VANCOUVER, BC, Sept. 14, 2020 /CNW/ - Vegaste Technologies Corp. (the "Company" or "Vegaste") (CSE: VEGA) (Frankfurt: WNT1), is pleased to announce that the Company has entered into a partnership agreement (the "Agreement") with Liv Marketplace LLC ("Liv Marketplace") whereby Liv Marketplace will serve as the exclusive online fullfilment partner and retail distributor of the Company's products in the United States. In addition, Liv Marketplace will establish and operate retail stores, coffee shops and cafes in the United States under the PlantX name beginning with the Company's first store location in San Diego, California that is scheduled to open on December 1, 2020.
Under the terms of the Agreement, Liv Marketplace will purchase a minimum of US$25,000,000 (approximately CAD$33,000,000) of the Company's products over a one year term for distribution in the United States. In addition, Liv Marketplace will pay the Company a 6% royalty on the gross revenue generated under the Agreement. Under this model, the Company will not have to incur additional US labour costs and will virtually have no carrying costs for inventory in the US due to Liv Marketplace fulfilling online orders using its facilities and staff.
Liv Marketplace will build and operate the Company's first brick and mortar retail location in San Diego, California. The 4,515 square foot store will be located at 3930 5th Avenue in San Diego, California and will serve as the Company's showcase store in the United States with over 5,000 plant-based products available for purchase and bring the Company's current Canadian meal delivery service to the United States. The store will be a working prototype where consumers will be able to shop and check out products using their mobile device via the Company's mobile app. COVID-19 safety protocols will be implemented in the store. The store will also serve as a training center for future staff to replicate the experience for future potential franchises.
The Company plans to make available plant-based vitamins and supplements from Stay Wyld Organics, Mid-Day Squares plant-based chocolate bars, groceries from popular plant-based brands, private label products and PlantX-branded water in its retail stores. In addition, the San Diego store will include amenities such as a plant-based education center, coffee shop, a restaurant with plant-based meals made by LA-based chef Gregg Drusinsky, and grab-and-go meals from PlantX's menu featured on PlantX.com/plan-based-meal-delivery.
"The idea is for the San Diego location to help further that community vibe we have been creating online," said Alexandra Hoffman, the Company's Chief Marketing Officer. "We want customers to come in and feel like they can ask anything. Education is always behind everything we do at PlantX, so this store will be a place where people can come in and find new ways to enhance their healthy lifestyles."
"From the E-commerce side of things, heading into the holiday season we couldn't ask for a better launch than December 1st," said Sean Dollinger, PlantX founder.
"San Diego is the heart of diversity and all inclusion. After living here for all of my life, it is clear to say that this city radiates good energy and warmth," said Lexi Namou, Liv Marketplace Direct of US Operations. "It's a pleasure to expand with such an uplifting company while creating support for all plant-based lifestyles, and inspiring others who are yet to join this way of life as well. We couldn't be more proud to expand our plant-based journey in a welcoming and supportive community."
'Having a brick and mortar location, especially in such a great neighborhood in San Diego, is a huge leap forward for us," said Julia Frank, the Company's CEO. "This is only the beginning of our expansion and will showcase the type of community we plan to build."
Please join us for a live call to discuss this partnership in greater detail at 10:00 AM EST / 7 AM PST
Meeting ID: 870 2257 3984
Since its inception in October, 2019, the Company's PlantX platform has quickly emerged as an industry leader. As the fledgling plant-based sector continues its explosive growth, the Company will be at the forefront by continually evolving and delivering new ways to expand PlantX. With its forward-looking, cutting edge approach, the Company will continue to secure significant partnerships across North America while exploring innovative ways to expand both its e-commerce capabilities and digital resources to help educate, inspire, and uplift consumers.
The Company website is http://investor.plantx.com/.
As the digital face of the plant-based community, Vegaste's PlantX platform is the one-stop-shop for everything plant-based. With its fast growing category verticals, the Company will offer customers across North America more than 10,000 plant-based products by the end of September. In addition to offering meal and indoor plant deliveries, Vegaste currently has plans underway to expand its product lines to include cosmetics, vitamins, clothing, and its own water brand — but the business is not limited to an e-commerce platform. Vegaste uses its digital platform to build a community of like-minded consumers and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs, and brands. Vegaste eliminates the barriers to entry for anyone interested in living a plant-based lifestyle, and thriving in a longer, healthier, and happier life.
The Company's lynchpin www.PlantX.com is the digital face of everything plant-based and fueled by the power of education and accessibility. For those who don't have the time to cook their own healthy plant-based meals, Vegaste offers a wide array of pre-made meals curated by Executive Chefs and nutritionists. For those looking to learn how to cook their own plant-based meals, Vegaste offers regularly updated weekly recipes. Unlike other plant-based e-commerce companies, Vegaste has a large selection of indoor plants for sale. The site educates consumers on the benefits of a plant-based diet with a specialized blog, connects like-minded individuals with its forum, and provides resources for plant-based restaurants, pop-up retailers and products across Canada and the USA.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes statements regarding the Company's plans to establish retail locations in the United States through its partner, Liv Marketplace, the opening of the Company's first retail store in San Diego, California, the size and location of the first store, the amount of the Company's products to be purchased by Liv Marketplace for distribution in the United States, the royalty fee to be paid to the Company by Liv Marketplace, the products to be offered in the Company's first store, the extension of the Company's meal delivery service into the United States, the use of the Company's mobile app to check out products, the implementation of Covid-19 protocols in the first store, the future franchising of stores, the planned amenities in the first store, the Company's platform emerging as an industry leader, the growth of the plant-based sector and the business and strategic plans of the Company.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company's ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; a limited operating history, the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made.
The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Vegaste Technologies Corp.
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