japanese U.S. retail setting 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 likewise provides on-line buying 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 Reduce 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 Govt Officer and as a director of the Firm however will proceed to assist 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 Govt 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 might be resigning from his place.  With its present gross sales staff together with Michael Hoeksema, Director of Foodservice Gross sales, VERY GOOD believes it’s nonetheless effectively positioned to proceed its deliberate market developments within the quick time period – with potential augmentations or additions to the gross sales staff as wanted. VERY GOOD needs Kevin the very best 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 value 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 an extra 180-day interval from Nasdaq’s Itemizing Qualification Division or till January 9, 2023, to regain compliance with the minimal US$1 bid value requirement for continued itemizing on The Nasdaq Capital Market. The Nasdaq notification has no quick impact on the itemizing of the Frequent Shares. VERY GOOD can 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 might be delisted – at which period, the Firm might enchantment Employees’s dedication to a Hearings Panel (the “Panel”).

Nasdaq’s dedication of VERY GOOD’S eligibility for an extra 180 calendar day interval throughout which the Firm can regain compliance, was primarily based 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 except the bid value requirement, and the Firm’s written discover of its intention to remedy the deficiency through the second compliance interval by effecting a reverse inventory cut up, if obligatory.

Refocused Technique

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

The Firm’s long-term technique is anticipated to proceed to focus on establishing and sustaining robust relationships with its clients via differentiated merchandise, classes and channels that construct our dedication to long-term worthwhile development

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 isn’t over, and we’re nonetheless fully centered on forging a path towards profitability and development by leveraging our monitor document of innovation and our clear, plant-based merchandise which are effectively acquired by vegan in addition to flexitarian customers.  It is by no means straightforward to report a sequentially down quarter, however the development we’re seeing in wholesale income, in addition to a few of our newer wins are encouraging validation of our new strategic initiative to give attention to the wholesale and foodservice channels. We’re positioning ourselves to be on the forefront of the plant-based-foods market restoration and future development alternative.”

The administration’s dialogue and evaluation for the interval and the accompanying monetary statements and notes might be accessible below the Firm’s profile on SEDAR at www.sedar.com and might be furnished on a Report on Kind 6-Okay 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

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

The decision might be accessible through 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

Internet 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 – fundamental and diluted

$     (0.05)

$     (0.08)

$     (0.13)

$      (0.14)

$     (0.28)

Weighted common variety of shares excellent –
fundamental 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 data 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

 

Belongings

Present property

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 celebration

12

410,268

Complete present property

22,436,273

41,602,304

 

Proper-of-use property

 

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

Complete property

$    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

By-product liabilities

13

13,946,578

3,942,002

Complete 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

Complete 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)

Collected different complete loss

(77,329)

(12,716)

Deficit

(87,550,059)

(71,277,620)

Complete shareholders’ fairness

16,128,354

40,176,327

Complete liabilities and shareholders’ fairness

$     57,233,436

$    78,344,267

Nature of operations and going concern uncertainty (Observe 1)

Commitments (Notes 10 and 23)

Occasions after the reporting interval (Observe 25)

 

Condensed Interim Consolidated Statements of Internet 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 honest worth of spinoff liabilities

13

1,508,197

3,037,190

Internet loss

(6,699,130)

(12,500,733)

(16,272,439)

(27,529,309)

 

Different complete earnings

International foreign money translation (loss) acquire

(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 – fundamental and diluted

$       (0.05)

$       (0.13)

$      (0.14)

$      (0.28)

Weighted common variety of shares
excellent – fundamental 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

Internet loss for the interval

$  (16,272,439)

$  (27,529,309)

Changes for non-cash gadgets:

  Finance expense

2,526,282

764,182

  Change in honest 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 property

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, items and warrants issued for providers

227,471

Adjustments in non-cash working capital gadgets:

  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)

  Internet 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 property

(36,074)

(29,408)

  Cost of contingent consideration

(598,000)

  Reimbursement acquired from loans to associated events

410,268

Internet 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)

Internet money and money equivalents offered by financing actions

4,692,870

3,172,787

Impact of overseas change 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

Complete money and money equivalents

$     6,156,414

$    5,926,067

Supplemental money move disclosures (Observe 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 shouldn’t have any standardized which means prescribed by IFRS and is probably not akin to related 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 gadgets, together with loss on disposal of kit, acquire on termination of leases, and shares, items and warrants issued for providers. Administration believes adjusted EBITDA is a helpful monetary metric to evaluate its working efficiency as a result of it adjusts for gadgets that both don’t relate to the Firm’s underlying enterprise efficiency or which are gadgets 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

Internet loss as reported

$(6,699,130)

$(9,573,309)

$(12,500,733)

$(16,272,439)

$(27,529,309)

Changes:

Change in honest 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 property

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, items and warrants issued for providers

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 acquire on termination of lease.

