Filed
by Andina Acquisition Corp. III
Pursuant
to Rule 425 under the Securities Act of 1933
Deemed
filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934
Subject
Company: Andina Acquisition Corp. III
Registration
Statement Number: 333-254927
Date:
July 15, 2021
The
following transcript (this “Transcript”) corresponds to a video of an interview conducted by IPO Edge with Stryve Foods,
LLC (“Stryve”)’s Co-Chief Executive Officer and Chief Marketing Officer, Jaxie Alt, and its Chief Operating Officer
and Chief Financial Officer, Alex Hawkins and a copy of which has been posted to Stryve’s website as of the date of this filing.
1
John
Jannarone, Editor in Chief - IPO Edge: Good afternoon, thank you for joining today’s event I’m John Jannarone, the Editor
in Chief of IPO Edge, we have a special event today with Stryve, which of course is going public through a merger with Andina Acquisition
Corp. III that’s ticker ANDA.
2
John
Jannarone, Editor in Chief - IPO Edge: momentarily going to our guests, we have the Co-CEO and CMO, along with the COO and CFO both of
these double barreled titles. Before you meet them I like to go through a little bit of housekeeping.
3
John
Jannarone, Editor in Chief - IPO Edge: a great part of these events is the opportunity to ask questions so you can ask Alex and Jaxie
questions on the second our second half of the hour.
4
John
Jannarone, Editor in Chief - IPO Edge: Additionally, there’s a replay available on IPO-edge.com you can also find that on Bloomberg
terminals and Yahoo finance under the ANDA ticker.
5
John
Jannarone, Editor in Chief - IPO Edge: You can you can submit those questions most easily through the zoom portal which you can see there
on your screen, or you can send an email to Editor@IPO-Edge.com and we’ll be on the lookout for those and we’ll get to them.
6
John
Jannarone, Editor in Chief - IPO Edge: later on in the Program.
9
John
Jannarone, Editor in Chief - IPO Edge: we’re going to give Jaxie the stage in a second before we do I’d like to point out
that today’s product
10
John
Jannarone, Editor in Chief - IPO Edge: Is near and dear to my heart, built on which comes from South Africa, I have family there, so
I discovered it.
11
John
Jannarone, Editor in Chief - IPO Edge: On my own a few years ago it’s delicious and thanks to our friends at Stryve is available
here in the United States and Jaxie is going explain what’s so unusual about that, and the next slide you can see the interest
in Biltong.
12
John
Jannarone, Editor in Chief - IPO Edge: From our friends at Sentieo it says, Google Trends showing a sharp increase in searches for Biltong
and we have to imagine it has lot to do with Stryve. So with that I’m very happy to introduce Jackie Alt who’s the co CEO
and CMO of Stryve, Jaxie thanks for being here.
13
Jaxie
Alt, Co-CEO & CMO: And thank you so much for having us Alex and I are thrilled to be here and tell you our story so.
14
Jaxie
Alt, Co-CEO & CMO: I’ll talk about what Biltong is because many of you out there, probably have not heard of it, if you don’t
have family in South Africa.
15
Jaxie
Alt, Co-CEO & CMO: And what it is, is air dried meat so think about beef jerky which all Americans know and probably grew up eating
but healthier.
16
Jaxie
Alt, Co-CEO & CMO: And so what the process with Biltong is that the jerky is a cooked product right actually putting it in an oven,
and you cook it.
17
Jaxie
Alt, Co-CEO & CMO: Biltong is actually air dried, so what we do is we take meat and slice it and we tumble it and vinegar and spices
and we hang it to dry, that’s it.
18
Jaxie
Alt, Co-CEO & CMO: Super simple no processing and what you end up with is a product that has 50% on average more protein than beef
jerky, the number two ingredient in beef jerky is actually water.
19
Jaxie
Alt, Co-CEO & CMO: And no sugar and nothing artificial. It really tastes very savory and we like to think it tastes like steak and
it actually comes sliced like beef jerky we make a stick product so like a meat stick that you would think about.
20
Jaxie
Alt, Co-CEO & CMO: And we also sell it in a slab form that you can put on a charcuterie board and sort of, you know, premiumize the
meat snack category a little bit here, if you will.
21
Jaxie
Alt, Co-CEO & CMO: But that’s really our first product out of the gate that the first vertical that we have gone into but we
have a mission as a company to help America snack, better.
22
Jaxie
Alt, Co-CEO & CMO: We don’t think it’s okay that two thirds of America is obese or overweight and a third of our kids
are and there’s a lot of reasons why but one is we’re a nation of snackers and we snack on pretty unhealthy stuff we snack
on.
23
Jaxie
Alt, Co-CEO & CMO: crackers and cookies and chips and things that have very little nutritional value and are highly processed, so
we are adamant about.
24
Jaxie
Alt, Co-CEO & CMO: Our mission to put better food into the world and better snacks and Biltong absolutely does that.
25
Jaxie
Alt, Co-CEO & CMO: It’s called Biltong in South Africa it’s also called carne seca in Latin America, so we actually have
a carne seca product that we launched recently.
26
Jaxie
Alt, Co-CEO & CMO: there’s 60 million Hispanic consumers in America they don’t actually know what Biltong is but they
know what carne seca is, and it is the exact same process.
27
Jaxie
Alt, Co-CEO & CMO: And what’s really exciting for us is that we’re the only people that can do this. So we are vertically
integrated, we own our own manufacturing which Alex runs and talk more about in a bit.
28
Jaxie
Alt, Co-CEO & CMO: And we are the only full grant USDA certified Biltong or air dry meat manufacturer in the US. We’re the
only one with the scale to be able to really commercialize this across the country.
29
Jaxie
Alt, Co-CEO & CMO: And Biltong cannot be imported, so there are a lot of reasons.
30
Jaxie
Alt, Co-CEO & CMO: That, we are very excited about bringing this new product.
31
Jaxie
Alt, Co-CEO & CMO: to America and because it can’t be imported, the USDA was very slow to get their approval and our chief
manufacturing officer is actually the guy, he’s from South Africa.
32
Jaxie
Alt, Co-CEO & CMO: Many of his recipes are his grandfather’s and his great great grandfather’s and I mean he is actually
the person that really drove the USDA.
33
Jaxie
Alt, Co-CEO & CMO: To approve Biltong for sale in the United States. His dream.
34
Jaxie
Alt, Co-CEO & CMO: was for every household in America to know what Biltong is right. We’re scratching the surface there, the
chart you showed is amazing, and we get super excited to see that. We’ve got a long way to go, still.
35
Jaxie
Alt, Co-CEO & CMO: But when you tell people Americans want healthier options and what we love about our mission.
36
Jaxie
Alt, Co-CEO & CMO: Is we’re for everyone. We’re not for the 1%, we’re for the 99% so our products are sold in Dollar
General.
37
Jaxie
Alt, Co-CEO & CMO: Our products are sold in Sprouts, right and everywhere in between, you can find us at Walmart, you can find us
at CVS, you can find us at 7-11, online.
38
Jaxie
Alt, Co-CEO & CMO: We have several different products and price points and things like that, because we want our product available
to everyone in America, so we can really try to make a difference and give people a convenient healthy option, especially when they’re
on the go, so that they can snack better.
39
John
Jannarone, Editor in Chief - IPO Edge: that’s terrific and Jaxie is not lying to you, there’s a CVS few blocks from me, I
went over there and I bought some. I also got online the slab which.
40
John
Jannarone, Editor in Chief - IPO Edge: is fantastic, so it adds nicely to a charcuterie board, you cut it up and it’s terrific
stuff.
41
John
Jannarone, Editor in Chief - IPO Edge: we’re going to see a video clip in a second of that, but I just want to point out that Jaxie
might be being modest here.
