Eat Well Group announces financial results for the fourth quarter and full year 2021

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Vancouver, British Columbia–(BUSINESS WIRE)–Eat Well Investment Group Inc., (the “Company” or “Eat Well Group”) (CN:EWG) (US:EWGFF) (FRA:6BC0)a listed investment company, is pleased to report financial results for the fourth quarter and full year 2021.

Eat Well Investment Group 2021 Highlights

  • Acquisition of all outstanding shares of Belle Pulses Ltd. (“Beautiful legumes“) and Sapientia Technology, LLC (“sapientia‘) and a 51 percent majority stake in Pata Foods (dba ‘Amara organic food’), laying the foundation for the Eat Well Group plant-based food investment platform

  • Eat Well Group’s total assets at the Company’s fiscal year end, including its portfolio companies, increased 1,082% from $5,043,430 as of November 30, 2020 to $59,627,414 as of November 30, 2021

  • Raised $33,500,000 in debt with a leading Canadian institution and completed two subsequent event equity financings of $5,100,000 and $5,018,000

  • Strengthening the Company’s Board of Directors and expanding the Company’s senior management team with additional expertise in plant-based food investments, consumer packaged goods investments and strong corporate governance, bringing over 150 years of collective experience to the table

  • Build an exceptional advisory board of seasoned leaders from around the world with significant backgrounds in consumer products and experience in plant-based food innovation, technology and commercialization

Portfolio company highlights

  • As reported in the unaudited financial statements of Belle Pulses, Sapientia Technology and Amara Organic Foods for the 12 month period ended 31 DecemberStAs of December 2021, Eat Well’s portfolio companies had combined 2021 sales of C$57,936,019

  • Together, Belle Pulses, Sapientia and Amara delivered positive net income of $1,478,420 despite challenging geopolitical conditions, an enhanced inflationary environment, adverse weather conditions, multiple COVID-19 waves and a global supply chain crisis

  • Belle Pulses expects improved margin performance in 2022 due to supply chain normalization and improvements from COVID-19 related restrictions as well as strong global demand fueled by the Russia-Ukraine conflict disrupting overseas pulse supplies

  • Sapientia launched its first white-label protein twists with Federated CO-OP stores in western Canada, which have rolled out to 350 stores as of December 21, with ongoing discussions to increase the number of stores by an additional several hundred stores to increase. The Protein Twists were recognized as a finalist in the Canadian Grand Prix New Product Awards

  • For fiscal 2021, Amara delivered sales increases of 320% over 2020, led by its successful “Toddler Melts” product launch in North American retail

  • Amara Organic Foods continues to expand its reach to new consumers, ending the year with a total of approximately 6,000 North American retail distribution points at highly strategic retail locations including Walmart Canada, Sobeys, HEB, Loblaws and more

  • Reaffirms 2022 revenue guidance for its investee companies of $90,000,000 to $110,000,000 with profitability on the combined investments expected to improve over the calendar year

Since completing Eat Well Group’s three plant-based investments, the portfolio companies have continued to execute on their respective growth plans. Belle Pulses was able to manage multiple challenges related to COVID-19 and supply chain, Sapientia launched several flavors of its first white label products with Federated CO-OP, and Amara continued to grow its distribution and footprint at some of the largest brick and mortar and e-commerce stores in North America, surpassing a total of 6,000 outlets.

outlook

“We have laid a strong foundation within the Eat Well Group’s investment platform and are very excited about the development of our portfolio,” commented Marc Aneed, the firm’s director, president and CEO. “The global plant-based foods market continues to grow rapidly as consumers make healthier choices for themselves and their families. Our portfolio companies are well positioned to meet global demand for pulses and to accelerate the scale of their Better-Your-Your-Consumer products in the years to come,” continued Aneed.

The importance of high-quality, transparent and sustainably produced agricultural products and pulses has become crucial worldwide. Eat Well Group’s investments are well positioned to take its foundational propositions to the next level and continue to meet plant-based consumption needs worldwide. Portfolio investment will continue to drive capacity, innovation, scale, distribution and fiscal discipline.

The Company’s previously announced interest in a listing on the US public markets, including a potential NASDAQ or NYSE listing, continues as opportunities are explored with Roth Capital.

To learn more, join the Eat Well Group mailing list for important updates.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) relating to future events or the future business, operations and financial performance and condition of Eat Well Group, including with respect to the Company’s portfolio investments, the strategy and business plans of the company’s portfolio companies, the expected growth of the plant-based foods market and the expected growth in revenue of the company. Forward-looking statements usually contain words such as “will”, “intend”, “anticipate”, “could”, “should”, “may”, “may”, “expect”, “estimate”, “project”, “plan”. ‘, ‘potential’, ‘project’, ‘assume’, ‘consider’, ‘believe’, ‘should’ and similar terms. All statements in this press release, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the company’s expectations include actual results of operations; Marketing activities; adverse general economic, market or business conditions; regulatory changes; and other risks set out from time to time in the Company’s filings with securities regulators.

The reader is cautioned that assumptions used in preparing the forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those projected due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. The reader is cautioned not to place undue reliance on any forward-looking information. Although this information was believed to be reasonable by management at the time it was prepared, it could prove to be incorrect and actual results could differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will publicly update or revise any forward-looking statements contained herein as expressly required by applicable law.

ABOUT THE EAT WELL GROUP

Eat Well Group is a publicly traded investment company primarily focused on high growth companies in the Agribusiness, Food Tech, Plant Based and ESG (Environmental, Social and Governance) sectors. The Eat Well Group management team has extensive experience in sourcing, financing and building successful businesses across a variety of industries and has a current investment mandate in the health/wellness industry. The team has funded and invested in early-stage venture companies for more than 25 years, resulting in unparalleled access to deal flow and the ability to build a portfolio of opportunistic investments aimed at delivering superior risk-adjusted returns.

The Canadian Securities Exchange has not approved or disapproved the information contained herein and accepts no responsibility for the adequacy or accuracy of this press release.

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