MONTREAL, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX:FOOD), a leading online grocery company in Canada, announced today it has signed a lease for a 45,000 square feet facility in Montreal, further expanding its footprint and capabilities in the key urban centre. This new facility will bring Goodfood’s footprint to 7 facilities across Canada totalling nearly 590,000 square feet of purpose-built online grocery and meal solution delivery fulfillment capacity.
“With the sustained strong demand for e-commerce grocery and meal solutions delivery across Canada, we are excited to have found a facility supporting our efforts to enhance customer experience and to gain share in this market. The 45,000 square feet facility will focus on expanding our private label grocery fulfillment capabilities and serve as a steppingstone to offering same-day delivery to a larger customer base,” said Neil Cuggy, President and Chief Operating Officer of Goodfood. “The facility has the required infrastructure to be operational shortly after the lease takes effect in the early Fall,” concluded Mr. Cuggy.
“The current shift in consumer behavior driving increased demand for online grocery delivered to customers’ homes has been strong and consistent in recent months. This change in consumer habit has transformed how Canadians plan their meals and shop for groceries, and it has motivated us to offer our services with more flexibility while also creating jobs in the community,” added Jonathan Ferrari, CEO of Goodfood. “This medium-term lease puts our operations and Company in a great position to respond to Canadians’ growing appetite for online grocery delivery and cements our position as a leader in the industry,'' concluded Mr. Ferrari.
About Goodfood
Goodfood (TSX:FOOD) is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from coast to coast to enjoy delicious meals at home every week. Goodfood’s mission is to make the impossible come true, from farm to kitchen, by enabling members to do their weekly meal planning and grocery shopping in less than 1 minute. Goodfood members get access to a unique selection of products online as well as exclusive pricing made possible by its world class direct to consumer fulfilment ecosystem that cuts out food waste and expensive retail overhead. The Company has two production facilities (one operational in the Fall) and administrative offices in Montreal, Quebec, two production facilities in the Greater Toronto Area, Ontario (one in operation and another under construction), one production facility in Calgary, Alberta, one production facility in the Vancouver area, British Columbia, and a breakfast facility in Montreal, Quebec. Goodfood had 272,000 active subscribers as at May 31, 2020. www.makegoodfood.ca
For further information:
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Philippe Adam
Chief Financial Officer
(855) 515-5191
IR@makegoodfood.ca
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Roslane Aouameur
Director, FP&A and Investor Relations
(855) 515-5191
IR@makegoodfood.ca
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FORWARD-LOOKING INFORMATION
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the following risk factors which are discussed in greater detail under “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, 2019 available on SEDAR at www.sedar.com: limited operating history, negative operating cash flow, food industry, quality control and health concerns, regulatory compliance, regulation of the industry, public safety issues, product recalls, damage to Goodfood’s reputation, transportation disruptions, product liability, ownership and protection of intellectual property, evolving industry, unionization activities, reliance on management, factors which may prevent realization of growth targets, competition, availability and quality of raw materials, limited number of products, environmental and employee health and safety regulations, online security breaches and disruption, reliance on data centres, open source license compliance, future capital requirements, operating risk and insurance coverage, management of growth, conflicts of interest, litigation, and catastrophic events. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward-looking information concerning availability of capital resources, business performance, market conditions, and customer demand. In addition, information and expectations set forth herein are subject to and could change materially in relation to developments regarding the COVID-19 pandemic and its impact on product demand, labour mobility, supply chain continuity and other elements beyond our control. Consequently, all of the forward looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