42
John
Jannarone, Editor in Chief - IPO Edge: didn’t tell us about her background, Dr. Pepper/Snapple so she was there for 17 years and
that really taught you a lot about getting distribution and places like that, and how to market a product right Jaxie? Can you tell us
about your experience.
43
Jaxie
Alt, Co-CEO & CMO: Absolutely, I had a wonderful career there I love that company so much, and you know classically trained.
44
Jaxie
Alt, Co-CEO & CMO: brand marketing all the way up and I was very blessed I got to lead the carbonated.
45
Jaxie
Alt, Co-CEO & CMO: Marketing business there before I left, which is you know, I was running the marketing for Dr Pepper and Seven
Up and Sunkist and A&W and all these wonderful brands, but I wanted to work on healthy food, and I wanted to work.
46
Jaxie
Alt, Co-CEO & CMO: In new channels of distribution. Really was excited by e-commerce and other things like that and I met one of
our founders Joe Oblas.
47
Jaxie
Alt, Co-CEO & CMO: And was so inspired by this product, and you know, the ability to say hey let’s build a brand and let’s
launch this in America, how often does that come, you know to your doorstep when you’re a marketer.
48
Jaxie
Alt, Co-CEO & CMO: And I really was so inspired by the idea of working on healthy food every day and putting healthy food into the
world so.
49
Jaxie
Alt, Co-CEO & CMO: I jumped ship and came to Stryve about two and a half years ago, and so happy that I did, and really wake up every
day excited to come in and try to achieve this mission of ours.
50
John
Jannarone, Editor in Chief - IPO Edge: All right, great we’re going to meet Alex Hawkins in a moment, but before we do let’s
see a little video here for a couple of minutes showing what this product looks like I believe that’s the meat slab cut up right
there.
51
*Video
Plays with Music*
57
John
Jannarone, Editor in Chief - IPO Edge: All right, okay now let’s um let’s keep both of you here.
58
John
Jannarone, Editor in Chief - IPO Edge: That was Justin, a quarterback some of you might recognize. Alex thanks for joining.
59
John
Jannarone, Editor in Chief - IPO Edge: we’re going to talk to you in a bit in a minute here, but some I want to talk about some
of the structural tailwinds that are helping a company like Stryve so tell us about that healthier eating and why that’s something
that is going to help you out Jaxie.
60
Jaxie
Alt, Co-CEO & CMO: Sure, I mean obviously you know, health and wellness is a mega trend in America, and people are trying to eat
healthier.
61
Jaxie
Alt, Co-CEO & CMO: So that helps us a lot, also I think Americans have really discovered what sugar does and how it’s really
bad for you and your body and it’s frankly addicting.
62
Jaxie
Alt, Co-CEO & CMO: So a product like ours, with no sugar is something that is very, very appealing to people and it’s interesting
because the name is a bit strange Biltong it’s an Africans word.
63
Jaxie
Alt, Co-CEO & CMO: If I just tell people hey it’s like beef jerky more protein no sugar, people are like ooh let me try it
right?
64
Jaxie
Alt, Co-CEO & CMO: That idea of no sugar low carb is very, very important to people.
65
Jaxie
Alt, Co-CEO & CMO: But I think what’s so different about our product when people are really hungering for no pun intended is
great tasting healthy snacks because so much many times healthy means eh it doesn’t taste good.
66
Jaxie
Alt, Co-CEO & CMO: And our stuff really tastes good. It’s like steak in a bag, right savory it’s not sweet, it has no
sugar but it’s very savory so we actually deliver.
67
Jaxie
Alt, Co-CEO & CMO: You can get a great taste experience and still be healthy, which I think you know, people really want, and they
want it convenient right we’re all in a hurry.
68
Jaxie
Alt, Co-CEO & CMO: So our product, whether you have it at home with the slab and you want to cut it up, but we are, you know, in
bags of sticks are super super portable throw them in your, you know, in the office drawer, your workout bag in your purse whatever.
69
Jaxie
Alt, Co-CEO & CMO: And so those you know convenience, I think, is another mega trend that really helps our business as well.
70
John
Jannarone, Editor in Chief - IPO Edge: Totally all right Alex talk numbers a little bit so we’ve.
71
John
Jannarone, Editor in Chief - IPO Edge: Looked at a lot of different SPAC transactions on this program and written about them. Now there’s
nothing wrong with some of these other businesses that are not going to have any revenue for several years, they’re doing very
ambitious things but.
72
John
Jannarone, Editor in Chief - IPO Edge: I think it’s a pretty big distinction between Stryve, and some of those businesses. Tell
us about the underlying margins, and you know, ability to make profits that this business model has already demonstrated Alex.
73
Alex
Hawkins, COO & CFO: Sure, no it’s a great question, I think I think we are fairly differentiated from a number of other.
74
Alex
Hawkins, COO & CFO: Groups going through this these de-SPAC transactions right now and in large part that’s because, you know
we’re a real revenue business, we have been in business, for a number of years, we have a significant consumer base to see our
products on shelf.
75
Alex
Hawkins, COO & CFO: And we’ve done it in a manner, where we’re vertically integrated and a significant portion of our
businesses is direct to consumer.
76
Alex
Hawkins, COO & CFO: And, and the margin profile that that creates for our business is extremely attractive. The unit economics are
fantastic and based on the way we’ve built the business and the business model of.
77
Alex
Hawkins, COO & CFO: Building excess capacity on the front end. We know the demands coming, we know these consumer trends and what
Jaxie just mentioned are going to continue to propel our growth forward.
78
Alex
Hawkins, COO & CFO: And what this allows us to do with the excess capacity on the front end is to experience significant operating
leverage as we continue to grow our volumes.
79
Alex
Hawkins, COO & CFO: You know, in our in our Q1 numbers that we, you know have gone out with.
80
Alex
Hawkins, COO & CFO: Our gross margin was 39% and that’s with significant operating leverage left to go even in our gross margins
as we continue to put volume through the facility.
81
Alex
Hawkins, COO & CFO: And as we continue to grow we’re going to see operating leverage in our SG&A as well, and so.
82
Alex
Hawkins, COO & CFO: we’re a team that’s focused on profitability and it’s something that’s very important
to us and so we’re, you know, aggressively looking for ways to enhance our margins, to improve our yields and to ultimately become
profitable as soon as practical.
83
John
Jannarone, Editor in Chief - IPO Edge: All right, great um let’s talk about marketing, which is, which is Jaxie’s specialty,
so Jaxie tell us about the company’s strategy overall and how you look at return on investment, when you make these marketing investments.
84
Jaxie
Alt, Co-CEO & CMO: Sure, I mean we have a very tight marketing strategy, I have a few less dollars than I used to have when I was
at the Dr. Pepper Snapple group.
85
Jaxie
Alt, Co-CEO & CMO: So ROI is incredibly important, so we really do three things: we drive awareness, we drive trial we work really
hard on repeat and that repeat is what really makes the whole business model work.
86
Jaxie
Alt, Co-CEO & CMO: And from an awareness standpoint, we really do three things, first of all, we have our own digital media spend
where we are putting out our message to consumers. It’s primarily Facebook Instagram a little bit of tick tock.
87
Jaxie
Alt, Co-CEO & CMO: Google as well, Pinterest, then we have an influencer strategy where we work with about 50 different influencers.
We have two celebrity influencers who are investors in the business Channing Tatum.
88
Jaxie
Alt, Co-CEO & CMO: And Justin Herbert and we’re always looking to sign more those. But then we have a lot of.
89
Jaxie
Alt, Co-CEO & CMO: influencers who have 10,000 to 50,000 to 100,000 followers that are very, very loyal to them and those influencers
talk about our products.
