The Real Good Food Company Announces Director Resignation

Rhea-AI Summary

The Real Good Food Company (Nasdaq: RGF) announced the immediate resignation of Director Deanna T. Brady, due to conflicts arising from the company's evolving product portfolio, which overlaps with Hormel Foods. Bryan Freeman, Executive Chairman, expressed gratitude for Brady's contributions and highlighted efforts to find her replacements on key committees.

Real Good Foods specializes in health-focused frozen foods, promoting products that are low in sugar and carbohydrates while high in protein, available in over 16,000 stores nationwide.

Positive

• Significant product portfolio transformation could enhance competitive positioning.
• Potential fresh perspectives and leadership replacement may drive future growth.

Negative

• Resignation raises concerns about continuity in leadership during critical growth phase.
• Loss of experience and insight from a key director may impact strategic decisions.

CHERRY HILL, N.J., Dec. 22, 2022 (GLOBE NEWSWIRE) -- The Real Good Food Company Inc. (Nasdaq: RGF) (the “Company”), today announced that Deanna T. Brady has resigned as a Director of the Company, effective immediately. The resignation was at Ms. Brady’s direction given the recent evolution of Real Good Food’s product portfolio into products that are similar to those of her employer, Hormel Foods.

Bryan Freeman, Executive Chairman of The Real Good Food Company, said: “On behalf of the Board of Directors and executive management team, I wish to extend our gratitude to Deanna and thank her for her valuable contributions over the last year. She has been an extraordinary leader and we wish her all the best in her future endeavors.

“We are working towards identifying a replacement to fill Ms. Brady’s former roles as Chair of the Nominating and Corporate Governance Committee, as well as a member of the Audit Committee,” concluded Freeman.

About The Real Good Food Company
Real Good Foods (NASDAQ: RGF) is a leading health and wellness frozen foods company, providing a better way to enjoy your favorite foods. The Company’s mission is to provide “Real Food You Feel Good About Eating”, making delicious, nutritious foods that are low in sugar, low in carbohydrates and high in protein. The Real Good Foods family of products includes breakfast, lunch, dinner, and snacks – available in over 16,000 stores nationwide with additional direct-to-consumer options.

To learn more, please visit our website at realgoodfoods.com or join us on social media @realgoodfoods – where we maintain some of the largest followings in the frozen food industry today.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding its projected financial results, including net sales, adjusted gross margin, and adjusted EBITDA and its ability to increase production at its new facility, improve profitability and meet its long-term growth objectives. The Company has attempted to identify forward-looking statements by using words such as "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions. 

Forward-looking statements represent management's current expectations and predictions about trends affecting the Company’s business and industry and are based on information available as of the time such statements are made. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, it cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause its actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2021. In addition, readers are cautioned that the Company may make future changes to its business and operations in response to the impacts of the COVID-19 pandemic, supply chain disruptions and macroeconomic challenges, or in response to other business developments, which changes may be inconsistent with the Company’s prior forward-looking statements, and which may not be disclosed in future public announcements.

Investor Relations Contact
Akshay Jagdale
(856) 955-1453
ir@realgoodfoods.com

FAQ

What led to Deanna T. Brady's resignation from RGF?

Deanna T. Brady resigned due to the conflict between RGF's product offerings and her employer, Hormel Foods.

What positions did Deanna T. Brady hold before her resignation at RGF?

Brady served as Chair of the Nominating and Corporate Governance Committee and was a member of the Audit Committee.

How might Deanna T. Brady's departure affect RGF?

Her departure could lead to strategic challenges and gaps in leadership experience as the company seeks her replacement.

What is the focus of The Real Good Food Company's product offerings?

Real Good Foods focuses on health and wellness frozen foods that are low in sugar and carbohydrates, while high in protein.

Where can I find Real Good Foods products?

Real Good Foods products are available in over 16,000 stores nationwide, along with direct-to-consumer options.