The Very Good Food Company Appoints CPG & Food Service Industry Leader to Board of Directors in Advance of Anticipated NASDAQ Listing

Rhea-AI Summary

The Very Good Food Company announced the appointment of Justin Steinbach to its Board of Directors, expanding the board to six members. Steinbach, a veteran in the CPG and food service industries, is expected to bolster the company's European expansion plans as it prepares for a Nasdaq listing. His previous roles include Global Vice-President of Food Service at Barilla and leadership positions at Danone. The company filed a shelf registration with the SEC to facilitate its upcoming securities offerings, pending regulatory approval.

Positive

• Appointment of a seasoned executive, Justin Steinbach, to the Board to enhance strategic growth and European expansion.
• Strengthened governance with the addition of a director who has extensive experience in the CPG and food service sectors.

Negative

• Nasdaq listing remains subject to regulatory approval and other conditions, indicating potential delays or complications.
• The company has not yet achieved effective registration for its securities, which may hinder immediate fundraising efforts.

• VERY GOOD appoints independent director to its Board ahead of anticipated Nasdaq listing.
• CPG and Food Service industry leader with global experience to support VERY GOOD’s European expansion plans.

VANCOUVER--(BUSINESS WIRE)-- The Very Good Food Company Inc. (TSXV: VERY.V) (OTCQB: VRYYF) (FSE: 0SI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, today announced the appointment of Justin Steinbach to its Board of Directors. Mr. Steinbach is a global leader in the consumer and packaged goods (“CPG”) and food service industries. Based in Europe for the past 10 years, Mr. Steinbach has worked with major food brands such as Danone and Barilla where he currently serves as Global Vice-President of Food Service for the Barilla Group, the world leader in pasta. Prior to joining Barilla, he previously led global sales development & marketing for Danone's Food Service division and was responsible for building strategic global partnerships with Starbucks, McDonald's and Subway.

“We are proud to welcome Justin to our Board of Directors,” said Mitchell Scott, co-founder and CEO of The Very Good Food Company. “Justin was previously a member of our Advisory Board, and through his network and experience has been of tremendous value to the team. His extensive global sales and marketing expertise in CPG and food service especially in Europe will be immeasurable to us as we execute our strategic growth plans. We look forward to continuing to benefit from his many contributions to VERY GOOD.”

Mr. Steinbach’s appointment is effective immediately and expands VERY GOOD’s Board to six directors. His position on the Board supports VERY GOOD’s planned uplisting to the Nasdaq and corporate governance requirements as he joins both the Compensation and Audit Committees.

On October 6, 2021, VERY GOOD filed a shelf registration statement on Form F-10 (the “Registration Statement”) with the US Securities & Exchange Commission (“SEC”). The Registration Statement, which has not yet become effective with the SEC, includes an amended and restated base shelf prospectus (the “Base Shelf Prospectus”) that has also been filed with the applicable Canadian securities regulators. A copy of the Registration Statement is available at www.sec.gov and a copy of the Base Shelf Prospectus is available at www.sedar.com.

The listing of the Company's common shares (“Shares”) on Nasdaq remains subject to the review and approval of the listing application and the satisfaction of all applicable listing and regulatory requirements, including approval of the Base Shelf Prospectus and effectiveness of the Registration Statement. The Company will continue to maintain the listing of its Shares on the TSX Venture Exchange under the symbol "VERY."

This news release shall not constitute an offer of any of the Company’s securities for sale in the United States, Canada or any other jurisdiction, and no such securities may be offered or sold in the United States absent registration or an exemption from registration. Offerings of securities in the United States under the Registration Statement will be made only after the Registration Statement is declared effective by SEC. Any such offering will be made by means of the Base Shelf Prospectus in the Registration Statement, together with one or more prospectus supplements thereto describing the specific terms of any such offering, that may be obtained from the Company in connection with the applicable offering. The Base Shelf Prospectus and any such prospectus supplement will also contain detailed information about the Company and management, as well as financial statements.

About The Very Good Food Company Inc.

The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD's core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com

OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT‑BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE’RE HELPING THIS KIND OF DIET BECOME THE NORM.

Forward-Looking Information

This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating but not limited to Mr. Steinbach’s appointment to VERY GOOD’s board of directors and the benefits to be derived therefrom, VERY GOOD’s execution of strategic growth plans and European expansion plans, the anticipated and planned listing of VERY GOOD’s Shares on Nasdaq, the timing thereof and the ability to satisfy all applicable listing and regulatory requirements (including, but not limited to, satisfaction of Nasdaq’s minimum bid price requirements, and approval of the Base Shelf Prospectus and effectiveness of the Registration Statement), the benefits to be provided to the Company by a Nasdaq listing, opportunities for VERY GOOD's growth, VERY GOOD’s exposure to international investors and the liquidity of its securities and any regulatory or other approvals required in connection therewith. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to, material assumptions with respect to VERY GOOD’s ability to obtain a listing on Nasdaq, the condition of capital markets, the availability of sufficient financing on reasonable terms to fund VERY GOOD's capital and operating requirements, the continued strong demand for VERY GOOD's products, the successful placement of VERY GOOD’s products in retail stores and continued e-Commerce growth, VERY GOOD’s ability to successfully enter new markets and manage its international expansion, VERY GOOD’s ability to increase production capacity and obtain the necessary production equipment, the availability of labour as well as the accuracy of construction schedules and cost estimates for the commissioning of production lines at VERY GOOD’s Rupert and Patterson facilities and the timely receipt of required permits, VERY GOOD’s relationship with its suppliers, distributors and third-party logistics providers, and the Company's ability to position VERY GOOD competitively. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because VERY GOOD can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of VERY GOOD to differ materially from those expressed or implied in such forward-looking information include, among others, the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation. For a more comprehensive discussion of the risks faced by VERY GOOD, please refer to VERY GOOD's most recent Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com and as an exhibit to the Registration Statement filed with the SEC at www.sec.gov. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, VERY GOOD disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

None of the Nasdaq, TSX Venture Exchange, the SEC or any other securities regulator has either approved or disapproved the contents of this news release. None of the Nasdaq, the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the SEC or any other securities regulator accepts responsibility for the adequacy or accuracy of this news release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211007005340/en/

Mitchell Scott

Chief Executive Officer

The Very Good Food Company Inc.

Kevin Matheson

Corporate Communications and Investor Relations

Email: invest@verygoodbutchers.com

Phone: +1 855-472-9841

Source: The Very Good Food Company Inc.

FAQ

Who is the new director appointed by Very Good Food Company?

The new director is Justin Steinbach, who has extensive experience in the consumer packaged goods and food service industries.

What is the significance of Justin Steinbach's appointment to Very Good Food Company?

Steinbach's appointment is expected to support Very Good's European expansion and strengthen its strategic growth plans.

What are the future plans for Very Good Food Company regarding Nasdaq?

Very Good Food Company plans to uplist to Nasdaq, pending approval of its listing application and regulatory requirements.

What recent filing has Very Good Food Company made with the SEC?

On October 6, 2021, Very Good Food Company filed a shelf registration statement with the SEC, which is still pending effectiveness.

How does Steinbach's experience benefit Very Good Food Company?

His global sales and marketing expertise, especially in Europe, is projected to provide valuable insights and growth opportunities for the company.