Mr. Jason Chen reports
JUSTKITCHEN ANNOUNCES THE OPENING OF 14TH SPOKE KITCHEN AND SECOND HUB FACILITY
Just Kitchen Holdings Corp. has opened its 14th satellite spoke kitchen today, which is located in the Wenshen district of Taipei. The 14th spoke unlocks access to over 275,000 new customers in a dense urban area and further enhances Just Kitchen's capacity utilization of its infrastructure. Further, a second hub kitchen has recently commenced operations in Tainan City and consists of 15,000 square feet of commercial kitchen space. The second hub was built by Chi Mei Frozen Foods Co., which is a large Taiwanese food manufacturer and partner of the company. It is located within Chi Mei's processing plant and has the capacity to support Just Kitchen's next 20 to 25 spoke kitchens.
Since being founded in late 2019, Just Kitchen has established operations and rapidly grown through the opening of numerous ghost kitchens in Taiwan. "The openings of the 14th spoke and second hub are great milestones for our young company. Growing to this size in just over a year is a testament to the dedication of our employees and the loyalty of our customers," said Jason Chen, co-founder, chief executive officer and director of Just Kitchen. "Demand for delivery-only food in Taiwan continues to increase and Just Kitchen is well positioned, both strategically and financially, to reach and serve new consumers. We continue to scout for Just Kitchen's next ghost kitchen locations and expand our unique hub-and-spoke operating model across Taiwan," added Mr. Chen.
In addition, the company has retained Generation IACP Inc. to provide market-making services in accordance with TSX Venture Exchange policies. IACP will trade the securities of Just Kitchen on the TSX-V for the purposes of maintaining an orderly market. In consideration of the services provided by IACP, Just Kitchen will pay IACP a monthly cash fee of $7,500 for a minimum term of six months and renewable thereafter. Just Kitchen and IACP are unrelated and unaffiliated entities. IACP will not receive shares or options as compensation. IACP currently does not own any securities of the company; however, Generation and its clients may acquire a direct or indirect interest in the securities of the company from time to time. The capital used for market making will be provided by IACP. IACP is a registered broker and member of the Investment Industry Regulatory Organization of Canada, the TSX-V and the Canadian Securities Exchange, and is a participating organization as such term is defined in the rules and policies of the Toronto Stock Exchange.
About Just Kitchen Holdings Corp.
Just Kitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers across Taiwan. Just Kitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The company combines this operating model with on-line and mobile application-based food ordering fulfilled by third party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through Just Kitchen.
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