Globally Local Provides Update on New Locations, Issuance of Options
TORONTO, May 6, 2021 /CNW/ - Globally Local Technologies Inc., ("the Company") (TSXV: GBLY), the parent company of Globally Local, one of the world's first vegan fast-food chains, announced today it is on track to open five new Ontario restaurant locations in the Summer 2021 timeframe.
These new locations are in development in Hamilton, Downtown Waterloo, Vaughan, Toronto East, and South London. When completed, these will bring Globally Local to a total of seven restaurants, six corporately owned and one franchised.
All restaurant locations will operate as compact smart kitchens with on-demand cooking technology to facilitate rapid service, takeout and delivery, low costs, and simplified employee training.
"The restaurants in development are in communities that have welcomed us at events and where we feel there is demand for healthier, more sustainable, and more humane food choices," said James McInnes, Globally Local co-founder and CEO. "While we work strategically to build a global brand, we continue to establish the best local base of support in the Ontario region."
In addition, subject to the policies of the TSX Venture Exchange and the terms and conditions of the Company's stock option plan, certain consultants of the Company have been granted 150,000 options to purchase common shares of the Company ("Options") as part consideration for their services. The Options will be exercisable at $1.55 per share for a term of two years. The Options will vest quarterly in equal tranches over a one-year period on each of the three, six, nine and twelve month anniversaries of the date of grant. The Options are subject to TSX Venture Exchange acceptance.
About Globally Local Technologies Inc.
Globally Local is a plant-based food technology company that manufactures and distributes industry-leading plant-based protein and dairy alternatives using locally sourced and sustainable ingredients. The Company distributes its products through a proprietary food service line to Company-owned and franchised fast-food restaurant locations. Globally Local restaurant locations operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Globally Local is revolutionizing the fast-food industry. The Company currently operates a manufacturing facility and two restaurant locations in Canada, with plans to open 20 additional restaurant locations across North America in the next 12 months. The Company is traded on the TSX Venture Exchange under the symbol GBLY. For more information visit https://globallylocal.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "plans", "will", "may", "should", "anticipate", "expects" and similar expressions. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
Specifically, this press release contains forward-looking statements relating to but not limited to the the opening plans and dates disclosed herein. Such forward-looking statements of information are based on a number of assumptions which may prove to be incorrect.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.
SOURCE Globally Local Technologies Inc.
Gary Smith, Evolotus PR, 818-783-0569, [email protected]; Avra Epstein, VP Marketing, Globally Local, 800-286-2145, [email protected]
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