 

Adjusted Basic and Administrative Expense

Administration defines adjusted normal and administrative expense as normal and administrative expense excluding non-cash gadgets akin to share-based compensation and depreciation expense. Administration believes adjusted normal and administrative expense gives helpful data because it represents the company prices to function the enterprise excluding any non-cash gadgets.

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 normal 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 expertise 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 Govt Officer

Ahead-Trying Statements

This information launch comprises “forward-looking data” throughout the which means of relevant securities legal guidelines in Canada and “forward-looking statements” throughout the which means of america Personal Securities Litigation Reform Act of 1995, together with Part 21E of the Securities Change Act of 1934, as amended (collectively known as “forward-looking data”), for the aim of offering details about administration’s present expectations and plans regarding the longer term. Readers are cautioned that reliance on such data is probably not applicable for different functions. Ahead-looking data could also be recognized by phrases akin to “plans”, “proposed”, “expects”, “anticipates”, “intends”, “estimates”, “might”, “will”, and related expressions. Ahead-looking data contained or referred to on this information launch contains, however isn’t restricted to: the Firm’s capacity to fulfill its present and future money obligations and to proceed as a going concern; the Firm’s plans and desires to hunt a financing to deal with 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 elevate capital via 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-Measurement, 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 consequence of such assessment; potential strategic non-public label and co-manufacturing alternatives and the anticipated advantages which may be derived therefrom; the Firm’s give attention to the wholesale and meals service channels; the supply of alternate options of producing money within the quick time period akin to disposing of non-core tools and uncooked supplies to increase the Firm’s  money runway;  the continued North American retail geographic growth for VERY GOOD’s merchandise and the skills of the Firm’s gross sales staff: the Firm’s capacity to compete; developments and development expectations within the plant-based trade; and the impression of the COVID-19 pandemic on VERY GOOD’s enterprise; the Firm’s capacity to mitigate worker turnover.   Ahead-looking data is predicated on various elements and assumptions which have been used to develop such data, however which can show to be incorrect together with, however not restricted to, materials assumptions with respect to the Firm’s capacity to proceed as a going concern; the Firm’s capacity to handle current personnel modifications; which is out there at www.sedar.com and www.sec.gov. The Firm’s capacity to execute on its technique can also depend upon the Firm’s capacity to precisely forecast buyer demand for its merchandise and handle its present and future stock ranges, continued demand for VERY GOOD’s merchandise, continued development of the recognition of meat alternate options and the plant-based meals trade, no materials deterioration on the whole 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 capacity to stay listed on the Nasdaq, VERY GOOD’s capacity to efficiently enter new markets, VERY GOOD’s capacity to acquire obligatory manufacturing tools and human sources as wanted, VERY GOOD’s relationship with its suppliers, distributors and third-party logistics suppliers, and administration’s capacity to place VERY GOOD competitively. Though the Firm believes that the expectations mirrored in such forward-looking data are affordable, undue reliance shouldn’t be positioned on forward-looking data as a result of VERY GOOD may give no assurance that such expectations will show to be appropriate. Dangers and uncertainties that might trigger precise outcomes, efficiency or achievements of VERY GOOD to vary materially from these expressed or implied in such forward-looking data embrace, amongst others, the impression of, uncertainties and dangers related to unfavourable money move 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, growth of services, dangers associated to credit score services, dependence on senior administration and key personnel, availability of labor, normal enterprise danger and legal responsibility, regulation of the meals trade, change in legal guidelines, laws and pointers, compliance with legal guidelines, dangers associated to 3rd celebration 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 growth into america; dangers associated to our acquisition technique, taxation dangers, difficulties with forecasts, administration of development and litigation in addition to the dangers related to the continued COVID-19 pandemic. For a extra complete dialogue of the dangers confronted by VERY GOOD, please confer 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 accessible at www.sec.gov. The forward-looking data on this information launch displays the present expectations, assumptions and/or beliefs of the Firm primarily based on data presently accessible. Any forward-looking data speaks solely as of the date of this information launch. VERY GOOD undertakes no obligation to publicly replace or revise any forward-looking data whether or not due to new data, future occasions or in any other case, besides as in any other case required by regulation. The forward-looking data contained on this information launch is expressly certified by this cautionary assertion.

Not one of the Nasdaq Inventory Market LLC, TSX Enterprise Change, the SEC or some other securities regulator has both accepted or disapproved the contents of this information launch.

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

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View authentic content material to obtain multimedia:https://www.prnewswire.com/news-releases/the-very-good-food-company-reports-second-quarter-2022-financial-results-301606065.html

SOURCE The Very Good Meals Firm Inc.

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View authentic content material to obtain multimedia: http://www.newswire.ca/en/releases/archive/August2022/15/c1608.html

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