Eat Beyond Portfolio Company, The Very Good Food Company, Announces Upgraded Facility is Now in Operation

Rhea-AI Summary

Eat Beyond Global Holdings Inc. (CSE: EATS, OTCPK: EATBF) announced that its portfolio company, The Very Good Food Company Inc. (TSXV: VERY), has begun operations at a newly upgraded manufacturing facility in Vancouver. This 45,000 square foot facility is set to enhance Very Good's production capacity by 2,690%, producing up to 37 million pounds of plant-based products annually. Additionally, Eat Beyond engaged Sideways Frequency for marketing services, investing $250,000 to boost brand awareness.

Positive

• New facility enhances Very Good's production capacity by 2,690%.
• Annual production potential of 37 million pounds of plant-based products.
• Eat Beyond's financial stake in Very Good indicates strong future growth potential.

Negative

• None.

VANCOUVER, BC, April 20, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("Very Good") has commissioned its first production line and has butchered its first bean at an upgraded, retooled manufacturing facility in Vancouver, British Columbia.

"The 45,000 square foot facility will significantly boost Very Good's production capacity to meet significant online and retail demand for its plant-based meat alternatives," said Eat Beyond CEO Patrick Morris.  "Eat Beyond took a strong financial stake with The Very Good Food Company because of its value, foresight, and vision for the present and future of food. We're excited to see this infrastructure development, positioning Very Good for a successful 2021 and the potential for even bigger growth in the years ahead."

Very Good's new facility can produce up to 37 million pounds of annualized products, ultimately increasing capacity by nearly 2,690%. The line will produce seven of its existing products with a goal of adding a second production line in late 2021, with food production to follow.

Very Good has developed 15 products since its founding as the first plant-based butchery on the west coast of Canada.  Very Good conducts advanced research and development along with manufacturing and retail space in over 301 stores in Canada.

"Eat Beyond sees Very Good as an emerging food tech company with the talent, drive, and resources to support all aspects of creation and sales with solid brand recognition," Morris said. "In sum, Very Good is an ideal combination of factors and influence that we look for across Eat Beyond's diversified portfolio of advanced food tech companies." 

Learn more about the Very Good Food Company online at https://www.verygoodbutchers.com/

Marketing agreement

Eat Beyond also announces it has engaged Sideways Frequency for native advertising and digital marketing services to increase brand awareness for the Company. Certain services to be provided by Sideways Frequency are anticipated to include investor relations activities under the policies of the CSE and applicable securities laws. The Company will compensate Sideways Frequency USD $250,000 for a term of six weeks and will continue to look at strategic consultants to expand awareness of the Company and its activities.

About Eat Beyond Global Holdings

Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/

Find Eat Beyond on Social Media on LinkedIn, Instagram, Twitter and Facebook

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SOURCE Eat Beyond Global Holdings Inc.

FAQ

What recent development occurred at Eat Beyond's portfolio company The Very Good Food Company?

The Very Good Food Company launched its first production line at an upgraded facility in Vancouver, significantly increasing its production capacity.

What is the production capacity of Very Good's new facility?

The facility can produce up to 37 million pounds of plant-based products annually, increasing production capacity by 2,690%.

How much did Eat Beyond invest in marketing services?

Eat Beyond engaged Sideways Frequency for marketing services, compensating them with $250,000.

What is Eat Beyond's focus as an investment issuer?

Eat Beyond focuses on the global plant-based and alternative food sector, investing in innovative food tech companies.

When was the press release announcing the facility's operation published?

The press release was published on April 20, 2021.