JK Just Kitchen Holdings Corp

TSXV: JK   OTCQB: JKHCF   FRA: 68Z

The Company's Latest Innovative Project at Hotel EPISODE Hsinchu Combines Food Expertise, Creative Branding, Flexible Licensing, Modern Technology, and Without the Need for a Significant Upfront Capital Investment

VANCOUVER, BC, Aug. 15, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z) a technology-focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce it will license a selection of its food brands as well as its JKOS platform to a new restaurant entity in Taiwan by the world renowned Chef Richie Lin (the "Licensing Arrangement"). The Licensing Arrangement will enable Chef Lin to operate a hybrid fast-fine restaurant and ghost kitchen on the same premises (the "Hybrid Project"). The yet unnamed restaurant will be located at Hotel EPISODE Hsinchu and is planned to open in either August or September of 2022. Chef Lin and JustKitchen have also committed to working together to develop new virtual food brands to launch on the Company's platform.

The Hybrid Project is consistent with JustKitchen's focus on its regional competitive strategy, low-cost arrangements, technology-enabled deployments, proprietary brand development and business-to-business relationships. The Hsinchu and Zhubei ghost kitchens are currently among JustKitchen's top-selling locations and are expected to support further business development for the Company in the area of the Hsinchu Science Park. Accordingly, JustKitchen management views the prospects for the Hybrid Project as promising, given its familiarity with the area and outlook for its growth potential.

Born in Hong Kong and currently residing in Taiwan, Chef Richie Lin is known for the one-Michelin-starred restaurant, Mume. He frequently collaborates with notable chefs and serves modern European food with Taiwanese ingredients.¹ Chef Lin's new restaurant will take over the commercial kitchen that JustKitchen recently used to operate a ghost kitchen location. Formerly known as Hotel Indigo Hsinchu Science Park, Hotel EPISODE is located in the East District neighbourhood in Hsinchu near various theme parks and other attractions. The Hsinchu Railway Art Village and Glass Museum of Hsinchu City are cultural highlights of the area and travelers often also visit Beipu Old Street and the Big City Mall. Hsinchu Zoo and Weiweijia Persimmon Farm are also notable attractions in the vicinity. 

"The opportunity to work with a talented, well-known and visionary chef like Richie Lin is an honour and a privilege for our team at JustKitchen. The ability to collaborate with Chef Lin in order to provide consumers with high quality food items in a short amount of time is something we are greatly looking forward to," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "The Hsinchu neighborhood and its surrounding area have been a strong source of demand for JustKitchen thus far. To be able to convert one of our more typical ghost kitchens into a hybrid facility is another innovative step forward for our enterprise, and for that I am grateful to Chef Lin," added Mr. Chen.

JustKitchen is primarily a technology-focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan, Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.

For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com.

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

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding the PJ Location expecting to benefit from the efficiencies of a shared commercial kitchen  and opening in late May; the Bukit Bintang Location opening in late June; utilizing GrabFood, Foodpanda, and Shopee Food as delivery service partners for the New Locations; and the launch of pizza, boba tea and American breakfast brands in the near future. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

1. "The 10 Chefs You Should Be Following On Instagram", People Magazine, November 6, 2018, accessed via https://guide.michelin.com/sg/en/article/people/the-10-chefs-you-should-be-following-on-instagram

SOURCE Just Kitchen Holdings Corp.