90
Jaxie
Alt, Co-CEO & CMO: and recommend us, and then we have a more traditional PR strategy, so we.
91
Jaxie
Alt, Co-CEO & CMO: have things like Men’s Health just named us the number one snack for men right that gives us credibility.
So we’re talking about ourselves, influencers are talking about us.
92
Jaxie
Alt, Co-CEO & CMO: And then really trusted press sources are talking about us as well, for people to, you know, to become aware of
what is Stryve and what is Biltong.
93
Jaxie
Alt, Co-CEO & CMO: Then trial is, really, really important to us, so we do quite a bit in what I would call the shopper marketing
arena. So how do we actually drive trial.
94
Jaxie
Alt, Co-CEO & CMO: and get people to pull it off the shelf at Sprouts, at Walmart, at Target, at Walla at 7-11, at CVS.
95
Jaxie
Alt, Co-CEO & CMO: We do DEMO sampling as well, which is opening back up obviously when Covid hit demos were stopped and been stopped
for about a year, but they are opening back up and we have really high conversion rate.
96
Jaxie
Alt, Co-CEO & CMO: When we can actually DEMO the product, because it tastes so good, so we can sell quite a bit of product if we
can set up in a grocery store, which we do, we have several field marketing people.
97
Jaxie
Alt, Co-CEO & CMO: Out in markets across the country and we DEMO and use brand ambassadors, so that we can get the brand in front
of people where they’re shopping.
98
Jaxie
Alt, Co-CEO & CMO: We before Covid, we did a lot of races and things like that, where we would sample and we will start doing that,
again, as well as that comes back.
99
Jaxie
Alt, Co-CEO & CMO: And then the last piece of our strategy is really around repeat so we’ve built a very strong email marketing
database list we’re getting up towards half a million names in that now.
100
Jaxie
Alt, Co-CEO & CMO: And we have really loyal consumers that we talk to there and that of course drives our direct to consumer business
quite a bit.
101
Jaxie
Alt, Co-CEO & CMO: But also we can drive people to retail with that. We have an SMS and texting strategy that we use.
102
Jaxie
Alt, Co-CEO & CMO: And then we use innovation as a way to really drive repeat as well. We launched a lot of really new innovative
products we do LTOs limited time offers.
103
Jaxie
Alt, Co-CEO & CMO: On Stryve.com to get people really interested another reason to talk to them and get them to repeat.
104
Jaxie
Alt, Co-CEO & CMO: And get them to come back. So we put all of those things together and that’s really the strategy.
105
Jaxie
Alt, Co-CEO & CMO: And every single thing we look at return on investment. Alex will smile, because you know, he’s very focused,
as am I, don’t have, you know, tons of dollars, that I used to have so I’ve got to make sure they work really hard.
106
Jaxie
Alt, Co-CEO & CMO: And what’s cool about being in a startup is we’re very risk taking so we’ll try a lot, but we’ll
fail fast and then stop doing it and do something else.
107
Jaxie
Alt, Co-CEO & CMO: And we can test, a lot of things and then scale once we we know they they work but we’re very focused on
what’s the return.
108
Jaxie
Alt, Co-CEO & CMO: Very focused especially online on what’s the acquisition cost and what’s the lifetime value of that
customer and making sure that those, you know, that those really make sense and what we’re spending makes sense from, you know,
what the lifetime value of that customer is.
109
John
Jannarone, Editor in Chief - IPO Edge: All right, great I want to talk about your customers for a minute, and you know, I want to again
emphasize the difference between beef jerky and biltong I mean.
110
John
Jannarone, Editor in Chief - IPO Edge: You know, SLIM Jims or something I probably by my parents weren’t very happy about it when
I was 12 years old, but your demos a little bit broader than that right so.
111
John
Jannarone, Editor in Chief - IPO Edge: Tell us tell us.
112
Jaxie
Alt, Co-CEO & CMO: Sure yeah I think that’s like college students right maybe teenagers. Ours is a group we call healthy snack
seekers and we built a consumer segmentation really around.
113
Jaxie
Alt, Co-CEO & CMO: There’s five sub groups of that, but overall we call them healthy snack seekers and.
114
Jaxie
Alt, Co-CEO & CMO: They break down into what we call fit and focus people that are, you know, very, they work out a lot and very
focused on that discipline and dieters people that really watch the calories in calories out.
115
Jaxie
Alt, Co-CEO & CMO: runners cyclists and then what we call families in motion, and these are people who are very active and they really.
116
Jaxie
Alt, Co-CEO & CMO: watch what you know their family eats and they want to set a great example for their family and for their kids
and you put all of those people together and you’ve got over 150 million Americans.
117
Jaxie
Alt, Co-CEO & CMO: And only 25% of those people are actually in the meat snack category today, yet they eat meat. We took all the
vegans and vegetarians out.
118
Jaxie
Alt, Co-CEO & CMO: And what that told us is there’s a massive opportunity here, because the category is not.
119
Jaxie
Alt, Co-CEO & CMO: Relevant to these folks they want to snack, they want to snack healthy but beef jerky doesn’t do it for
them. It’s got nitrates, it’s got sugar, artificial things, it’s processed.
120
Jaxie
Alt, Co-CEO & CMO: And they don’t want that, and so our really sell to our retail partners, which is really exciting is we
bring incremental people to this category.
121
Jaxie
Alt, Co-CEO & CMO: We’re not just stealing share right, we’re bringing people who really care about what they put in
their body.
122
Jaxie
Alt, Co-CEO & CMO: And you know, for instance, you know, our stick has, you know, more than 100%, double, actually more than double
the protein of a Slim Jim right, and we have 50% more.
123
Jaxie
Alt, Co-CEO & CMO: Protein than beef jerky and and no sugar, nothing artificial so truly a simple clean product that.
124
Jaxie
Alt, Co-CEO & CMO: Is really wonderful for people so that’s really the target consumer you’re, you know your kind of
person who has had been eating beef jerky for their whole life.
125
Jaxie
Alt, Co-CEO & CMO: Um that’s not our that’s not our target right and if they’re going to stay with beef jerky but
they’re really not interested in health and wellness we may get a little bit of that because I think our product is actually taste.
126
Jaxie
Alt, Co-CEO & CMO: You know phenomenal um, but mostly it’s this idea of bringing healthy snacks seekers to the category.
127
John
Jannarone, Editor in Chief - IPO Edge: All right, Alex I want to turn back to you. Let’s talk about the vertical vertically integrated
business model and and how that works and gives you an advantage.
128
Alex
Hawkins, COO & CFO: Absolutely, so vertical integration is core to our thesis in anything we do now or in the future we’re
going to want to vertically integrate.
129
Alex
Hawkins, COO & CFO: Being able to control that segment of your supply chain has always been important but, is was absolutely magnified
over the last, you know, two years you know, in the global economy, and so you know when when Stryve set out to build this manufacturing
footprint.
130
Alex
Hawkins, COO & CFO: It like I mentioned earlier, built excess capacity on the front end, a highly automated state of the art facility.
131
Alex
Hawkins, COO & CFO: It’s the largest USA approved facility in the country to do air dried meat manufacturing.
132
Alex
Hawkins, COO & CFO: SQF level two, all the things that you want to have but but what’s really great is it, it creates us as
a true supply chain partner to our customers.
133
Alex
Hawkins, COO & CFO: It allows us to innovate quickly and develop new and test new products and ideas and then are obviously pair
that with our direct to consumer, you know, segment of our business that allows us give real.
134
Alex
Hawkins, COO & CFO: You know, quick in rapid feedback on new new product development and things like that that we put forth.
135
Alex
Hawkins, COO & CFO: And then, it creates you know additional margin for us. We’re not paying a grow packer their margin to
make our products for us and, and that gives us additional dollars.
