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Very Good Food Company Inc (The)
Symbol VERY
Shares Issued 97,318,303
Close 2021-05-18 C$ 4.40
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Very Good begins production at Vancouver facility

2021-05-18 10:04 ET - News Release

Mr. Mitchell Scott reports

THE VERY GOOD FOOD COMPANY STARTS TO PRODUCE SALEABLE PRODUCT AT NEWEST PRODUCTION FACILITY AND ACHIEVES NEW PRODUCTION TARGET

The Very Good Food Company Inc. is now producing saleable product from the first production line at its new Vancouver facility for both e-commerce and retail sales channels.

Very Good commissioned line 1 in April, 2021, at its recently renovated Rupert facility located in Vancouver, B.C., and has finished testing seven stock-keeping units from its original plant-based product line under the The Very Good Butchers brand. With the production of saleable product now under way, the company is starting to plan for a second production shift to meet the fast-growing demand for its products among its expanding North American customer base, and for its upcoming launch of an on-line sales platform for United Kingdom-based consumers. The signature products now being produced at the Rupert facility consist of such delicious, nutritious and minimally processed plant-based items as The Very Good Burger, Smokin' Burgers, The Very British Banger, The Very Good Steak, the Very Good Dog and the Very Good Pepperoni.

"We are not only delivering on our ambitious production goals, but doing so flawlessly and in record time," said Very Good co-founder and chief executive officer Mitchell Scott. "The production of saleable product from our first production line at our Rupert facility is another exciting milestone in The Very Good Food Company's strategic growth; demonstrating our ability to exceed expectations as we expand our operational footprint, enter into wholesale partnerships and engage new customers eager to rethink the way they eat."

The company has achieved a new production target at its Victoria facility. Production capacity at the Victoria facility has increased 20 per cent to an average of 24,000 pounds per week from the previously reported capacity of 20,000 pounds per week in December, 2020, due to the addition of new equipment and production labour.

Very Good reported record growth of 364 per cent in fiscal 2020 and is set to release its Q1 2021 financial results on May 26, 2021, including updates on the company's continued progress toward increasing sales in the U.S., adding to its plant-based product portfolio and expanding the company's operational capacity to meet global demand for high-quality, artisanal-style, plant-based food options.

About The Very Good Food Company Inc.

Very Good is an emerging plant-based food technology company that produces plant-based meat and other food products that are delicious while maintaining a wholesome nutritional profile. To date, it has developed a core product line under The Very Good Butchers brand.

The company's mission is lofty, badass but beautifully simple: get millions to rethink their food choices while helping them do the world a world of good. By offering plant-based food options so delicious and nutritious, the company is helping this kind of diet become the norm.

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