JustKitchen Signs Collaborative Agreements with Foodpanda and Zeek to Reach More On-Demand Customers in Hong Kong
The Company Has Also Secured Its Second Ghost Kitchen Location in Hong Kong, Located in the Affluent Mid-Levels Residential Area
TSXV: JK
VANCOUVER, BC, July 21, 2021 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTC: JKHCF) (Frankfurt: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has recently entered into an agreement (the "Foodpanda Agreement") to collaborate in the Hong Kong market with Foodpanda ("Foodpanda"), which is the dominant customer food order fulfilment platform in the region and a global online food and grocery delivery brand owned by Berlin-based Delivery Hero.
JustKitchen has also recently signed a Hong Kong-focused collaborative agreement (the "Zeek Agreement") (collectively, the "Collaborative Agreements") with Zeek ("Zeek"), which is owned by Kin Shun Information Technology Ltd. and provides smart logistics with integrated on-demand delivery services for Hong Kong and Southeast Asia. Additionally, the Company has secured its second ghost kitchen location in the Mid-Levels residential area of Hong Kong (the "Mid-Levels Location"), following the successful opening of its North Point location in mid-June.
Foodpanda Agreement:
After operating in Hong Kong for over five years and acquiring numerous competing delivery platforms and food brands, Foodpanda has become the market leader in the region. The Foodpanda Agreement builds on the Company's strong working relationship with Foodpanda in Taiwan. It provides JustKitchen with access to Foodpanda's primary Order Delivery service and establishes a commercial marketing alliance between the two companies for Hong Kong. Under the Foodpanda Agreement, JustKitchen also has the option to enter into subsequent agreements to utilize Foodpanda's other platforms, including but not limited to PandaMart for its JustMarket grocery listings. The Foodpanda Agreement also enables JustKitchen to offer Foodpanda's proprietary food brands through its ghost kitchens.
Zeek Agreement:
Since 2017, Zeek has been a trusted logistics partner of a range of businesses from grocery marketplaces to Michelin-rated restaurants, among others. Under the terms of the Zeek Agreement, the Company will leverage Zeek's tailored suite of ZeekNow solutions, including but not limited to Zeek Food Delivery and ZeekDash, to increase its reach to customers in Hong Kong's on-demand prepared food and grocery delivery markets. Subject to the success of their collaboration in Hong Kong, Zeek and JustKitchen are open to applying their combined efforts to capture high-growth opportunities in other markets across Southeast Asia.
Mid-Levels Location:
Subsequent to the opening of its first ghost kitchen in Hong Kong in the North Point area, the Company has identified and secured a second location in the Mid-Levels neighbourhood. The Mid-Levels is located between the Victoria Peak and Central areas and is populated by predominantly affluent local and expatriate professionals. The Mid-Levels Location is expected to be opened by the end of September and will represent JustKitchen's next step on the path to opening between 6-8 ghost kitchens in the Hong Kong market, as previously announced.
Management Commentary:
"Entering into these Collaborative Agreements with Foodpanda and Zeek demonstrate both the breadth of JustKitchen's industry relationships as well as our flexibility as a company to approach new markets in new ways. By working with Foodpanda and Zeek in these ways, we hope to reach a significant number of new customers and maximize their levels of satisfaction through the quick delivery of their food items," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "Based on the early success of our North Point location, we are proceeding with our growth plan and secured our next ghost kitchen location in Hong Kong. The Mid-Levels is a densely populated area of affluent people who regularly order their food and groceries on-demand," 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 comments regarding the successful opening of its North Point location in Hong Kong, the strength of the Company's working relationship with Foodpanda in Taiwan, Zeek being a trusted provider of services to its third-party clients and the Company's ability to increase its reach to customers across Hong Kong by collaborating with Foodpanda and Zeek. 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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