136
Alex
Hawkins, COO & CFO: To fall to the bottom line to deploy in marketing and other activities in the business to help us continue to
increase our volumes and fill out that excess capacity that we have.
137
Alex
Hawkins, COO & CFO: And, and so you know, that’s obviously something that is a big part of our business and will continue to
be in the future um and hopefully that answers your question.
138
John
Jannarone, Editor in Chief - IPO Edge: Yes, it does great um let’s there are a number of growth drivers here but let’s talk
about M&A. Kalahari and the successful integration you’ve done I don’t know if you guys can both probably speak to this
maybe we’ll start with Jaxie.
139
Jaxie
Alt, Co-CEO & CMO: Yeah I mean I think what’s really exciting is and Alex can walk through it, you know a little bit more of
the detail on on.
140
Jaxie
Alt, Co-CEO & CMO: Because he ran the transaction very successfully, we’re very lucky to have him.
141
Jaxie
Alt, Co-CEO & CMO: But we had an opportunity here. Kalahari is the number one Biltong brand in the natural channels, so used to be
our.
142
Jaxie
Alt, Co-CEO & CMO: Competitor and Kalahari had gone very targeted after natural whereas Stryve has gone more mainstream.
143
Jaxie
Alt, Co-CEO & CMO: We now have both of these brands in house which we now are able to from a consumer perspective control.
144
Jaxie
Alt, Co-CEO & CMO: The category, control the narrative and you know all of the advertising comes from these two brands, so we can
really.
145
Jaxie
Alt, Co-CEO & CMO: Control how we speak about biltong and and what this is and really be the dominant company across all channels,
whether it is any retail channel.
146
Jaxie
Alt, Co-CEO & CMO: Or direct to consumer we’re absolutely dominant. Kalahari was actually we didn’t make Kalahari so
we’re able to bring that in house and vertically integrate that as well, so Alex if you want to speak to any other bit of that.
147
Alex
Hawkins, COO & CFO: Now I mean it’s it’s a a great overview, I mean it was a it was certainly something you know, in
the biltong the world, it was like Pepsi buying Coke right, it was.
148
Alex
Hawkins, COO & CFO: You know the top two competitors in the space, but.
149
Alex
Hawkins, COO & CFO: It’s it was something where you know, we have a core competency in making acquisitions and integrating
businesses and Jaxie obviously has tremendous experience in marketing a portfolio of brands that are generally in the same space and
figuring out how to make those differentiated.
150
Alex
Hawkins, COO & CFO: You know messages to consumers, and so my background is primarily in M&A.
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Alex
Hawkins, COO & CFO: For a long time, and so it was something that we were able to do successfully and and we acquired a couple other
businesses in the past as well and brought the team on, and you know, have really continued to.
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Alex
Hawkins, COO & CFO: You know, perform well in that business.
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John
Jannarone, Editor in Chief - IPO Edge: Great um let’s talk about how you can introduce new categories and bring them under the
existing umbrella. You’ve got a proven track record and, you know, you can scale these out, especially their distribution network
right?
154
Alex
Hawkins, COO & CFO: Yeah that’s right, so you know we have, we built this healthy healthy snacking platform that’s kind
of the thesis here, the first category is gone after is meat sacks.
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Alex
Hawkins, COO & CFO: And we’ve got a playbook and we’re going to execute against that and we have tons of room to run
within meat snacks.
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Alex
Hawkins, COO & CFO: But we’re going to opportunistically look at other categories and and, obviously, if something comes up
for us to expand it, we can do that.
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Alex
Hawkins, COO & CFO: And we’ve proven that we can do that, either through greenfield expansion, building a manufacturing facility
building a brand from scratch.
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Alex
Hawkins, COO & CFO: Or we can do through acquisition, requiring a manufacturing facility or acquiring one we’ve done all of
those things at this point in our.
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Alex
Hawkins, COO & CFO: In our history and so as we continue to move forward, you know we have a team across the board that has the ability
to, you know, manage a much larger enterprises, and it has the experience in doing so, and so, as we think about scaling this platform
that we’ve built.
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Alex
Hawkins, COO & CFO: We can do that in a number of other categories and executing that same playbook and hopefully have a lot of success
in doing so. Jaxie I don’t know if you want to touch on any of the other aspects of how we think about evaluating new categories
or anything like that?
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Jaxie
Alt, Co-CEO & CMO: No I mean we just you know, it all goes back to our mission, we want to help America snack better, but ultimately
that’s eat better, live better right, and so, you know, we any.
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Jaxie
Alt, Co-CEO & CMO: Opportunities are really exciting to us that we say we truly believe that we can make a difference in how people
eat and therefore live healthier, better lives.
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Jaxie
Alt, Co-CEO & CMO: We think vertical integration is absolutely important. We think E commerce, the ability to be omni channel is
very, very important.
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Jaxie
Alt, Co-CEO & CMO: We love categories that are in need of little disruption. The meat snack category you’ve got two players
that have 60 share of the category. That screams hey there we need some disruption here.
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Jaxie
Alt, Co-CEO & CMO: And so we’re looking at categories like that, and as Alex said we’re tremendously excited about the
meat snack categories. It’s an almost $5 billion category.
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Jaxie
Alt, Co-CEO & CMO: But total snacking is 92 billion right so there’s other places to go and look at to continue to expand and
we really believe this is a platform. A healthy snacking you know, and food platform, not just a meat snack company.
167
John
Jannarone, Editor in Chief - IPO Edge: All right, great um you know, you touched on this a little bit earlier let’s let’s
flush it out a bit more Jaxie so.
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John
Jannarone, Editor in Chief - IPO Edge: You have an incredible distribution in place already at some of the most well-known retailers.
Can you tell us about how that happened, and you know how you’re able to get there so quickly and is there potential to grow even
further across some of those big chains.
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Jaxie
Alt, Co-CEO & CMO: Yeah I mean we’ve got a very aggressive, aggressive in a good way sales force and founders, who are quite
aggressive as well, and again in a good way.
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Jaxie
Alt, Co-CEO & CMO: And our product is truly differentiated and when you go to a retailer, and you say I’ve got health and wellness
based product and innovation they’re like check check.
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Jaxie
Alt, Co-CEO & CMO: This is something that has never been done before and.
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Jaxie
Alt, Co-CEO & CMO: It fits in with what consumers are looking for. You know, we, I don’t want to say it was easy because that’s
not the right word to say.
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Jaxie
Alt, Co-CEO & CMO: But we had, you know retailer acceptance and when we said we believe this is incremental to your category we’re
not trying to steal share.
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Jaxie
Alt, Co-CEO & CMO: From the big players we’re actually trying to bring incremental, bring healthy snacks seekers to your category.
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Jaxie
Alt, Co-CEO & CMO: We had a lot of interest and then we’re able to speak as well about our online success and you look at,
you know the the really tremendous.
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Jaxie
Alt, Co-CEO & CMO: Sales that we’re doing on Stryve.com, on Amazon, and then our other branded sites, it really showed our
the retail partners people want this, there’s a market for this and I need to have this in my store.
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John
Jannarone, Editor in Chief - IPO Edge: All right, um so let’s talk about the other channel which you’ve also touched on,
which is DTC and, of course, this is where you can get things like the meat slabs and is that growing quickly and.
178
John
Jannarone, Editor in Chief - IPO Edge: Perhaps there’s some element of the pandemic that maybe people will shop more through that
through that channel?
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Jaxie
Alt, Co-CEO & CMO: Yes, it’s growing very quickly. It’s been a really exciting piece of the business. It’s the
one you feel like you really control, which is, if you’re, you know.
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Jaxie
Alt, Co-CEO & CMO: Alex and I are both a little Type A, and so to have that business and be able to, you know, not be dependent on
what the, you know, the buyer tells you is pretty exciting.
