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Zoglo's Incredible Food's Q3 revenues at $1.68M

2021-12-06 09:20 ET - News Release

Mr. Anthony Morello reports

ZOGLO'S INCREDIBLE FOOD PROVIDES INSIGHT ON Q3 2021 REVENUE AND CORPORATE UPDATES

Zoglo's Incredible Food Corp. filed its condensed consolidated interim financial statements for the nine-month period ended Sept. 30, 2021, on Nov. 29, 2021. All amounts contained in the financial statements are expressed in accordance with international financial reporting standards (IFRS).

"Zoglo's has delivered an incredible first quarter since our public listing, and we are very excited about the future of the brand. We have over $2-million in sales in the first two months (September and October 2021) of the launch of our new Incredible product line -- for a 10 times increase of sales versus the same period of sales of the Zoglo's brand in 2020," said Anthony Morello, chief executive officer of Zoglo's. "In the short period of time that our new products have been in stores, we have had very successful feature activity and strong sales. Retailers have been very happy with the performance of the brand thus far," added Mr. Morello.

Q3 financial results highlights:

  • Company record third quarter revenue of $1,687,686 versus $300,000 average quarterly sales of the Zoglo's brand in the prior-year third quarter, representing a year-over-year increase of 560 per cent;
  • Strong revenue growth attributed to the launch of Zoglo's 12 new innovative plant-based products, which were released in the final 30 days of the quarter and are available in over 650 retail locations across Canada;
  • Revenue drove company record gross profits of $331,338, representing an approximately 20-per-cent gross profit margin on revenues;
  • Normalized EBITDA (earnings before interest, taxes, depreciation and amortization) from operations was negative $270,991;
  • Traditional first-generation high-kosher product listings in 800 locations;
  • Product distribution will continue to expand in Q4;
  • New product introductions and significant distribution growth are expected for early 2022.

Board changes

The company informs that Bill Ivany has stepped down as a director of the company due to personal circumstances.

About Zoglo's Incredible Food Corp.

Zoglo's Incredible Food is a publicly traded plant-based food company that offers nutrient-rich, plant-based appetizers, veggies and meat substitutes to fulfill consumer needs for all occasions and cooking requirements. The company's wholly owned subsidiary, Zoglo's Incredible Food Inc., currently offers 14 products through its Traditional Green Box product line and aims to offer 12 innovative products for the mainstream market through its new Zoglo's Incredible Black Box product line. Over the past 25 years, Zoglo's products have been in distribution in over 700 retail stores across Canada, including Walmart, Shoppers Drug Mart, Sobeys and Loblaws, and has representation in the United States and Europe. The company trades on the Canadian Securities Exchange under the ticker ZOG.

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