Odd Burger Offers Franchisees 90 per cent Financing from CSBFP and CIBC
Eligible applicants can open vegan fast-food franchise with substantially reduced capital in government-guaranteed loan
TORONTO, Dec. 9, 2021 /CNW/ - Odd Burger Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9), one of the world's first vegan fast-food chains and first to go public, today announced that loans of up to 90 per cent of the cost of opening a new location are available for eligible franchisees through the Canada Small Business Financing Program (CSBFP), administered by CIBC.
Loans through the government-guaranteed program of up to $350,000 may be used for new store financing, renovations, and more. Franchisees pay no interest for six months. Previously, financing options were limited to only 66 per cent of costs.
Franchises are key to Odd Burger's plans to expand throughout North America, and this financing program dramatically reduces the franchise owners' capital requirements. With this agreement, franchising can be a primary means to build the company and accelerate expansion.
"Offering 90 per cent financing will fuel our franchise growth strategy because it invites people to open an Odd Burger franchise with little out-of-pocket costs," said Odd Burger co-founder and CEO James McInnes. "We appreciate the CSBFP and CIBC for working with our franchise partners and making this opportunity available for potential franchisees."
Along with the CSBFP loan program, Odd Burger franchisees receive support in securing locations, lease negotiations, comprehensive training, and ongoing guidance and coaching. Odd Burger offers access to cutting-edge technology from point-of-sale systems, back-of-house order management, self-checkout kiosks, and cooking technology that prepares most menu items at the press of a button to give customers quick and consistent food every time.
Those interested in Odd Burger franchising opportunities can visit https://oddburger.com/pages/franchise-what-we-offer. Only Canadian franchisees are eligible for CIBC financing.
The vegan fast-food concept pioneer currently has six locations, plus four in development, and plans to have 20 restaurants operational by this time next year in the U.S. and Canada. Odd Burger produces its own proprietary plant-based product line at a company-owned food manufacturing facility, enabling it to control its own supply chain and keep menu prices low.
Odd Burger also announced it has retained RB Milestone Group LLC (RBMG) to provide investor relations services pursuant to an agreement entered into between the company and RBMG dated November 19, 2021, subject to the approval of the TSX Venture Exchange. RBMG's specific duties under the agreement include corporate communications advisory, non-deal roadshow advisory, market intelligence advisory, and business referrals services.
The investor relations Agreement has an initial term of twelve months unless terminated by either party. Pursuant to the Investor Relations Agreement, Odd Burger will pay RBMG a monthly fee of USD$8,317.
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, on the OTCQB under ODDAF, and the Frankfurt Stock Exchange under IA9. 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, including but not limited to its expansion plans into the United States and the number of restaurant locations anticipated in the following period.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations; dilution; competition; economic changes; and the impact of and risks associated with the ongoing COVID-19 pandemic. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
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]; Odd Burger Investor relations, 800-286-2145, [email protected]
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