Odd Burger Signs Brokerage Agreement with A.S. Food Sales to Accelerate Sales of its Plant-Based Product Line Across Canada
LONDON, ON, June 14, 2023 /CNW/ - Odd Burger Corporation ("Odd Burger") (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that its manufacturing division, Preposterous Foods ("Preposterous" or the "Company"), has signed a Brokerage Agreement with A.S. Food Sales to accelerate sales of its plant-based protein and sauce product lines across Canada.
The expansion initiative will focus on obtaining food service customers including hospitals, schools, convenience stores, and other institutions. The Preposterous manufacturing facility currently produces 12 plant-based proteins and 8 plant-based sauces specifically designed for food service use. The product line is extensive and includes plant-based chicken, beef, pork, cheese and creamy dressings and sauces. All 20 Preposterous SKUs are listed through Sysco Canada with distribution points in Ontario and Alberta.
A.S. Food Sales represents a select portfolio of food companies selling into the food service, retail, club and industrial segments of the Canadian marketplace. Its team of sales professionals each have over 25 years of experience in the industry, selling to the largest customers across the country. "We are excited to be the exclusive sales team for the Preposterous Food line in Canada," says Andy Strub, President of A.S. Food Sales. "We will be focusing our efforts on selling the Preposterous line into the top retailers and food service operators across the country and we certainly see huge growth potential with the brand."
"The focus for our growth will be on larger institutional customers," says James McInnes, co-founder and CEO at Odd Burger. "The opportunity is tremendous, as our products are specially designed for food service use, where they can be cooked in as little as one minute with commercial cooking equipment."
Preposterous Foods has made significant efficiency improvements at its facility over the past two years, resulting in an increased production capacity to service external institutions. The Company plans to keep operating at its current facility, while also seeking strategic acquisitions and co-manufacturing partnerships to bolster future production capacity.
For a complete list of Preposterous products, please visit the Company website at www.preposterousfoods.com.
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.
A.S. Food Sales was founded by Andy Strub, who has been able to develop his sales relationships across Canada over his 30+ years in the food industry. A.S. Food Sales represents a select portfolio of food companies selling into the foodservice, retail, club and industrial segments of the Canadian marketplace. Their team of sales professionals each have 25+ years of experience in the industry, selling to the largest customers across the country.
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 Odd Burger's products, the availability of sufficient financing on reasonable terms to fund Odd Burger's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although Odd Burger believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Odd Burger can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of Odd Burger 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 Odd Burger. For a more comprehensive discussion of the risks faced by Odd Burger, please refer to Odd Burger'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 Odd Burger 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, Odd Burger 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.
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
For any investment questions, please reach out to Odd Burger investor relations at [email protected].
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