- Proven 20+year history of plant-based protein innovation:
over 30 SKUs focused on high value centre-of-plate offerings. #1 in
frozen plant-based burgers1, #3 in frozen plant-based
protein1.
- Products are taste-preferred by consumers2 and
exhibit higher nutritional quality than major competitive
plant-based protein offerings3 in the market
today.
- Established omni-channel distribution footprint: products
available in over 11,000 retail stores across North America, and over 41,000 unique points
of distribution.
- State of the art, GFSI, HACCP and GMP certified facility
capable of supporting growth up to 10 million kg of output –
approximately 3x the Company's current production
rate4.
MISSISSAUGA, ON, May 25, 2021 /CNW/ - Sol Cuisine Ltd. ("Sol
Cuisine" or the "Company") (TSXV: VEG) a growth-oriented North
American plant-based protein leader, announced today that following
completion of its "qualifying transaction" on May 19, 2021 (the "Transaction") it will resume
trading on the TSX Venture Exchange ("TSXV" or "TSX Venture") on
May 26, 2021 under the ticker VEG. In
conjunction with the Transaction, the Company raised $15 million in two private
placements5, to accelerate its near-term growth
pipeline. All financial figures in Canadian dollars ($), unless
otherwise specified.
Dror Balshine, Founder and
President of Sol Cuisine commented, "We founded Sol Cuisine
over 20 years ago, with the objective of producing plant-based
protein products that were both delicious, and nutritionally
superior to commercially available meat products and major
competitive plant-based offerings. Our team has succeeded, and as
we transition the Company into the public markets, the growth
opportunity is bigger than ever. In a market conservatively
expected to grow at an approximately 20 per cent annual rate
through 20276, Sol Cuisine is positioned to win – for
consumers, for the earth and for its shareholders."
John Flanagan, CEO of Sol
Cuisine added, "As Sol Cuisine transitions to the next
chapter in its growth story, the Company is uniquely positioned to
continue to delight consumers while delivering results for
shareholders. Over the past several years, the Company has
developed a combination of best-in-class, highly differentiated
products, established a broad North American distribution network,
and financed and built-out the operational foundation necessary to
support rapid and sustaining growth. With the capital to execute
and a proven history of product innovation, consumer preference and
nutritional superiority, Sol Cuisine has a clear strategic path to
leadership in the North American plant-based protein sector."
Product Portfolio
Sol Cuisine has a thoughtfully
curated portfolio of over 30 SKUs, focused on differentiated
centre-of-plate offerings. The Company currently has three primary
platforms: Burgers, Appetizers and Entrees. The Company's Burgers
are ranked as the #1 frozen brand in Canada1, its Appetizer line
includes the #1 consumer preferred plant-based chicken alternative
in North America1, and
its plant-based roast entrée was chosen for Whole Foods Markets'
365 brand as its preferred product out of a broad field of
competitive plant-based offerings.
A January 2021 blind taste test
conducted with 350 consumers resulted in over 60% of those
consumers preferring Sol Cuisine's products vs. other leading
plant-based brands2, with the Company's products topping
consumer perception metrics including health, quality, and taste,
compared to competitive offerings in the market. Sol Cuisine's
products are proven to be nutritionally superior to major
competitive plant-based offerings, with its burger significantly
out-performing category norms, being higher in key nutrients and
fibre as well as dramatically lower in calories, fat, and
sodium3. Taste and nutritional superiority also led
Whole Foods Market to choose Sol Cuisine as a key brand supplier
partner for its plant-based protein products under the 365
brand.
Omni-Channel Distribution
Sol Cuisine's products are
currently available across an established omni-channel distribution
network in Canada and the U.S.,
currently composed of over 11,000 retail stores, and over 41,000
unique points of distribution.
The Company's products are currently available through four
principle channels, including: Canada retail sales & club; U.S. retail
sales & club; food service & industrial; and private label.
Sol Cuisine has several well-known distribution partners within
these channels, including but not limited to: Loblaws, Sobeys,
Metro, Costco Wholesale, Albertson's, Target, Aramark, Sysco, Whole
Foods Market 365 and Kroger.