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Jaxie
Alt, Co-CEO & CMO: But yeah I think we were in a good position going into Covid in that we had spent the last six months prepping
for our really big direct to consumer launch.
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Jaxie
Alt, Co-CEO & CMO: That happened in February and then Covid the world really shut down in March, so we say we were very prepared.
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Jaxie
Alt, Co-CEO & CMO: Which was great, but what we’ve seen is yes, absolutely I think, you know, we got more online sales in March,
April, May because people were home right and everyone was on their phones and their computers.
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Jaxie
Alt, Co-CEO & CMO: But we have continued to see it grow and we grow, month after month, so as the world is opening back up and everybody
is on vacation right now, and the airports are flooded and everyone’s hitting the road.
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Jaxie
Alt, Co-CEO & CMO: Our sales continue to grow, and so I think, yes, it did benefit us.
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Jaxie
Alt, Co-CEO & CMO: A little bit, but we have a product that people really want and now, people are back out in the world and throwing
it in their backpack to go on a camping trip and they’re throwing it in the car for the road trip or they’re buying it at
7-11.
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Jaxie
Alt, Co-CEO & CMO: You know or at Wawa when they’re on a drive. We’re at CIBO in the airport, so you know, you’re
in the airport grab it because people want healthy snacks.
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John
Jannarone, Editor in Chief - IPO Edge: All right, um so let’s talk about another opportunity for growth, you know CVS, for instance,
you might have when you first get there, you might have a couple of SKUS, but you can add over time right so tell us how that works.
189
Jaxie
Alt, Co-CEO & CMO: Sure, I mean really for us in terms of retail distribution, you know, we have some great names, but I’d
say we’ve scratched the surface so there’s massive upside for us. We’re in Walmart but we’re not in every Walmart
right.
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Jaxie
Alt, Co-CEO & CMO: And we’re in Target we’re in, you know, in a couple hundred stores, but we’re not chain wide.
191
Jaxie
Alt, Co-CEO & CMO: And then there’s several, you know, big retail grocers and things like that that we’re not in yet
so that’s massive opportunity, but where we are.
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Jaxie
Alt, Co-CEO & CMO: We generally get two SKUS in, and you know with Stryve we get up to 4 to 5 SKUs. With Kalahari two biltong SKUs
and then two of our crisps SKUs and with.
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Jaxie
Alt, Co-CEO & CMO: Vacadillos, we have two to three SKUs as well, so lots of upside in terms of being successful and that’s
what we always strive to do. No pun intended again.
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Jaxie
Alt, Co-CEO & CMO: Is get our velocity up and be you know, we want our retailers to say wow this velocity is outstanding I’m
going to add another SKU.
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Jaxie
Alt, Co-CEO & CMO: Okay I’m going to add Kalahari. Okay I’m going to add Vacadillos or vice versa, depending on what
the retailer is.
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Jaxie
Alt, Co-CEO & CMO: And so we really feel like we’ve got massive growth opportunity and direct to consumer and we can talk to
every single American where they are, whether they want to shop and have it come to their house.
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Jaxie
Alt, Co-CEO & CMO: Through our website or through Amazon we’re there, but then the ability to get more distribution and then
get more SKUs, you know this business is just ready to explode.
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John
Jannarone, Editor in Chief - IPO Edge: All right, we’ve got a bunch of questions coming in, but forgive me, there are a few other
topics I wanted to get into with these guys first.
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John
Jannarone, Editor in Chief - IPO Edge: I want to talk about your facility that’s in place now and how much capacity, it has, I
mean that is to say um it’s not as if you need to build a brand new one, in order to meet demand. Where are you now and and how
big can you get. I’m not sure which one you want to take that.
200
Alex
Hawkins, COO & CFO: Sure, so right now we believe we have about 100 million dollars of revenue capacity installed today.
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Alex
Hawkins, COO & CFO: Which is you know.
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Alex
Hawkins, COO & CFO: Significantly higher than our current run rate volumes that we’re at.
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Alex
Hawkins, COO & CFO: And and with just some modest CAPEX, we can we can nearly double that to around 200 million and allow us to continue
to scale even beyond that, with additional CAPEX.
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Alex
Hawkins, COO & CFO: You know suffice it to say, it’s a highly automated facility and we have a lot of room to grow, without
having to add additional Labor and overhead and things like that.
205
Alex
Hawkins, COO & CFO: Or you know, go build from scratch a brand new facility in order to accommodate growth, you know the.
206
Alex
Hawkins, COO & CFO: Again, the thesis is hey the demand is going to come. Jaxie and her team are going to do a phenomenal job of
growing the sales.
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Alex
Hawkins, COO & CFO: And the retailers are going to pick us up quickly. The last thing we want to have here is us to miss a beat because
we don’t have the capacity to wait to build it right so we’ve built on the front end.
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Alex
Hawkins, COO & CFO: Because there aren’t really any viable alternatives to manufacture this kind of product given the regulatory
landscape with the USDA, you know, we’re it, so we have to make sure we have that capacity on the front end.
209
John
Jannarone, Editor in Chief - IPO Edge: All right, great um I want to talk about valuation quickly so um there obviously no other listed
biltong producers out there.
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John
Jannarone, Editor in Chief - IPO Edge: But I just pulled up some of today’s latest numbers from our friends at Sentio.
211
John
Jannarone, Editor in Chief - IPO Edge: You got beyond meat 10 times 2022 sales . Simply Good Goods 3.7 times.
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John
Jannarone, Editor in Chief - IPO Edge: Tattoo Chef four and a half, based on the latest numbers that are publicly available that were
given to Andina you’re at 2.2 times so Alex, how do we put that in perspective, how are you different from those other players?
213
John
Jannarone, Editor in Chief - IPO Edge: You know it, and you know, in addition, obviously being in a discount are there advantages that
you believe you have?
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Alex
Hawkins, COO & CFO: Yeah I mean I, you know I can’t speak specifically to the other businesses and things like that, but what
I can say is relative to a lot of our peers some that you named or, you know some that you didn’t.
215
Alex
Hawkins, COO & CFO: You know we’re vertically integrated. We’re continuing to grow, we have that margin room and margin
room to continue to scale as that volume comes to the plan.
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Alex
Hawkins, COO & CFO: That’s a it’s a very understated differentiating factor, a lot of the upstart good for you brands
are buying from co-packers and they’re always going to be.
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Alex
Hawkins, COO & CFO: At the mercy of their contract manufacturers and we own that segment of our supply chain.
218
Alex
Hawkins, COO & CFO: Which provides a number of benefits that I’ve already shared and then we have this very significant direct
to consumer emphasis you know, in Q1 it was roughly 43% of our net sales.
219
Alex
Hawkins, COO & CFO: But that also means that we have a very significant wholesale retail business right and that is our omni channel
strategy which we’re going to continue to grow, and so I think there’s a number of things that make us really unique in how
we approach.
220
Alex
Hawkins, COO & CFO: Approach the market, not only from our product being differentiated but also our business model that I think
is extremely valuable.
221
John
Jannarone, Editor in Chief - IPO Edge: All right, great let’s go with some of these questions here.
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John
Jannarone, Editor in Chief - IPO Edge: First of all, I want to talk about the product, I mean is this being produced in the traditional
way and does that mean that you don’t have to put a bunch of garbage in it to.
223
John
Jannarone, Editor in Chief - IPO Edge: To keep it preserved for a long time, and how long does does it last and I think that some of
these other not to bash Slim Jim here, but I think there’s a lot of other stuff in there, that you guys don’t use?
224
Jaxie
Alt, Co-CEO & CMO: Alex you want to take it or you want me to?
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00:35:16.800
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Alex
Hawkins, COO & CFO: No I’m happy to but jump in if you have more to add.
