TSXV: JK OTCQB: JKHCF FRA: 68Z
Consumers in Taiwan and Hong Kong to Continue Having Access to MrBeast Burger via the JustKitchen App and Third-Party Delivery Service Providers, with the Popular Brand Being Launched by the Company in Malaysia, Philippines and Thailand Later This Year
VANCOUVER, BC, Oct. 18, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, announces that it has entered into an agreement (the "Agreement") with Virtual Dining Concepts ("VDC") to license the virtual branding rights to MrBeast Burger ("MrBeast Burger") and other well known US delivery-only food brands in the Company's home market of Taiwan as well as in Hong Kong, Malaysia, Philippines, Singapore and Thailand.
The terms of the Agreement include but are not limited to:
- The license to sell MrBeast Burger food items via online, mobile, e-commerce and/or other internet-based ordering and delivery platforms as well as via walk-in outlets operated by JustKitchen;
- Access to other brands including Mariah's Cookies™, Guy Fieri's Flavortown Kitchen™, Robert Irvine's American Heroes™, Buddy V's Cake Slice™, Steve Harvey's Family Food™, Mario's Tortas Lopez™ and the Real HouseBowls™;
The Company launched MrBeast Burger in December of 2021 via a separate arrangement that has been superseded by the Agreement. MrBeast Burger will continue to be available via JustKitchen in Taiwan and Hong Kong, while the brand is planned to be launched in Malaysia, the Philippines and Thailand later this year.
MrBeast Burger is the virtual restaurant brand that was launched in December 2020 by YouTube superstar and philanthropist, Jimmy Donaldson, in partnership with Virtual Dining Concepts. In addition to JustKitchen's locations in Taiwan and Hong Kong, individual items and combos from the MrBeast Burger menu are also available across the United States, the United Kingdom, France, the United Arab Emirates and Canada on a delivery-only basis. The brand features a creative menu of various styles of hamburgers and chicken sandwiches, among other items. MrBeast Burger opened its first physical store in September at American Dream Mall, New Jersey, United States.
Commonly known as MrBeast, Jimmy Donaldson is an American who has the fifth-most subscribed main channel on YouTube, with 104 million current subscribers and 17 billion total views to date. Regarded as YouTube's Viral Philanthropist for raising tens of millions of dollars for charity, MrBeast is credited with pioneering a genre of videos centered around expensive stunts and has become famous for his outlandish challenges and high-value giveaways.
VDC connects food brands with consumers through delivery-only restaurants in an affordable manner. VDC has provided over three thousand virtual restaurants to already formed brands so that brands can provide their food to consumers all around the world. Technology and efficiency are prioritized at VDC to help companies manage their brands effectively. VDC is co-founded by Robert Earl and Robbie Earl of Earl Enterprises which operates collection of restaurants includes Planet Hollywood, Buca di Beppo, Earl of Sandwich, Bertucci's, Chicken Guy!, Seaside on the Pier™,The Breakfast Club™ TooJay's, Brio, Italian Grille, Bravo Italian Kitchen and Café Hollywood™. More information about VDC can be found on its website: https://joinvdc.com/kitchens/.
Management Commentary
"Providing the MrBeast Burger experience to even more consumers across Asia is exciting for JustKitchen. Great brands, tasty food, convenient service, affordable prices and strong partnerships are what our customers deserve. It is a privilege to work with VDC in order to offer all of that, and more, to them via this Agreement," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "We are happy to continue offering consumers in Taiwan and Hong Kong with the MrBeast Burger brand, and later this year we should be able do the same for people in Thailand, the Philippines and Malaysia," added. Mr. Chen.
ABOUT JUSTKITCHEN
Just Kitchen Holdings Corp. (the "Company" or "Just Kitchen") is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers and businesses. The Company currently operates in Taiwan, Hong Kong, the Philippines and Malaysia. It has also signed an agreement that will allow JustKitchen to sell several of its proprietary food brands in Japan and it has also signed a brand swap agreement in India. Where appropriate, JustKitchen utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering via its proprietary mobile food ordering app and other third-party ordering apps. Delivery is fulfilled by third-party companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding the popular brand being launched by the company in Malaysia, Philippines and Thailand later this year. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
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