Operational Footprint
Sol Cuisine operates two state
of the art facilities in Mississauga,
Ontario, Canada, totalling 35,000 square feet. The Company's
production facilities are fully built-out and capable of supporting
growth up to 10 million kg of output – 3x the Company's current
production rate.
The Company is vertically integrated, in order to ensure quality
through every step of the process – sourcing, manufacturing,
packaging and fulfillment. Sol Cuisine's production facilities are
GFSI, HACCP and GMP certified. Additional certifications, include:
Non-GMO, Gluten Free, Kosher, Halal, Organic (Canada), USDA Organic, and Vegan.
Financials and Growth Plan
Sol Cuisine generated
$19.1 million7 in gross
revenue in fiscal 2020 ($17.1 million
net revenue). Over the past two years, the Company has focused
primarily on investing in its infrastructure and building out its
senior management team to support growth. With these key
foundational items complete, Sol Cuisine is focused on driving
revenue and gross margin, by:
- Generating brand velocity through an increased focus on
marketing and promotion;
- Introducing breakthrough products, with several launches
planned over the next two years;
- Aggressively expanding its North American distribution network;
and
- Launching into exciting new channels including Club, Food
Service in the U.S., and E-Commerce.
For more details about the Company and the Transaction, please
refer to the Company's Filing Statement dated May 7, 2021 and other documents on Sol Cuisine's
profile on www.sedar.com or contact the IR team at
investors@solcuisine.com.
About Sol Cuisine Inc.
Sol Cuisine is the publicly
traded parent company of Sol Cuisine Inc. following the completion
of its "qualifying transaction" on May 19,
2021. Sol Cuisine is a fast-growing producer of branded,
consumer-preferred plant-based protein offerings across key
center-of-plate and appetizer categories. The Company's products
are offered through an established omni-channel distribution
platform in Canada and the U.S.
and are available in over 11,000 stores and more than 41,000 unique
points of distribution. Over a history of 20+ years, Sol Cuisine
has consistently demonstrated an ability to innovate and delight
consumers in Canada and the U.S.,
while remaining true to its commitment to producing great tasting
products that are nutritionally superior both to meat-based
offerings and to competitive plant-based products. This commitment
has resulted in several Canadian product wins, including the #1
frozen plant-based burger in Canada, the #1 consumer-preferred chicken
alternative and the #1 quality roast product as determined by Whole
Foods Market. The Company's taste and nutritional superiority has
also resulted in private label contracts with some of the most
recognized natural brands in North
America. These products are all produced at Sol Cuisine's
two state of the art facilities, totaling 35,000 square foot
facility in Mississauga, Ontario,
capable of supporting up to 10 million kilograms of volume per
annum.
For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com
Instagram: @solcuisine
Facebook: @solcuisine
Twitter: @solcuisine
LinkedIn: @solcuisine
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking information within
the meaning of Canadian securities laws regarding the Company and
its business. Often but not always, forward-looking information can
be identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of each entity, and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, including risks regarding the
size of the industry, the growth of the market for the Company's
products, the rate and quantity of production at the Company's
facilities, market conditions, economic factors, management's
ability to manage and to operate the business of the Company and
the equity markets generally. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
The TSX Venture Exchange has not reviewed, approved or
disapproved the content of this news release.
John Flanagan
Chief
Executive Officer
investors@solcuisine.com
905-502-8500
__________________
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1
|
Source: AC Nielson
Sept 2020 - Canada
|
2
|
Proprietary study
n=350, Jan 2021
|
3
|
Based on a comparison
to major competitive frozen burgers, 113g serving size
|
4
|
Based on third-party
research and analysis
|
5
|
$15 million in gross
proceeds. Split: $2.1 million in gross proceeds as part of a
non-brokered private placement; $12.9 million in gross proceeds as
part of a brokered private placement.
|
6
|
(2018 to 2027)
according to Grand View Research
|
7
|
CAD. Fiscal year
ended September 30th
|
SOURCE Sol Cuisine Inc.