- Oops!Something went wrong.Please try again later.
VANCOUVER, BC, Aug. 19, 2021 /CNW/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company The Very Good Food Company (TSXV: VERY) ("VERY GOOD") is ramping up production at its Rupert facility and is poised to begin initial production at its California facility.
At its Rupert facility, located in Vancouver, Canada, the first production line ("Line 1") is now producing four times the daily production volume of VERY GOOD's Victoria facility. Line 1 was commissioned in April 2021 with some food production starting in May. Currently producing an average of 13,000 lbs of product per day, Line 1 will ramp up production with a target of producing 60,000 lbs of product per day in Q1 2022 in order to support the increasing demand for VERY GOOD's products.
VERY GOOD will be also commissioning its second production line ("Line 2") at the Rupert facility in Q4 2021 which will be dedicated to the production of its new highly anticipated gluten-free and soy-free Butcher's Select Line. This premium line is set to compete with the likes of Beyond Meat and Impossible Foods by packing an extra meaty taste and texture while using simple and wholesome ingredients. The Butcher's Select line will not only appeal to households interested in a more plant-based diet but also extends VERY GOOD's consumer base to the estimated 30% of Americans who avoid gluten. Line 2 will also allow for expansion into the North American food service channel, as VERY GOOD recently partnered with two leading meal kits and food service providers.
"By acquiring its first large-scale, 45,000 sq ft production facility, VERY GOOD has been able to expertly scale its production line capacity," said Eat Beyond CEO Michael Aucoin. "The addition of the Rupert facility's manufacturing capability is important as the demand for VERY GOOD products grows and as the Butcher's Select line will move the brand more directly into competition with Impossible Foods and Beyond Meat in the plant-based protein sector."
VERY GOOD will also begin initial food production at its Patterson facility, in California, starting in September. Production will start on a commercial-grade kitchen equipment line to fast-track the production of Taco Stuff'er, one of VERY GOOD's most in-demand SKUs. Installation of the facility's first major production line is underway and is targeted for completion in Q2 2022. Once commissioned, Patterson's Line 1 will produce The Very Good Butchers' various unique products which have not yet been scaled and will have the capability to make the brand's original suite of products. Once commissioned, Line 1 is expected to produce an average of 27 million lbs of product per year when fully operational.
"The expanded production capacity in major markets along the West Coast enables VERY GOOD to further expand its product listings and SKUs which will help drive sales to its e-Commerce and retail channels," Aucoin said. "In addition, the balanced product portfolio will help VERY GOOD diversify its revenue streams by growing additional partnerships in the food service channel, an important market opportunity for plant-based food producers."
Learn more about The Very Good Food Company here: https://verygoodfood.com/investors.html
Subscribe to updates about Eat Beyond Global here: https://eatbeyondglobal.com/contact/
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD's core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT–BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE'RE HELPING THIS KIND OF DIET BECOME THE NORM.
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/eat-beyond-portfolio-company-the-very-good-food-company-expands-production-capacity-301358602.html
SOURCE Eat Beyond Global Holdings Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2021/19/c9558.html