05:42:14 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Odd Burger Corp
Symbol ODD
Shares Issued 91,419,417
Close 2023-06-19 C$ 0.175
Market Cap C$ 15,998,398
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Odd Burger signs U.S. franchise deal for 20 locations

2023-06-20 09:11 ET - News Release

Mr. James McInnes reports

ODD BURGER SIGNS FIRST U.S. FRANCHISE AGREEMENT FOR THE DEVELOPMENT OF 20 LOCATIONS IN WASHINGTON STATE

Odd Burger Corp. has signed its first United States area representative agreement for the development of 20 locations in Washington State over the next eight years. The agreement was signed with 5th Group Holdings Ltd., a commercial construction and franchise development company based out of British Columbia.

The agreement marks a significant milestone for Odd Burger as it seeks to gain a foothold in the U.S. market and expand its presence outside of Canada. "The U.S. market has always been our primary expansion target and we are now ready to open our first set of U.S. locations," says James McInnes, chief executive officer and co-founder of Odd Burger. "The opportunity for Odd Burger is tremendous in the U.S., and we are fortunate to work with the talented team at 5th Group Holdings Ltd."

5th Group Holdings is led by Luke Ceraldi, John Bowker and Clayton Gunner, a team with nearly 10 years of commercial construction experience in the U.S. Mr. Ceraldi and Mr. Bowker are also developing two Odd Burger sites in Victoria, B.C., with their first location at 790 Fisgard St., set to open this fall.

"We are excited to be the first U.S. area representatives and to lead Odd Burger's expansion into this key market," says Mr. Ceraldi, president of 5th Group Holdings. "We see huge potential for the brand, and can't wait for U.S. customers to finally get a chance to enjoy all of the amazing food and customer experiences that Odd Burger has to offer."

In the U.S., Odd Burger is growing exclusively through a territory development strategy whereby the company sells the franchise development rights of each state to area representatives who know the local market and can assist with growth in those regions. Area representatives secure franchise partners, assist with site selection, construction and continuing operational support for franchisees. In exchange for developing the territory, area representatives get a percentage of the franchise fee, development fees and recurring royalties on operational locations in their territory.

The company is currently seeking territory developers in the following U.S. states: Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, District of Columbia, Florida, Idaho, Iowa, Kansas, Massachusetts, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Utah, Vermont, West Virginia and Wyoming.

About Odd Burger Corp.

Odd Burger 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 technologies, competitive pricing, a vertically integrated supply chain, and healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food.

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