JustKitchen Appoints Two Visionaries as Founding Members of Strategic Advisory Board
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Former Uber GM and Cloudkitchens Regional GM Warren Tseng added as APAC Expansion Advisor and Venture Capitalist Gene Chuang serving as Technology Advisor
TSXV: JK
VANCOUVER, BC, May 27, 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 that it has recently appointed Mr. Warren Tseng and Mr. Gene Chuang as the founding members of its strategic advisory board. Mr. Tseng has been awarded the title of APAC Expansion Advisor and Mr. Chuang has been granted the title of Technology Advisor. The appointments of Mr. Tseng and Mr. Chuang emphasize JustKitchen's focus on technology and innovation as a cornerstone of its recently announced international expansion plan for 2021-2022.
"We are excited to leverage Warren's proven track record of success with respect to growing both Uber Technologies and Cloudkitchens across the Asia-Pacific region, and benefit from Gene's technological expertise and California-based venture capital relationships, as we prepare to bring JustKitchen to key markets like United States, Philippines and Singapore, through various arrangements," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "On behalf of the JustKitchen management team and the board of directors, I welcome Warren and Gene as advisors and we are humbled to have individuals of their caliber apply their time, energy and resources to the Company," added Mr. Chen.
Warren Tseng is an early-stage business operator and angel investor, including his position as a shareholder of the Company. He has extensive experience in establishing and growing companies across Southeast Asia and Greater China. Mr. Tseng is well known as an early entrant to the on-demand economy and the cloud kitchen industry from working as General Manager (Singapore) at Uber Technologies and as Regional General Manager (Asia Pacific) at CloudKitchens to establish the companies in eight countries across the APAC region. Earlier in his career, Warren was a trader at Credit Suisse and an early-stage technology analyst for The Tech Coast Angels venture capital group. He holds engineering degrees from UCLA and UCSD as well as an MBA from the MIT Sloan School of Management.
Gene Chuang is a technology executive who has been in the industry for 24 years. He has worked to help grow internet and mobile application companies like Overture, Yahoo!, AT&T Interactive/YellowPages, Chegg, Beachbody/Openfit and Oversee. Most recently, he led the engineering team for P.volve and launched their new streaming fitness and eCommerce platform. Mr. Chuang is a big believer in giving back to the technology community and currently serves as an advisor and angel investor of eight early-stage companies including JustKitchen. Gene is a Limited Partner investor for Hyphen Capital investing in AAPI founders, a mentor for Mucker Capital, board member of Innovate Pasadena and runs CTO Slackers, a global community of over 800 technology leaders and founders. He was born in Taiwan, grew up and still lives in California and holds a BS in biochemistry from UCLA.
Additionally, the Company is pleased to announce that it has filed and obtained receipt for, a final base shelf prospectus (the "Shelf Prospectus") allowing the Company to offer up to $50,000,000 of common shares, warrants, subscription receipts or units or any combination thereof (collectively, the "Securities"), from time to time during the 25-month period that the Shelf Prospectus is effective. JustKitchen filed the Shelf Prospectus with the securities commissions in all the provinces of Canada, except Quebec. The specific terms of any future offering of Securities will be set forth in a prospectus supplement to the Shelf Prospectus, which will be filed with the applicable securities and regulatory authorities in connection with any such offering. A copy of the Shelf Prospectus can be found on SEDAR at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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 2021-2022; 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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