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Alex
Hawkins, COO & CFO: But yeah I mean it’s, it is a really an art. It is an artisanal product, what we make and and.
227
Alex
Hawkins, COO & CFO: The real magic that we’ve been able to accomplish here is how do you figure out how to produce an artisanal
product at commercial scale, with the volume that we’re putting through right and putting out into the marketplace and we’ve
done we believe a fantastic job of that.
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Alex
Hawkins, COO & CFO: And you know largely the way we’re producing it is the way biltong and air dried meats have been produced
for hundreds and hundreds of years.
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Alex
Hawkins, COO & CFO: And that allows it to be this really natural better for you product with none of this other junk that gets put
in a lot of the traditional jerky brands and meat sticks on the marketplace.
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Alex
Hawkins, COO & CFO: You know it’s it’s more complicated than this, but it’s simply, you know, meat spices and some
vinegar right and that’s really generally what goes into the product and and that allows us to have a superior nutritional panel
and and a much cleaner label overall.
231
John
Jannarone, Editor in Chief - IPO Edge: Great and how long does it take to, you know, from start to finish, to produce you know what you
know just, I know you make there’s several varieties, but how long does it take to make it, before it’s you know from from
start to finish.
232
Alex
Hawkins, COO & CFO: So it certainly depends on the products. It’s hard for us to put a fine number on it, but, but like I said
it’s a drying process and it’s artisanal.
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Alex
Hawkins, COO & CFO: And and we have significant regulatory oversight of the USDA in our facility all day, every day, which we love,
because it ensures the highest you know of standards of food safety and quality and and so we’re putting it through, and you know,
drying is it as it comes out.
234
John
Jannarone, Editor in Chief - IPO Edge: All right, great there a few questions here, one thing I just like to point out that comes up
sometimes.
235
John
Jannarone, Editor in Chief - IPO Edge: The ticker will change to I believe SNAX after the merger is consummated but.
236
John
Jannarone, Editor in Chief - IPO Edge: For those of you who might be new to owning SPACs you don’t need to worry about that if
you own shares of ANDA or ANDAW they’ll just flip the ticker will flip in your brokerage account shortly after the close so.
237
John
Jannarone, Editor in Chief - IPO Edge: No need to go out and buy the new ticker if you don’t want to. Let’s go back to any
other questions here about your distribution. When are you going to be in Costco, how many stores, which products and you might already
be there? Um Jaxie?
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Jaxie
Alt, Co-CEO & CMO: We are going to be in Costco very shortly in the Pacific North West so we’re very excited about that and
it happens very soon.
239
John
Jannarone, Editor in Chief - IPO Edge: Okay okay great um let’s turn back and it’s probably for Alex, the M&A strategy,
what is I mean without without giving away details of your pipeline.
240
John
Jannarone, Editor in Chief - IPO Edge: What would you be looking for? Are there more biltong companies out there to buy or would you
be expanding into you know, other product categories like you talked about?
241
Alex
Hawkins, COO & CFO: So what I’d say is, you know, right now we’re focused on meat snacks and growing, you know, within
our our the runway that we have in front of us. We have a number of fantastic brands that we can continue to knock the cover off the
ball.
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Alex
Hawkins, COO & CFO: So that’s our focus that’s our first vertical that we’re going after.
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Alex
Hawkins, COO & CFO: Are there other brands in the meat snacks space that that could be potential targets? I’m sure there are.
244
Alex
Hawkins, COO & CFO: And we’ll evaluate them opportunistically as they come along but it’s not the primary focus. Right
now we are focused on growing the Stryve brand and the Vacadillos brand, and the Kalahari brand, and the Braaitime brand and so and so
forth.
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Alex
Hawkins, COO & CFO: And then, you know, outside of meat snacks again we’ll be opportunistic and we’ll evaluate things
as they come along and as long as they are aligned with our mission, it’s something that we’ll entertain but we’re
more focused on the pathway we have in front of us right now.
246
John
Jannarone, Editor in Chief - IPO Edge: Great um can you talk to talk to us a little bit more about where the meat comes from, is there
a grass fed version?
247
John
Jannarone, Editor in Chief - IPO Edge: Jaxie or Alex.
248
John
Jannarone, Editor in Chief - IPO Edge: Either one.
249
Jaxie
Alt, Co-CEO & CMO: Yeah Alex can talk about where it comes from more, but we do have a grass fed line, we sell it on Thrive Market.
250
Jaxie
Alt, Co-CEO & CMO: They only sell grass fed. We have it in Natural Grocers where they only have grass fed products. We sell it online
as well.
251
Jaxie
Alt, Co-CEO & CMO: It is a more premium cut so it’s more expensive and like I said earlier, we want to make sure that we have
products for all, so the majority of our products are super high quality beef and Alex can talk through that but we absolutely have grass
fed line as well.
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Alex
Hawkins, COO & CFO: Yep that’s right super high quality. We work with a number of different suppliers.
253
Alex
Hawkins, COO & CFO: You know, across the country and we’re actively, you know.
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Alex
Hawkins, COO & CFO: Monitoring the quality as it comes in, you know, in in line with our USDA regulations that were under, again
there on site every day and SQF certification as well.
255
John
Jannarone, Editor in Chief - IPO Edge: Okay, great, um there’s a question here, are there are there any plans for Channing to be
more involved in marketing the same way Justin Herbert is?
256
Jaxie
Alt, Co-CEO & CMO: Sure I’d love for him to. He’s actually shooting a movie right now and he is super busy. I don’t
know if you follow him on Instagram, he’s been posting.
257
Jaxie
Alt, Co-CEO & CMO: From down in the Dominican Republic so he’s quite busy but we love working with him and, yes, we hope you
will see more of him in the future.
258
John
Jannarone, Editor in Chief - IPO Edge: Okay, great question from a Michael who asked another one before, I think, Michael is also a fan
of the product.
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John
Jannarone, Editor in Chief - IPO Edge: Can you talk to us about the margins.
260
John
Jannarone, Editor in Chief - IPO Edge: In DTC vs brick and mortar presumably they’re higher because you don’t have that extra
layer between you and the consumer and are there, what are the strategies to grow more online, you talked about.
261
John
Jannarone, Editor in Chief - IPO Edge: I mean, I guess, maybe marketing helps both channels, but maybe you get some thoughts on that
Jaxie?
262
Jaxie
Alt, Co-CEO & CMO: Sure yeah I mean we have absolutely seen that our, the marketing that we put forth, absolutely helps both channels
and we’ve seen.
263
Jaxie
Alt, Co-CEO & CMO: If we take it down, we’ll get a few of our retail partners, we get weekly sales and we’ll literally
see the sales go down so.
264
Jaxie
Alt, Co-CEO & CMO: We really know we’re hitting the right consumers and some of them want to buy online and some of them want
to buy when they go to Walmart or you know 7-11 or CVS or wherever. We’ll continue to be very focused and we will put most of our,
you know, money will be very digitally based for.
265
Jaxie
Alt, Co-CEO & CMO: The near term because there’s a lot more that we can do there, and then shopper marketing focused. So when
you think about, you know, making sure that we’re really turning in retail that’s really, really important to us.
266
Jaxie
Alt, Co-CEO & CMO: But we’ve barely scratched the surface in terms of the direct to consumer world and all the places that
we can put our messages.
267
Jaxie
Alt, Co-CEO & CMO: We’re very focused right now on to the Google, Instagram Facebook. There are a lot of other places, and
a lot more people.
268
Jaxie
Alt, Co-CEO & CMO: That we can drive awareness of Stryve with, so to me, the direct to consumer business is just, you know, there’s
so much opportunity and that’s one of the you know reasons.
