Wildpack Announces a Strong Start to 2023, a Resignation from its Board, and Notice of Change of Auditor

Rhea-AI Summary

Wildpack Beverage Inc. (OTCQB: WLDPF) reported strong results for January 2023, with confirmed customer orders totaling $5,274,213 and 237 confirmed sales orders. The company converted 49 new customers, underscoring its growth strategy. Production metrics included a total throughput of 23,000,662 cans and a 26% plant utilization rate. However, the company announced the resignation of board member Kim Murray and is in the process of changing auditors after the former auditor, KPMG LLP, could not reach an agreement. Wildpack remains committed to high-quality service and is optimistic about future growth.

Positive

• Confirmed customer orders totaled $5,274,213.
• Converted 49 new customers, indicating strong market engagement.
• Total throughput reached 23,000,662 cans, showcasing production capabilities.

Negative

• Board member Kim Murray resigned, potentially impacting leadership stability.
• Inability to reach an agreement with former auditor KPMG LLP raises concerns about financial oversight.

January 2023 Highlights (in USD):

• Confirmed Customer Orders: $5,274,213.
• Confirmed Sales Orders: 237.
• New Customer Conversions: 49.
• Total Throughput: 23,000,662 cans.
• Decoration Throughput: 3,468,972 cans.
• Filling Throughput: 1,983,466 cans.
• Printed Sleeve Throughput: 3,868,788 sleeves.
• Brokering Throughput: 13,679,436 cans.
• Plant Utilization: 26%.

VANCOUVER, BC / ACCESSWIRE / February 10, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTCQB:WLDPF) ("Wildpack" or the "Company") a leading middle market co-packer of canned goods, announced today its January 2023 sales and production highlights, a resignation from its board of directors and has filed for a change in auditor.

Operations Update

The Company achieved impressive results in January 2023, with confirmed customer orders totaling $5,274,213 and confirmed sales orders of 237. One of the key highlights of the month was the 49 new customer conversions, demonstrating the Company's continued ability to attract and retain new clients, at increasing size and at higher rates. This growth reflects the Wildpack's commitment to providing high-quality products and exceptional customer service.

In terms of production, the Company recorded a total throughput of 23,000,662 cans and achieved a high level of efficiency with a plant utilization rate of 26%. The decoration throughput was 3,468,972 cans, while the filling throughput was 1,983,466 cans. Wildpack also produced a near record number of printed sleeves, with a throughput of 3,868,788 sleeves. The brokering throughput was 13,679,436 cans, showcasing the Company's versatility and ability to provide a wide range of comprehensive services to its customers.

Wildpack is committed to maintaining its high standards of quality and service and is looking forward to continued growth and success in the coming months.

"We are thrilled with the January 2023 results, and we are proud to have made such a strong start to the year," said Thomas Walker, Chief Growth Officer of Wildpack. "Our team has worked hard to achieve these results, and we are confident that our commitment to excellence and building momentum will continue to drive our success."

Board Update

The Company also announces that Kim Murray has resigned from the board of directors effective immediately. Kim maintains her role as VP, Packaging Services with Wildpack.

Auditor Update

Wildpack and its auditor, KPMG LLP (the "Former Auditor") were unable to reach a mutual agreement on the terms of engagement. Consequently, as of the date hereof, Wildpack has not yet appointed a successor auditor, although a conventional process is advancing to fill the vacancy as required under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").

In accordance with NI 51-102, Wildpack has delivered a copy of a change of auditor notice (the "Notice") to the Former Auditor and the Former Auditor has provided its written response confirming that it agrees with the statements set forth in the Notice, which has been filed on SEDAR. Wildpack will press release when a successor auditor to the Former Auditor has been appointed, including whether the successor auditor agrees with the statements in the Notice.

Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director

For further information, please contact us at:

invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack is engaged in beverage manufacturing and packaging operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021, and on the OTCQB® Venture Market under the symbol "WLDPF" on February 23, 2022.

Cautionary Statement on Forward Looking Information

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Wildpack Beverage Inc.

View source version on accesswire.com:
https://www.accesswire.com/739012/Wildpack-Announces-a-Strong-Start-to-2023-a-Resignation-from-its-Board-and-Notice-of-Change-of-Auditor

FAQ

What were Wildpack Beverage's confirmed customer orders in January 2023?

Wildpack Beverage reported confirmed customer orders totaling $5,274,213 in January 2023.

How many new customers did Wildpack Beverage convert in January 2023?

Wildpack Beverage converted 49 new customers in January 2023.

What is the plant utilization rate reported by Wildpack Beverage?

Wildpack Beverage reported a plant utilization rate of 26% in January 2023.

Who resigned from the board of directors at Wildpack Beverage?

Kim Murray resigned from the board of directors of Wildpack Beverage effective immediately.

Why is Wildpack Beverage changing its auditor?

Wildpack Beverage is changing auditors because they could not reach a mutual agreement with their former auditor, KPMG LLP.