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Yumy Candy Company Inc (The)
Symbol TYUM
Shares Issued 27,488,132
Close 2023-06-20 C$ 0.395
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Yumy Candy appoints McCord CEO

2023-06-21 17:08 ET - News Release

Ms. Cassidy McCord reports

YUMY CANDY APPOINTS FOOD INDUSTRY EXPERT CASSIDY MCCORD AS NEW CEO AND DIRECTOR

Cassidy McCord has been appointed as The Yumy Candy Company Inc.'s new chief executive officer and as a director to board, effective immediately replacing Erica Williams. Due to significant growth opportunities, the board has looked to add to its leadership roster in preparation for further United States expansion. Ms. McCord has worked with Yumy since its inception and has managed many roles within the company over the last few years. She will succeed Ms. Williams to steer the company forward on its progressive expansion plans.

Ms. McCord has proven herself as a strong leader, with numerous successful tenures in C-level positions for several public entities. Her career portfolio boasts a founding role in a plant-based meat start-up that achieved a $100-million market cap, and has worked with many start-up concepts in the CPG (consumer packaged goods) space. Her experience and valuable network extend to food, manufacturing and distribution, having held multiple board positions for public companies within these industries. Her business acumen and strategic foresight in corporate reorganization, business development, retail and sales will be a significant asset for Yumy Candy's future expansion plans.

"In the coming months I will look to maximize sales and continue our aggressive growth plan across the United States. I believe we are just at the start of the potential growth pattern we are seeing. Consumers and grocery buyers alike have taken to our product and with my experience in capital markets and the food space I truly believe we can establish ourselves as one of the leaders in the confectionary space," states Ms. McCord, chief executive officer of The Yumy Candy Company.

The global candy market size was valued at around $12.1-billion (U.S.) in 2022 and is estimated to grow about $15.1-billion (U.S.) by 2030, at a CAGR (compound annual growth rate) of approximately 10.1 per cent between 2023 and 2030. As Yumy Candy Company continues its expansion after a successful U.S. launch, the appointment of Ms. McCord is strategically timed. Over the next few months, Yumy Candy will be channeling its efforts on growth within the retail space, leveraging her knowledge and connections within the industry.

The company would also like to announce that it will be arranging a non-brokered private placement for up to 1,333,334 units at a price of 30 cents per unit for up to $400,000.20 in gross proceeds. Each unit will comprise one common share of the company and one common share purchase warrant. Each full warrant will be exercisable into a common share of the company at 40 cents for a period of 12 months from the date of issuance.

About The Yumy Candy Company Inc.

Yumy Bear is an affordable, health-conscious, low-sugar plant-based confectionery company based in Vancouver, B.C., and it has developed a portfolio of healthier gelatine-free candies made from non-GMO (genetically modified organism) ingredients with proprietary recipes. All of its products are free of gelatin, soy, gluten, nuts, dairy, eggs, sugar alcohols, artificial sweeteners and genetically modified organisms.

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