269
Jaxie
Alt, Co-CEO & CMO: For us to do this SPAC is to get more dollars for marketing for working capital and so as I work with my CFO here
to get a little bit more money.
270
Jaxie
Alt, Co-CEO & CMO: To be able to drive even more marketing and get more consumers whether they want to buy on our dotcom or Amazon,
we’re in both places, but we have, you know, a lot of opportunity to talk to many more people.
271
John
Jannarone, Editor in Chief - IPO Edge: All right, great um I think we talked about other product categories, but can you clarify, though,
would you actually be going out of the meat snack category to other things. Uh is there a possibility?
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Jaxie
Alt, Co-CEO & CMO: We’re open to it and Alex jump in, I mean, you know, back to our mission help America snack better, and
that means eat better, and live better so any category where we believe we can really make a difference.
273
Jaxie
Alt, Co-CEO & CMO: And we can use the playbook that we have have done, and we believe we can be successful, we’re interested
in exploring because we.
274
Jaxie
Alt, Co-CEO & CMO: Don’t see ourselves as a meat snack company, we see ourselves as a healthy snack and healthy food company.
Very focused on meat snacks right now. There is a huge opportunity to grow there and.
275
Jaxie
Alt, Co-CEO & CMO: You know, again like I said earlier, $5 billion category. I mean there is a lot of growth to be had there.
276
Jaxie
Alt, Co-CEO & CMO: But you know we really want to meet this mission and so.
277
Jaxie
Alt, Co-CEO & CMO: We’re looking at, you know, there’s the close in categories, when you think about crackers and chips,
right, and the things that are immediate snacking categories, but then you can think broader food categories, you can think about bakery
and supplements and.
278
Jaxie
Alt, Co-CEO & CMO: You know, for all these, this whole world of foods that we could think about and so that’s exciting, you
know, to us to dream and do our long-term planning about where’s this business in three years, in five years, in 10 years.
279
John
Jannarone, Editor in Chief - IPO Edge: Okay, great question here, I think, I think the answer is yes, do Stryve does Stryve manufacture
all your SKUs in house.
280
Alex
Hawkins, COO & CFO: I’d say virtually all of our SKUs. There’s a couple of very, very small things that we currently
are not that are in transition, but you know, the vast majority as being manufactured in house, and you know, if given time will hopefully
be all.
281
John
Jannarone, Editor in Chief - IPO Edge: Okay, great, um, do you have any exposure to to commodity prices, so I, so I guess meat I mean,
I think you know you talked about vinegar and you know, can you hedge and how does that all look like?
282
Alex
Hawkins, COO & CFO: Yeah so I can’t speak to any kind of hedging activities or things like that, but what I can say is that
you know we posted our strongest gross margin.
283
Alex
Hawkins, COO & CFO: You know, in the company in the first quarter of this year, amidst a pretty tough environment, as you think about
commodity price pressure, labor.
284
Alex
Hawkins, COO & CFO: You know challenges that are being experienced across the entire economy and we came in, with a 39.2% gross margin
for the first quarter of this year and we look to continue to.
285
Alex
Hawkins, COO & CFO: You know capitalize on our our vertical integration and our ability to being nimble, and and you know mitigate
any kind of pressure we might have in that because we have much more control of our supply chain.
286
John
Jannarone, Editor in Chief - IPO Edge: um let’s see question here, would you have any expectation of needing to raise more cash
in the near term after de-SPAC and I’m go ahead but that might relate to the the capacity of the facility you wouldn’t need
to build another one anytime soon.
287
Alex
Hawkins, COO & CFO: Yeah, we won’t need to build another facility, a brand new facility or anything like that anytime soon.
We have that capacity in house right now, and you know, we’ll continue to leverage that and leverage our team as we move forward.
288
John
Jannarone, Editor in Chief - IPO Edge: Great are there, tell us a little bit about the competitive landscape, do you see any other big
players out there, there probably are some smaller ones, but are you anticipating any big competitors jumping in and trying to go after
your market?
289
Jaxie
Alt, Co-CEO & CMO: I think they could, I think you know, and Alex can speak to what it takes to actually build a biltong facility.
290
Jaxie
Alt, Co-CEO & CMO: And everything you have to do on the front end and prove to the USDA, you have to invest significant dollars you
can’t just add a little piece on your beef jerky factory.
291
Jaxie
Alt, Co-CEO & CMO: So it could be done, I think we’ve got, Alex, a two to three year head start if somebody decided to do it
right now today and they’ve got to spend a significant amount of money.
292
Jaxie
Alt, Co-CEO & CMO: And I think if you’re a beef jerky company, you know you’re building something that’s better
than your product so.
293
Jaxie
Alt, Co-CEO & CMO: You know, we’ll see if the beef jerky companies decide to do that, but we absolutely believe, of course,
it opportunity people see us growing as fast as we can someone could could try to come in.
294
Jaxie
Alt, Co-CEO & CMO: And do it for sure. We’re first, we’re the biggest and the USDA is quite strict and Alex can speak
more to that on what it takes to get a full grant certification from USDA to produce biltong.
295
Alex
Hawkins, COO & CFO: Yeah it’s it’s it’s no small task and as Jaxie mentioned, you know, our chief manufacturing
officer was one of the pioneers of biltong production or air dried meat production in the United States.
296
Alex
Hawkins, COO & CFO: And spent nearly a decade working in partnership with the USDA just to get them comfortable establishing the
food safety protocols and standards.
297
Alex
Hawkins, COO & CFO: You know that would allow for that commercial scale production of air dried meat in the United States and and
that takes a significant amount of time, effort, energy and dollars.
298
Alex
Hawkins, COO & CFO: Obviously, the more well capitalized a potential competitor is the faster they could probably get it done so
we’re not naive to think that we have this.
299
Alex
Hawkins, COO & CFO: You know, permanent you know status as the only one of scale in the country, but we know that right now we enjoy
that we’re going to continue to attack and gain market share, you know leveraging the assets that we put in place.
300
John
Jannarone, Editor in Chief - IPO Edge: Great um let’s see question here, um assuming the merger closes, would you have you’ll
have significant capital, can we assume to cover all your marketing expenses and so on, so marketing wouldn’t be compromised Jaxie.
301
Jaxie
Alt, Co-CEO & CMO: No.
302
Jaxie
Alt, Co-CEO & CMO: It’s going up.
303
Jaxie
Alt, Co-CEO & CMO: No, yeah we’re good.
304
John
Jannarone, Editor in Chief - IPO Edge: Um let’s see here, um let’s see here, um giving your healthy snack status, do you
plan to use more social media influencers. I think you already have a lot but Jaxie is there a potential to add to that even further?
305
Jaxie
Alt, Co-CEO & CMO: Oh absolutely we’re always looking to add to the roster and looking for more you know brand ambassadors
and.
306
Jaxie
Alt, Co-CEO & CMO: We like to work with people that really like Justin Herbert legitimately eats our product loves our product, so
does Channing, so to the you know, so we don’t want spokespeople.
307
Jaxie
Alt, Co-CEO & CMO: We want people who really believe in our product, and are on this mission with us and so we’re very selective
but absolutely the goal will be to continue to build a bigger, bigger, bigger roster of influencers from the micro all the way up to
celebrity.
308
John
Jannarone, Editor in Chief - IPO Edge: Great uh, this is an interesting question private label is there any private label production
of biltong right now and could you actually get involved with in partnering with someone like trader joe’s.
309
Alex
Hawkins, COO & CFO: I’d love to, no, private label is part of our business.
310
Alex
Hawkins, COO & CFO: And it’s an important part of our business and also something unique to us given our vertical integration
right. We can leverage this facility we have and utilize that excess capacity and produce private label which you know it, I’ll
let Jaxie touch on this if she likes but.
