JustKitchen Expanding to Thailand via GrabKitchen Arrangement
TSXV: JK OTCQB: JKHCF FRA: 68Z
Consumers in Thailand Will Soon Be Able to Enjoy JustKitchen's Own Master Don, K.Bao and Bodyfit Delivery-Only Brands
VANCOUVER, BC, Sept. 26, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, announces the expansion of JustKitchen's in-house brands to Thailand (the "Thailand Location") via GrabKitchen. For the Thailand Location in the Phayathai area of Bangkok, GrabKitchen is providing the physical kitchen on a Kitchen-as-a-Service ("KaaS") basis. The Thailand Location is situated near a busy commuter rail hub that is supplemented by a steady flow of other traffic. As previously announced in April, the Company has a partnership with GrabExpress Inc. ("Grab") in the Philippines that enables it to access GrabKitchen and GrabFood resources.
Immediately upon opening, the Thailand Location will serve JustKitchen's Master Don food brand, followed shortly thereafter by the K.Bao brand, featuring a customized menu with a local twist, as well as the Bodyfit brand. The Southeast Asian on-demand food delivery market is experiencing a high annual growth rate of 14%, which implies that the market will eventually reach a total value of $49.7 billion by 2030.1
Grab is southeast Asia's leading 'super app' based on gross merchandise value in 2021 in each of food delivers, mobility, and the e-wallets segment of financial services, according to Euromonitor.2
"International expansion is critical to our company's growth plan, but it is also an opportunity to learn from the locals in each new market. In Thailand, the food delivery market is mainstream and growing, which is something we plan to study very carefully and hopefully master as well," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "People in Thailand want access to new and exciting foods that are affordable and convenient. We are aiming to provide exactly that to them," added Mr. Chen.
Just Kitchen Holdings Corp. (the "Company" or "Just Kitchen") is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers and businesses. The Company currently operates in Taiwan, Hong Kong, the Philippines and Malaysia. It has also signed an agreement that will allow JustKitchen to sell several of its proprietary food brands in Japan and it has also signed a brand swap agreement in India. Where appropriate, JustKitchen 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 via its proprietary mobile food ordering app and other third-party ordering apps. Delivery is 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.
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 comments regarding consumers in Thailand soon being able to enjoy JustKitchen's own Master Don, K.Bao and Bodyfit delivery-only brands; and GrabKitchen providing the physical kitchen for the Thailand Location on a Kitchen-as-a-Service basis. 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.
- "On-demand Food Delivery Services: Next Growth Frontier in Southeast Asia", Destination Thailand News, February 18, 2022, https://destinationthailandnews.com/news/headline-news/on-demand-food-delivery-services-next-growth-frontier-in-southeast-asia.html
- "Grab Holdings Inc in Mobility", August 2021, Euromonitor, accessed on September 15, 2022, https://www.euromonitor.com/grab-holdings-inc-in-mobility/report
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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