ORAGIN makes stock option grant to a director of the Company with significant industry experience who will take an active role in the development and growth of the Company and its subsidiary Future of Cheese as U.S. expansion plans commence.
Oragin Foods Inc. (“ORAGIN” or the “Company”) (TSXV: OG) (OTCQX: OGGFF) (FRA: 9CW) is pleased to announce that its wholly-owned subsidiary, Future of Cheese Inc. (“FoC”), has been notified of its successful registration with the U.S. Food and Drug Administration (the “FDA”). This significant milestone allows FoC to commence its production and sales plans within the U.S. market.
“This is a significant step towards our plans to enter the U.S. market and supply the growing demand for Future of Cheese products from consumers and retailers in the United States,” said Jen Wojtaszek, President of Future of Cheese.
The FDA requires domestic and foreign companies that manufacture, process, pack, or hold food for human or animal consumption in the United States to register with the FDA in order to sell products to consumers. Upon approval, the FDA assigns a registration number to confirm that a food facility is registered. This was the final step required to allow Future of Cheese to commence sales and ship its products into the U.S. market, which the company plans to do initially through its upcoming e-commerce platform.
“Inquiries and demand for our products through our digital and social media outlets have soared since launching our highly successful plant-based Brie, which received a tremendous reception from media outlets in the U.S., reinforcing the opportunity for us to drive sales directly through our online channels,” said Ms. Wojtaszek. “This FDA registration sets us up to be able to fulfil that demand with the upcoming launch of our North American-wide e-commerce platform.”
The Company also announces the grant of 100,000 options pursuant to its stock option plan to Mr. Michael Lovsin, a director of the Company. The options are exercisable at $0.32 for a period of 5 years (subject to earlier termination), vesting as to 25% each on the 3, 6, 9 and 12 month anniversaries of the date of grant.
Mr. Lovsin will step into a more active operational role within the Company, overseeing the development of the CPG division, which includes the Future of Cheese. Mr. Lovsin is an accomplished executive with more than 35 years of experience in retail, including natural foods, pharmacy, product development, regulatory affairs, food safety and quality management systems for both corporate and national brands. Mr. Lovsin recently headed the reinvention of the brand strategy for Coles Supermarkets, Australia’s second largest supermarket, and previously held executive roles at Canada’s largest grocery retailer Loblaws, as Senior Vice President of Health & Wellness and Senior Vice President of Loblaw Brands, ULTA Beauty as Vice President of Merchandising, and Vice President of Category Management at Shoppers Drug Mart, Canada’s largest drug store chain.
“I am looking forward to taking a more active role with ORAGIN and the Future of Cheese. We are fortunate to have an amazing team that will ensure our success short, mid and long term. In my view ORAGIN and the Future of Cheese are perfectly positioned to take advantage of the opportunities to maximize the tremendous potential of the plant-based alternatives market,” said Mr. Lovsin.
“I am very excited to have Mr. Lovsin take an active role in the CPG division of ORAGIN Foods. His experience at this pivotal time in the Company’s growth is very valuable. Combined with the recent addition of Matt Merson to the advisory board and building on the FDA registration we just received to sell direct to the consumer in the U.S. market, the Company is putting the necessary pieces in place to continue to successfully execute on our business plan,” said Matt Lurie, President of ORAGIN Foods.
About ORAGIN
Oragin Foods Inc. (TSXV: OG) (OTC: OGGFF) (FRA: 9CW) is a Canadian multi-pronged food company, where new and innovative food and beverage brands are developed, acquired, grown and commercialized through a Consumer Packaged Goods (CPG) Division, and the company also houses a Retail Division, which owns and operates one of Canada’s leading natural and organic food retailers Organic Garage. For more information please visit the ORAGIN website at https://www.oragin.com/.
About Future of Cheese
The Future of Cheese Inc is a Canadian plant-based cheese innovator and manufacturer led by one of the world's best and recognized cheese makers, along with one of Canada's top chefs, and supported by a team of science minds and sustainability experts. Utilizing unique aging and manufacturing processes, a well-established distribution network and high-profile marketing channels, the Company is set to disrupt the rapidly growing plant-based dairy alternatives market, paving the way for the future of plant-based dairy alternatives! For more information please visit the Future of Cheese website at www.futureofcheese.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Oragin Foods, that may cause the actual results, level of activity, performance or achievements of Oragin Foods to be materially different from those expressed or implied by such forward looking statements. Oragin Foods is making forward-looking statements with respect to the terms of the options being granted, Micheal Lovsin’s expanded role with the Future of Cheese, and the business plan and impact of the FDA registration on the Company. Although Oragin Foods has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Oragin Foods’ actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, Oragin Foods assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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