- Two products from Sol Cuisine's line of plant-based Bites
available in 200 stores nationally
MISSISSAUGA, ON, Aug. 19, 2021 /CNW/ - Sol Cuisine Ltd. ("Sol
Cuisine" or the "Company") (TSXV: VEG) a growth-oriented North
American plant-based protein leader, today announced a new
distribution agreement with National Co+op Grocers (NCG) in the
U.S. to sell a selection from the Company's line of plant-based
Bites appetizers.
Sol Cuisine's Crispy Chik'n Bites and Spinach Chickpea Bites are
available across NCG's 200 stores in 39 states. This is the
Company's first distribution agreement with NCG which has combined
annual sales over $2.3 billion and
more than 1.3 million consumer-owners.
John Flanagan, CEO of Sol
Cuisine commented, "This new distribution agreement with
NCG compliments our existing footprint in the U.S. where
plant-based foods are expected to become a $13.8 billion market by 2027i and 48
per cent of Americans have introduced plant-based items into their
diet in the last two yearsii. We know that our
products' taste and nutrition profile are highly attractive to
consumers seeking healthier meal options that are convenient. We
look forward to working collaboratively with NCG and exploring
additional products to offer through its extensive network."
In addition, the Company also announces that it granted 600,000
stock options to a senior officer on August
9, 2021 with an exercise price of $0.66 and an expiry date of August 9, 2031.
For more details, visit Sol Cuisine's IR website at:
investors.solcuisine.com or contact the IR team at
investors@solcuisine.com.
About Sol Cuisine Ltd.
Sol Cuisine is the publicly traded parent company of Sol Cuisine
Inc. following the completion of its "qualifying transaction" on
May 19, 2021. Sol Cuisine is a
fast-growing producer of branded and private label,
consumer-preferred plant-based protein offerings across key
center-of-plate and appetizer categories. The Company's products
are offered through an established omni-channel distribution
platform in Canada and the U.S.
and are available in over 11,000 stores and more than 41,000 unique
points of distribution across four primary channels: Canada Retail
Sales & Club; U.S. Retail Sales & Club; Food Service &
Industrial; and Private Label. Over a history of 20+ years, Sol
Cuisine has consistently demonstrated an ability to innovate and
delight consumers in Canada and
the U.S., while remaining true to its commitment to producing great
tasting products that are nutritionally superior both to meat-based
offerings and to competitive plant-based products. This commitment
has resulted in several Canadian product wins, including the #1
frozen plant-based burger in Canada, the #1 consumer-preferred chicken
alternative and the #1 quality roast product as determined by Whole
Foods Market. The Company's taste and nutritional superiority has
also resulted in private label contracts with some of the most
recognized natural brands in North
America. These products are all produced at Sol Cuisine's
two state of the art facilities, totaling 35,000 square foot
facility in Mississauga, Ontario,
capable of supporting up to 10 million kilograms of volume per
annum.
For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com
Instagram: @solcuisine
Facebook: @solcuisine
Twitter: @solcuisine
LinkedIn: @solcuisine
Forward Looking Statements
This press release includes forward-looking information within
the meaning of Canadian securities laws regarding the Company and
its business. Often but not always, forward-looking information can
be identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of each entity, and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, including risks regarding the
size of the industry, the growth of the market for the Company's
products, the rate and quantity of production at the Company's
facilities, market conditions, economic factors, management's
ability to manage and to operate the business of the Company and
the equity markets generally. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
The TSX Venture Exchange has not reviewed, approved, or
disapproved the content of this news release.
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i source: Grand View Research
ii source: proprietary study n=350, Jan 2021
SOURCE Sol Cuisine Ltd.