Odd Burger Corporation Announces Financial Results for Nine Months Ended June 30, 2021
TORONTO, Aug. 30, 2021 /CNW/ - Odd Burger Corporation (TSXV: ODD), one of the world's first vegan fast-food chains and the first to go public, today announced financial results for the nine months ended June 30, 2021.
Three Months |
Three Months |
Nine Months |
Nine Months |
|||||
Total Revenue |
$ |
257,401 |
$ |
145,652 |
$ |
784,589 |
$ |
862,231 |
Net Loss and Comprehensive Loss |
$ |
(3,541,281) |
$ |
(81,123) |
$ |
(4,058,127) |
$ |
(315,419) |
Loss Per Shares, Basic and Diluted |
$ |
(.04) |
$ |
(.00) |
$ |
(.06) |
$ |
(.05) |
The third-quarter financial results include the impact of the reverse take-over of Black Lion Capital Corporation in order to attain a TSXV listing and the subsequent completion of the Company's Initial Public Offering. Earnings for the quarter were impacted by a listing expense of $2,504,924.
The third quarter also marks the low point in Company food sales as only one franchise restaurant and one corporate restaurant were open throughout the quarter. In the fourth quarter of 2021, the Company opened locations in Vaughan and London, Ontario and will be opening soon in Waterloo and Hamilton, Ontario.
Odd Burger plans to have 20 locations operational by this time next year, including a flagship New York City restaurant in Manhattan.
In addition to Vaughan, Toronto, Windsor and London, Ontario restaurants, Odd Burger also operates a manufacturing facility in London, ON, where it creates and distributes its proprietary foodservice line of plant-based proteins and dairy alternatives such as burgers, chickUN, sausage and dairy-free sauces.
About Odd Burger Corporation
Odd Burger Corporation is a chain of company-owned and franchised vegan fast-food restaurants as well as a food technology company that manufactures and distributes a proprietary line of plant-based protein and dairy alternatives to its locations. Odd Burger restaurants 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, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol ODD. For more information visit https://www.oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, the Company's strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE Odd Burger Corporation
Gary Smith, Evolotus PR, 818-783-0569, [email protected]; Investor relations, Edge Communications Group, 778-400-1263, [email protected]
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