Where Food Comes From, Inc. Selected as Exclusive Certification Body for Upcycled Certification Standard

Rhea-AI Summary

Where Food Comes From (WFCF) has been named the exclusive Certification Body for the new Upcycled Certification Standard aimed at reducing food waste and promoting the upcycled food economy. This standard is essential as over 40% of food grown is wasted annually, totaling 62.5 million tons in the U.S. alone. The upcycled food industry is projected to exceed $46 billion in value, with consumer interest growing. WFCF's role in this movement aligns it with significant sustainability trends, enhancing its market positioning and potential revenue growth.

Positive

• Exclusive certification role enhances market positioning.
• Growing interest in upcycled food products aligns with sustainability trends.
• Potential revenue growth in a projected $46 billion industry.

Negative

• None.

New Standard Developed by Upcycled Food Association Promotes Reduction in Food Waste and a Cleaner Environment through Growth in the Upcycled Food Economy

CASTLE ROCK, Colo., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (OTCQB: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced it has been named the exclusive Certification Body for the new Upcycled Certification Standard. Visit www.upcycledfood.org.

The Upcycled Standard, developed by the Upcycled Food Association, is designed to reduce food waste by promoting the upcycled food economy. Upcycled products use ingredients that have full nutritional value and are safe but for various reasons would have gone to waste. Operators that grow, produce, manufacture, process, and trade in food, beverages and other food-related products are eligible to apply for the Upcycled Certification. These operators must demonstrate that ingredients they handle have been procured and produced using verifiable supply chains.

It is estimated that more than 40% of food grown annually goes to waste. ReFED, a leading food waste research organization, estimates that the United States alone has 62.5 million tons of food that is wasted annually in the growing and processing stages.

There are more than 400 upcycled food products in the US marketplace, including food and beverages, dietary supplements, pet food, cosmetics, personal care products, and household cleaners. A Future Market Insights report estimates the value of the upcycled food industry to be more than $46 billion and growing. Whole Foods Market recently named upcycled food a top trend for 2021 and multiple recent studies have shown more than half of consumers want to purchase more upcycled products.

"The Upcycled Food Association is excited to bring on Where Food Comes From as the exclusive third-party certifying body for the launch of the Upcycled Certification Standard. We value WFCF's commitment to transparency and customer service and appreciate their willingness to join us on our mission to reduce food waste by growing the upcycled food economy," said Ben Gray, COO of Upcycled Food Association.

Leann Saunders, president of Where Food Comes From, said, “Our selection as the exclusive certifier for the Upcycled program puts Where Food Comes From at the forefront of an important new sustainability movement in the US today. We are excited to work with the Upcycled Foods Association and the many growers, processors and products companies who have committed to reducing food waste by employing transparent and sustainable production processes.”

About Where Food Comes From, Inc.
Where Food Comes From, Inc. is America’s trusted resource for third party verification of food production practices.  Through proprietary technology and patented business processes, the Company supports more than 15,000 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands and restaurants with a wide variety of value-added services. Through its IMI Global, Validus Verification Services, SureHarvest, WFCF Organic and Postelsia units, Where Food Comes From solutions are used to verify food claims, optimize production practices and enable food supply chains with analytics and data driven insights. In addition, the Company’s Where Food Comes From® retail and restaurant labeling program uses web-based customer education tools to connect consumers to the sources of the food they purchase, increasing meaningful consumer engagement for our clients. 

About the Upcycled Food Association
The Upcycled Food Association is a nonprofit focused on reducing food waste by growing the upcycled food economy. Through research, standardization, and consumer education, the Upcycled Food Association is building a food system in which all food is elevated to its highest and best use. Our Member businesses represent the next generation of sustainable food. To learn more, visit www.upcycledfood.org.

CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company’s predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about industry leadership and demand for, and impact and efficacy of, the Company’s products and services on the marketplace are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition; governmental regulation of the agricultural industry; the market for beef and other commodities; and other factors. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company’s business, please refer to the Company’s SEC filings at www.sec.gov.

Company Contacts:

Jennifer Moore
Marketing Manager
jmoore@wherefoodcomesfrom.com
Phone: 720-893-7324
Toll-free: 866-395-5883
www.wherefoodcomesfrom.com

Investor Contact:

Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
jay@pfeifferhigh.com
Direct: 303-880-9000 

FAQ

What is the Upcycled Certification Standard announced by Where Food Comes From?

The Upcycled Certification Standard promotes the upcycled food economy and aims to reduce food waste by certifying products that utilize ingredients otherwise deemed waste.

What is the impact of food waste in the United States according to the press release?

The press release states that over 40% of food grown annually is wasted, translating to approximately 62.5 million tons lost during growing and processing.

How large is the upcycled food industry projected to be?

The upcycled food industry is projected to exceed $46 billion in value, indicating significant growth potential.

Why is Where Food Comes From's role as a certifying body significant?

WFCF's role as the exclusive certifying body positions it at the forefront of a growing sustainability movement, potentially enhancing its market influence and revenue.

What consumer trend regarding upcycled products is mentioned in the press release?

The press release notes that more than half of consumers express a desire to purchase more upcycled products, highlighting increasing consumer interest.