Stryve Foods Completes First Expansion of its Primary Stryve Biltong and Vacadillos Carne Seca Manufacturing Facility Ahead of Schedule to Meet Surging Demand

Rhea-AI Summary

Stryve Foods, Inc. (NASDAQ: SNAX) announced plans to enhance its manufacturing capacity for its Stryve Biltong and Vacadillos Carne Seca product lines. With $35 million raised in a private placement, the company is expanding its facility in Madill, Oklahoma and exploring additional locations. Stryve aims to capitalize on rising consumer demand for healthy snacks, focusing on product innovation and supply chain improvements. The CEO highlighted the recent completion of drying capacity upgrades and plans for consolidated fulfillment operations to support growth.

Positive

• Raised $35 million for capacity expansion and operational improvements.
• Expanded drying capacity at the primary factory ahead of schedule.
• Plans for consolidated fulfillment operations to enhance efficiency.

Negative

• None.

PLANO, Texas, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Stryve Foods, Inc. (NASDAQ: SNAX) (“Stryve” or “the Company”), an emerging healthy snack and eating platform disrupting traditional consumer packaged goods (CPG) categories, and a leader in the air-dried meat snack industry in the United States, shared details for boosting the manufacturing capacity of its popular Stryve Biltong and Vacadillos Carne Seca meat snack product lines.

Leveraging the $35 million raised last month in a private placement transaction, Stryve has bolstered its primary manufacturing facility in Madill, Oklahoma and is planning to build and/or procure other facilities during 2022. Stryve is also investing in product innovation, supply chain improvements, and expanding its marketing initiatives.

“With increased focus in the U.S. on health and wellness, Stryve is experiencing strong consumer and retailer demand for its healthy meat snacks. The time is right for Stryve to invest in its future, so we are taking bold steps to meet market demand and prepare for what we believe will be a very bright future,” said Joe Oblas, Co-Founder and Chief Executive Officer at Stryve.

“The first major step was to expand the drying capabilities at our primary factory, which significantly increases drying capacity ahead of the large distribution expansions previously announced with Costco, Walmart and Target, among others,” added Oblas. “This was completed ahead of schedule and within budget. Second, we have located a site to consolidate our fulfillment operations that will further enable Stryve to expand capacity and capture efficiencies by locating our corporate offices, e-commerce fulfillment and wholesale fulfillment under one roof. Lastly, Stryve is working on developing additional manufacturing capabilities in-house, that can support diversified growth initiatives in the future.”

“Earlier this year, we put together a plan to position ourselves for long-term growth and success,” Oblas concluded. “Through our capital raise in January, Stryve has fortified its strong balance sheet and can now make the strategic investments necessary to scale the business and supply our rapidly growing national customer base.”

For more information about Stryve, visit www.stryve.com or follow on social at @StryveBiltong.

About Stryve Foods, Inc.
Stryve is an emerging healthy snacking and food company that manufactures, markets and sells highly differentiated healthy snacking and food products that Stryve believes can disrupt traditional snacking and CPG categories. Stryve’s mission is “to help Americans eat better and live happier, better lives.” Stryve offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods.

Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve^®, Kalahari^®, Braaitime^®, and Vacadillos^® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar*, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content, Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today.

Stryve distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets, as well as directly to consumers through its e-commerce websites and through the Amazon platform.

For more information about Stryve, visit www.stryve.com or follow us on social media at @stryvebiltong.

* All Stryve Biltong and Vacadillos products contain zero grams of added sugar, with the exception of the Chipotle Honey flavor of Vacadillos, which contains one gram of sugar per serving.

Contacts:

ICR Investor Relations:
Raphael Gross, (203) 682-8253
raphael.gross@icrinc.com

ICR Media Relations:
Eric Becker, (303) 638-3469
eric.becker@icrinc.com

FAQ

What is Stryve Foods' recent announcement regarding manufacturing capacity?

Stryve Foods announced plans to enhance manufacturing capacity for its Stryve Biltong and Vacadillos Carne Seca product lines, driven by increased consumer demand.

How much capital did Stryve Foods raise for its initiatives?

Stryve Foods raised $35 million in a private placement to support the expansion of its manufacturing capacity and operational improvements.

Where is Stryve Foods expanding its manufacturing facility?

Stryve Foods is expanding its primary manufacturing facility located in Madill, Oklahoma.

What improvements is Stryve Foods making to meet market demand?

Stryve Foods is investing in product innovation, supply chain improvements, and expanding marketing initiatives to meet the growing demand for healthy snacks.

How will Stryve Foods' recent investments impact its operations?

The investments are expected to enhance Stryve Foods' production capabilities, improve operational efficiency, and support long-term growth.