BurgerFi Mourns Passing of Board Member Steven Berrard

Rhea-AI Summary

BurgerFi International Inc. (Nasdaq: BFI, BFIIW) announced the unexpected passing of board member Steven Berrard on June 10, 2021. Known for his impactful contributions, Berrard played a crucial role in guiding the company during its transition to a public entity. The board is currently assessing plans to fill the vacant position. BurgerFi operates approximately 120 restaurants offering high-quality food, including 100% American Angus beef. The company has received multiple accolades, highlighting its growth and strong market presence.

Positive

• Berrard's extensive experience benefited BurgerFi's operations and public transition.
• The company maintains a strong market presence with about 120 locations.

Negative

• The sudden loss of Berrard may create a leadership gap in a crucial time.
• Impact of leadership transition on strategic plans is uncertain.

PALM BEACH, Fla., June 10, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, mourns the sudden passing of its board member Steven Berrard on Monday evening.

“The entire BurgerFi corporate team and franchise community are in mourning as we are deeply saddened by the unexpected passing of Steve, who was an invaluable asset on our board and a highly regarded business visionary,” said Ophir Sternberg, Executive Chairman of BurgerFi. “Steve was instrumental in guiding BurgerFi through its business combination and the initial months of being a public company, leveraging his extensive experience across a wide breadth of industries. We are incredibly grateful for the time we were able to spend with him and we extend our deepest condolences to his family and loved ones.”

BurgerFi’s board of directors is currently evaluating plans to address the board seat and will provide updates as they materialize.

About BurgerFi International (Nasdaq: BFI, BFIIW)
Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 120 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine's Breakout Brand of 2020, Fast Casual’s 2021 #1 Brand of the Year, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019 and is included in Inc. Magazine's Fastest Growing Private Companies List. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter.

BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi.

Forward-Looking Statements
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to BurgerFi's estimates of its future business outlook, prospects or financial results. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2020 and those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Investor Relations Contact:
Gateway Investor Relations
Cody Slach or Cody Cree
(949) 574-3860
BFI@GatewayIR.com

Company Contact:
BurgerFi International Inc.
IR@burgerfi.com

Media Relations Contact:
Quinn PR
Laura Neroulias, Burgerfi@quinn.pr

FAQ

What happened to Steven Berrard, BurgerFi's board member?

Steven Berrard passed away unexpectedly on June 10, 2021.

What impact did Steven Berrard have on BurgerFi?

Berrard was instrumental in guiding BurgerFi through its public transition and provided valuable expertise.

How is BurgerFi planning to address the board vacancy?

BurgerFi's board is currently evaluating plans to fill the vacant seat left by Berrard.

What is the current status of BurgerFi's restaurant operations?

As of now, BurgerFi operates approximately 120 restaurants offering high-quality food.