(TheNewswire)
Vancouver, British Columbia – The Newswire – March 14, 2024 - Plantify Foods, Inc. (TSXV: PTFY) ("PlantifyFoods" or the "Company"), a Clean Label food company dedicated to providing consumers with nutritious and delicious food options, is pleased to announce today that the Board of Directors (“BOD”), has approved plans to uplist to Nasdaq Stock Market LLC ("NASDAQ"), providing exposure to one of the largest capital markets in the world.
"Plantify Foods has worked tirelessly to ensure that we maintain our commitment to producing quality Clean Label plant-based foods that are accessible, convenient, and healthy.”, said Suzette Ramcharan, CEO of Plantify Foods. “We had a solid year of growth in 2023, solidifying new customers in new markets such as Europe and the United States, refining our product offering, and moving closer to our goals of being cash flow neutral at our operations. The decision to seek a listing on NASDAQ ties nicely into our goals of expanding and building out the brand in the U.S., as well as opening up a much larger pool of investment capital with greater visibility to all of the good that we are accomplishing. We look forward to providing updates as they materialize.
“This is a very exciting opportunity for us, especially as we continue to grow our customer base in the U.S. said Noam Ftecha, CEO of POB. “The food and beverage industry is not an easy one to navigate, especially when focused on Clean Label, ensuring health and quality, and creating products that are good for you, and that taste great as well. This was our vision from the very beginning, to bring our products to the world stage, and a NASDAQ listing will allow us to showcase our innovation to a large and lucrative audience.”
The Company has not yet submitted but expects to submit within the next 2 months an application for listing on NASDAQ, and there is no guarantee that the Company’s securities will be successfully listed on NASDAQ. Listing will be subject to submission of necessary documentation and to meeting all applicable listing requirements.
Growth on All Fronts
The Company’s focus in 2023 was expanding the sales footprint and solidifying new customers seeking quality Clean Label food products. The feedback has been very positive, and the Company engaged with new and increasingly larger customers towards the end of 2023, with a view to grow those orders, potential to introduce new product categories, and to also seek out new customers especially in Europe and the U.S.
The Company recently commissioned a new production line to meet the growing demand for its products, which will improve efficiencies and reduce labour costs (see press release dated March 13, 2024).
With 2023 signaling strong sales growth, 2024 looks to build upon penetration in new markets, where the Company sees a tremendous opportunity within the U.S. market, and looks to intensify its efforts throughout the year.
About Plantify Foods
Plantify Foods is committed to providing consumers with nutritious, Clean Label food options while pioneering innovation in the food and beverage industry. The Company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.
Plantify Foods, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America. With its new manufacturing facility, the Company can increase production and continue to create new Clean Label food products to meet the growing demand of health-conscious consumers from all walks of life.
If you have any questions or need more information, feel free to contact the Company directly.
Contacts:
Gabriel Kabazo
Chief Financial Officer and Corporate Secretary
Phone: (778) 601-8420
Investor Relations
Email: ir@plantifyfoods.com
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 release.
Forward Looking Statements:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding but not limited to the Company’s business objectives with respect to increased sales and marketing efforts in Europe and North America, the operations ability to meet growth demands and increase operational efficiencies, and the Company’s ability to continue to secure financing opportunities and continue its operations, the culmination of a listing on NASDAQ and all requirements associated with such an undertaking. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Plantify’s current beliefs and is based on information currently available to Plantify and on assumptions it believes are reasonable. These assumptions include but are not limited to the Company’s ability to implement its business plan. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Plantify to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Plantify; the timing and availability of external financing on acceptable terms; and loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Plantify’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. The forward-looking information contained in this news release represents the expectations of Plantify as of the date of this news release and, accordingly, is subject to change after such date. Plantify expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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