02:03:02 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
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Better Plant Sciences Inc (2)
Symbol PLNT
Shares Issued 19,917,969
Close 2022-01-20 C$ 0.02
Market Cap C$ 398,359
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Better Plant to discontinue Urban Juve, Jusu Bar

2022-01-21 12:03 ET - News Release

Ms. Penny White reports

BETTER PLANT STREAMLINES OPERATIONS

Better Plant Sciences Inc. has streamlined operations and is planning to reduce expenses by discontinuing the Urban Juve brand and Jusu Bar juice business. Better Plant plans to focus its resources in the near-term on the Jusu Wellness line of products. It also plans to look at potential acquisitions and other opportunities to build value for shareholders.

Urban Juve Provisions Inc., a wholly owned subsidiary of Better Plant, which has been selling the Urban Juve ayurvedic-inspired line of 11 skin care products and two hand sanitizer products, will take all of its product off-line and the brand Urban Juve will be discontinued. Urban Juve formulas and other intellectual property will be transferred to Jusu Wellness Inc., another wholly owned subsidiary of Better Plant. Jusu Wellness currently makes and sells over 40 plant-based products, including cleaning products, skin care products and body products.

With the assets from Urban Juve, Jusu Wellness will have an expanded catalogue of formulas and may be able to take advantage of some of Urban Juve's key account and retailer relationships to grow its business. This past quarter, Jusu Wellness added five new retailers including Yes Wellness, The Found House, Echo Wofford, Old Joy Gift Boxes and Fido's World.

Jusu Bars is winding down its juice operations. Operations of Jusu Bar at Cadboro Bay in Victoria, B.C., will cease in February, 2022. Juice manufacturing of new products has ceased, and the on-line ordering platform will stop selling Jusu juices in January, 2022. Both Urban Juve and Jusu Bars have been money-losing businesses and, so, its expected that discontinuing them will improve Better Plant's financial position by reducing future losses, although there will be a reduction in revenues and some assets may be impaired. Perry Chua has resigned as chief creative officer, effective Jan. 14, 2022, but will continue to work with Better Plant as a consultant. Better Plant continues to act as an incubator for new businesses by providing branding, marketing and accounting services to emerging companies. In his role as consultant, Mr. Chua will continue to oversee Better Plant's creative team in the provision of these services.

About Better Plant Sciences Inc.

Better Plant has a catalogue of hundreds of product formulas, and develops, commercializes, markets, and sells over 50 products through the brands Jusu Wellness and NeonMind. Jusu Wellness products are sold direct to consumer goods through Jusu's on-line e-commerce platform as well as through a network of on-line and brick-and-mortar retail stores. Better Plant has a talented team with expertise in digital design, branding, e-commerce and digital marketing, and offers marketing, branding, financial and other services to companies with emerging businesses.

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