LONDON, ON, May 17, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that it has signed its second U.S. Area Representative Agreement for the development of 40 locations in the State of Florida over the next 8 years (the "Agreement"). The Agreement was signed with StarMatt Corporation, a Florida-based real estate and franchise development company.
The Agreement will allow the Company to continue its efforts in establishing a U.S. presence and expand Odd Burger into new markets. In June 2023, Odd Burger signed its first U.S. Development Agreement to open 20 locations in Washington State and with the new Agreement in Florida, the Company now has a total of 60 locations under Franchise Development Agreements in the U.S.
"We couldn't be more excited to start the process of expanding into the Florida market," says James McInnes, CEO and co-founder of Odd Burger. "We are very fortunate to have such a strong partnership with StarMatt, and we are confident that they will be successful expanding into the Florida market."
StarMatt Corporation is a joint venture led by Prashant Dalal and Vishal Valsadia. Mr. Dalal is currently Odd Burger's area representative for Ontario, where he has nearly doubled the number of Odd Burger restaurants operational or under development in just the past year. Mr. Valsadia is President of Matti Homes, a real estate development company that has built over 1,000 homes across Ontario and has extensive experience in commercial property development.
"We see an incredible opportunity in the Florida market," says Prashant Dalal, President and co-founder of StarMatt Corporation. "We feel that our team has the perfect experience to succeed in developing this territory and we believe that the Odd Burger brand will rapidly expand across Florida."
In the U.S., Odd Burger is growing exclusively through a territory development strategy whereby the Company sells the franchise development rights of each state to area representatives who know the local market and can assist with growth in those regions. Area representatives secure franchise partners, assist with site selection, construction, and ongoing operational support for franchisees. In exchange for developing the territory, area representatives get a percentage of the franchise fee, development fees and recurring royalties on operational locations in their territory.
Canadian Locations Update
Odd Burger opened its first location in Edmonton, AB on May 11th, 2024 and has had one of the largest turnouts to date on its opening weekend. The planned opening of Victoria, BC on May 18th will be delayed until June, 2024 due to unanticipated challenges integrating into the building's fire alarm systems, however construction has been substantially completed. The Ottawa, ON location is still anticipated to open on or around June 1st, 2024 pending final inspection approval from the municipality.
This summer, Odd Burger is also set to open 4 additional locations in Ontario in the Greater Toronto Area and 1 additional location in Vancouver BC, which will bring the total number of operational locations up to 21. Grand opening dates for all new locations will be announced on the Company's social media accounts once final inspections are completed.
About Odd Burger Corporation
Odd Burger Corporation is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its foodservice line and also sold at grocery retailers through its consumer-packaged goods (CPG) line. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol "ODD" and on the OTCQB under the symbol "ODDAF". For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating to future restaurant openings, potential franchisees, demand for our products and other similar statements. Forward-looking information is based on several factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the continued strong demand for the Company's products, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forwardlooking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of the Company. For a more comprehensive discussion of the risks faced by the Company, please refer to the Company's Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Non-GAAP Measures
This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
SOURCE Odd Burger Corporation
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