11:19:47 EDT Fri 30 Sep 2022
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Happy Belly Food Group Inc
Symbol HBFG
Shares Issued 104,357,421
Close 2022-09-23 C$ 0.115
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Happy Belly to gobble up Lettuce Love Cafe

2022-09-23 09:53 ET - News Release

Mr. Shawn Moniz reports


Happy Belly Food Group Inc. has signed a definitive acquisition agreement with Lettuce Love Cafe, a QSR (quick service restaurant) serving delicious gluten-free meals and smoothies.

"Signing our definitive agreement for this accretive acquisition is another step forward for Happy Belly. We are delivering on a repeated pattern of growth through acquisitions of profitable QSRs, increasing our footprint and geographical customer reach with our brick-and-mortar locations, while growing our menu and customer product offerings," said Shawn Moniz, chief executive officer of Happy Belly Food Group. "Once closed, we will have QSR locations of our brands in Toronto, Burlington, Hamilton and Guelph. The company anticipates immediate organic growth upon closing as the acquisition of Lettuce Love is immediately accretive and non-dilutive to shareholders, with no immediate out-of-pocket funding requirements."

The company will continue to grow through the execution of its organic and inorganic growth strategy. Upon closing, the Lettuce Love acquisition will be the third M&A (merger and acquisition) transaction Happy Belly has transacted on in 2022, which is aligned to its plans to deliver shareholder value through accretive M&A.

The company continues to focus on additional accretive M&A opportunities as it executes on its accelerated presence in the QSR space as 2022 to 2023 unfolds. The company welcomes the opportunity to work with talented and driven individuals that can benefit from the Happy Belly executive and management teams while leveraging their shared resource pool to accelerate brands and scale their businesses.

The company anticipates closing of this transaction to occur within 30 days or less.

About Lettuce Love Cafe

Lettuce Love was created solely with your health in mind for delivering delicious plant-based and gluten-free meals, smoothies and treats. Ingredients and products used are sourced from sustainable, fair-trade, non-GMO sources, and are local and organically farmed when available. Lettuce Love proudly prepares all its menu selections fresh, at the time they are ordered to provide the maximum nutritional benefits. Often surprising and seducing hard-core carnivores with many of its vegan and gluten-free dishes, Lettuce Love Cafe offers a warm welcome to everyone.

About Happy Belly Food Group Inc.

Happy Belly Food Group is a quick-serve restaurant and consumer packaged goods wellness company bringing delicious foods and retail brands to customers.

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