ODD BURGER CORPORATION ANNOUNCES SECOND QUARTER RESULTS, FILES SECOND QUARTER FINANCIALS MANAGEMENT DISCUSSION AND ANALYSIS AND ANNOUCES MARKET-MAKING SERVICES ENGAGEMENT
TORONTO, May 30, 2022 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce its financial results for its second quarter, ended March 31, 2022, have been posted with Canadian securities regulatory authorities at www.sedar.com. CEO James McInnes stated, "We are pleased to report that our second quarter revenue was 148% higher than the second quarter from the year previous. Furthermore, we reduced our operating loss by more than 20% compared to the previous quarter, proving that our efforts to drive towards profitability are effective. The second quarter was strategically a very significant period for us, as we prioritized our franchise growth strategy and signed our largest franchise deal to date for the development of 36 locations in Alberta and British Columbia with Sai-Genesh Enterprises. We continue to work on similar development agreements in territories across Canada and in the US, building an incredibly robust franchise development pipeline that will lock in a clear growth trajectory for our company. The opening of our Whitby location in April 2022 to record sales proves again that the market is craving something different. With 16 restaurant sites now under development or operational in addition to our development agreements, we are positioned for tremendous growth over the next year. Our focus on franchising will greatly reduce our capital needs, while also pushing forward the rapid growth of our brand, positioning Odd Burger as one of the leading vegan fast-food chains in the world."
SUMMARY OF QUARTERLY RESULTS
The following table sets forth unaudited selected financial information for each of the last eight quarters.
Quarter Ended |
March 31, |
December 31, |
September 30, |
June 30, |
Revenue |
$641,508 |
$687,156 |
$384,745 |
$257,401 |
Net and Comprehensive Loss |
(1,002,704) |
(1,208,632) |
(1,113,144) |
(3,541,281) |
Net Loss Per Share |
$(0.01) |
$(0.01) |
$(0.01) |
$(0.04) |
Quarter Ended |
March 31, |
December 31, |
September 30, |
June 30, |
Revenue |
$258,515 |
$268,349 |
$206,364 |
$145,652 |
Net and Comprehensive Loss |
(382,475) |
(134,370) |
(2,451,760) |
(81,123) |
Net Loss Per Share |
$(0.01) |
$(0.00) |
$(0.05) |
$(0.00) |
Market-Making Services Engagement
Under the agreement, the Company will pay Red Cloud $5,000 per month during the term, payable quarterly in advance. The term of engagement is ongoing and may be terminated by either party on 30 days' prior written notice. The Company and Red Cloud have an arm's length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of ODD. The agreement is principally for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market making agreement. There are no performance factors contained in the agreement between Red Cloud and the Company and Red Cloud will not receive any shares or options from the Company as compensation for services it will render.
About Red Cloud Securities
Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec. Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuer clients.
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 and on the OTCQB under the symbol ODDAF. For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating to future restaurant openings, potential franchisees, demand for our products and other similar statements. Forward-looking information is based on several factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the continued strong demand for the Company's products, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forwardlooking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of the Company. For a more comprehensive discussion of the risks faced by the Company, please refer to the Company's Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Non-GAAP Measures
This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
SOURCE Odd Burger Corporation
Odd Burger Investor Relations, 800-286-2145, [email protected]
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