JustKitchen Announces International Expansion Plan
Entry into the United States, Philippines, Singapore and Other Strategic Markets Expected in the Near Term
TSXV: JK
VANCOUVER, BC, May 25, 2021 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (Frankfurt: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands for customers, is pleased to announce its international expansion plan (the "Expansion Plan") for the next two years. Subsequent to the Company's recently announced growth to 15 locations in Taiwan and its entry into Hong Kong, the Expansion Plan foresees JustKitchen growing into new markets including the United States, Philippines and Singapore in 2021. The following year, JustKitchen is targeting the potential launch of ghost kitchen locations in Canada and other areas of the Asia-Pacific region, including Japan, Malaysia, South Korea and Vietnam. The Expansion Plan contemplates growth through organic means, via joint ventures with third parties, as well as other potential arrangements.
For the remainder of this year, JustKitchen is working to enter the United States with a focus on key cities on the west coast. The Company's strategy is expected to combine the deployment of both in-house and partner brands, with its proprietary technology and operational expertise, all adapted to leverage local vendors, through established supply chains, to customers with known demographics. In the Philippines, JustKitchen's approach is expected to more closely resemble its hub-and-spoke operating model in Taiwan, as the country's cost structure and population density are similar. For Singapore, the Company's entry is expected to mirror its approach for Hong Kong based on the same cost and density-related reasons.
In 2022, JustKitchen has set a goal of establishing operations in Canada and other areas of the Asia-Pacific region, including Japan, Malaysia, South Korea and Vietnam. Japan and Vietnam are countries with distinct and world-renowned cuisines that are expected to afford the Company the opportunity to develop an even stronger offering of in-house food brands and associated menus. Malaysia is a market with natural culinary ties to Singapore, while South Korea's unique culture and large population are also expected present JustKitchen with other strategic opportunities. With the assistance of some key advisors and based on early discussions with third parties, JustKitchen feels that other countries beyond those listed herein may also factor into its Expansion Plan later next year or thereafter.
"JustKitchen's roadmap for global growth is tremendously exciting and it is fueled by the increasing viability of ghost kitchens coupled with the demand for our portfolio of food brands," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "As we rapidly approach the milestone of fulfilling 100,000 food orders per month, the JustKitchen management team is confident in the Company's proven business model and is ready to execute on the next parts of the Expansion Plan. Entering the United States, Philippines and Singapore will be great achievements in the near term and we will be working hard, both this year and next, to prove that the Expansion Plan can add meaningful value to the company," added Mr. Chen.
ABOUT JUSTKITCHEN
JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan and Hong Kong with plans to expand operations to the United States and other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's ability to commence and maintain operations in the United States, Philippines and Singapore in 2021; the Company's ability to commence and maintain operations in Indonesia, Thailand, Canada and other areas of the Asia-Pacific region, including Malaysia, Indonesia and South Korea in 2022; and the Company's ability to grow organically, via joint ventures as well as through other arrangements. Risks related to certain events or conditions occurring include, but are in no way limited to, the Company's ability to meet local regulations in force from time to time; the ability to find appropriate local partners in certain jurisdictions; the ability to find appropriate locations to set up operations; the risks associated with the COVID-19 pandemic; and potential changes in the Company's expansion plans including deciding to cancel or postpone expansion to some jurisdictions or identifying new jurisdictions for expansion. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
Just Kitchen Holdings Corp., Suite 1430, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6; Nick Kuzyk, Investor Relations, Toll-Free: 1-855-JST-KCHN (1-855-578-5246), Email: [email protected]
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