311
Alex
Hawkins, COO & CFO: It’s it’s okay to have the private label brands out there, because we need to raise awareness of
biltong and air dried meat to consumers in the entire country and anyone marketing.
312
Alex
Hawkins, COO & CFO: And having biltong or dried meat available for sale, I think benefits everybody, and so you know, we’re
glad to continue to produce private label for, you know, select accounts.
313
Alex
Hawkins, COO & CFO: And we’ll continue to look to expand that as we grow, but you know, our primary business, obviously, is
branded vertically integrated sales, but as we plan to always have excess capacity we’re going to always have some component I
would think of private label in our in our business.
314
John
Jannarone, Editor in Chief - IPO Edge: Great um, this is an interesting question so obviously there’s a lot of consumer awareness,
but how about investor awareness. Someone saying congrats on a research coverage launch, are you are you hopeful to see more of that
in the near future?
315
Jaxie
Alt, Co-CEO & CMO: Oh yes, for sure.
316
Jaxie
Alt, Co-CEO & CMO: Yes, yes.
317
John
Jannarone, Editor in Chief - IPO Edge: Okay, let’s see, one more here.
318
John
Jannarone, Editor in Chief - IPO Edge: Okay, someone saying it looks like Michael again, he’s saying the slab is his favorite product,
are we going to see that in brick and mortar store soon as I think it’s only online at the moment?
319
Jaxie
Alt, Co-CEO & CMO: Yeah it is sold on Stryve.com and on Amazon right now and we have a robust innovation pipeline, so I don’t
know if I can.
320
Jaxie
Alt, Co-CEO & CMO: 100% give you an answer for that, but I would tell you that it is a great product, we love that product and we’re
looking at how could it, you know be everywhere, because it’s one of our favorites as well.
321
John
Jannarone, Editor in Chief - IPO Edge: Okay someone’s asking about the the shelf life of the of the slab product, is it similar
to the others, and you know this is this is very much a consumer question if if you open it and you refrigerate it, can you keep it for
a long time, how do you store it?
322
Alex
Hawkins, COO & CFO: Yeah it’s it’s generally the same shelf life, I think what you’ll find and some consumers prefer
it, right. The interesting thing about biltong when you go to South Africa is that.
323
Alex
Hawkins, COO & CFO: It’s kind of like barbecue in the United States right. Every different region in the country has their
own kind of flair and that’s the way to do it in their in their area and biltong is similar, so.
324
Alex
Hawkins, COO & CFO: You know, as we continue to scale, in the United States and create awareness, I think people are going to have
their own preferences for.
325
Alex
Hawkins, COO & CFO: They prefer it a little drier, a little wetter so on and so forth right and so.
326
Alex
Hawkins, COO & CFO: Since our product is air dried once it’s out of the bag it’s going to continue to dry right and,
over time, it becomes drier and drier, and some people love it, that’s the way they prefer it, some people prefer it the way it
is the moment you open it up.
327
Alex
Hawkins, COO & CFO: But as far as when it’s in the package it’s got generally the same shelf life as our other products.
328
John
Jannarone, Editor in Chief - IPO Edge: Alright, great well, it looks like we’ve gotten through all the questions here, so thank
you so much, everyone for tuning in especially.
329
John
Jannarone, Editor in Chief - IPO Edge: Well, especially for being here Jaxie and Alex.
332
John
Jannarone, Editor in Chief - IPO Edge: Thank you so much, if you’ve got any further questions for the company Jaxie or Alex send
them to Editor@IPO-Edge.com and we will pass them along but thank you everyone for tuning in. Jaxie and Alex this is great thanks again.
333
Jaxie
Alt, Co-CEO & CMO: Thanks John.
334
Alex
Hawkins, COO & CFO: Thank you.
Forward-Looking
Statements
This
document contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 with respect to the proposed Business Combination between Andina Acquisition Corp.
III, a Cayman Islands exempted company (“Andina”) and Stryve Foods, LLC (“Stryve”) that is the subject of the
Business Combination Agreement entered into by Andina and Stryve, among other parties, on January 28, 2021 (the “Business Combination
Agreement”). Forward-looking statements may be identified by the use of words such as “anticipate”, “may”,
“will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”,
“continue”, “target”, “milestone”, “expect”, “estimate”, “plan”,
“outlook”, “objective”, “guidance” and “project” and other similar expressions that predict
or indicate future events or trends or that are not statements of historical matters, including, but not limited to, statements regarding
Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s
current views and analysis of information currently available. This information is, where applicable, based on estimates, assumptions
and analysis that Stryve believes, as of the date hereof, provide a reasonable basis for the information and statements contained herein.
These forward-looking statements involve various known and unknown risks, uncertainties and other factors, many of which are outside
the control of Andina, Stryve and their respective officers, employees, agents or associates. These risks, uncertainties, assumptions
and other important factors, which could cause actual results to differ materially from those described in these forward-looking statements,
include: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination
Agreement; (ii) the inability to obtain or maintain the listing of Andina’s common stock on Nasdaq following consummation of the
Business Combination; (iii) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders
of Andina or to satisfy other conditions to closing in the Business Combination Agreement; (iv) the inability to meet the minimum cash
requirements of the Business Combination Agreement due to the amount of cash available following any Andina shareholder redemptions or
the inability to consummate a concurrent PIPE financing; (v) the risk that the proposed business combination disrupts current plans and
operations of Stryve as a result of the announcement and consummation of the Business Combination; (vi) costs related to the proposed
business combination; (vii) changes in applicable laws or regulations; (viii) the ability of the combined company to recognize the anticipated
benefits of the proposed business combination or meet its financial and strategic goals, which may be affected by, among other things,
competition, the ability of the combined company to pursue a growth strategy and manage growth profitability, maintain relationships
with customers, suppliers and retailers and retain its management and key employees; (ix) the risk that retailers will choose to limit
or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue
to carry Stryve’s products; (x) the possibility that Andina or Stryve may be adversely affected by other economic, business, and/or
competitive factors; (xi) the effect of the COVID-19 pandemic on Andina and Stryve and their ability to consummate the proposed business
combination; and (xii) other risks and uncertainties described from time to time in the Registration Statement, including those under
the heading “Risk Factors” therein as well as other risks and uncertainties discussed from time to time in other reports
and other public filings with the SEC by Andina.
Actual
results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements
and the assumptions on which those projections and forward-looking statements are based. There can be no assurance that the data contained
herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements
as a predictor of future performance as projected financial information, cost savings, synergies and other information are based on estimates
and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our
control. All information herein speaks only as of (1) the date hereof, in the case of information about Stryve, or (2) the date of such
information, in the case of information from persons other than Stryve. Stryve undertakes no duty to update or revise the information
contained herein. Forecasts and estimates regarding Stryve’s industry and end markets are based on sources that Stryve believes
to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
No
Offer or Solicitation
This
Transcript shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the
proposed Business Combination. This Transcript is for informational purposes only and shall not constitute an offer to sell or the solicitation
of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities
in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities
laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section
10 of the Securities Act of 1933, as amended.
Additional
Information and Where to Find It
This
Transcript relates to a proposed Business Combination between Andina and Stryve. More information about the Business Combination can
be found in the Registration Statement on Form S-4, which was filed with the U.S. Securities and Exchange Commission (“SEC”)
and declared effective by the SEC on June 25, 2021 (the “Registration Statement”), which includes a proxy statement/prospectus,
and in Andina’s other filings with the SEC.
BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF ANDINA ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM
S-4, WHICH WAS FILED WITH THE SEC ON MARCH 31, 2021, AND DECLARED EFFECTIVE BY THE SEC ON JUNE 25, 2021, AND INCLUDES THE DEFINITIVE
PROXY STATEMENT/PROSPECTUS IN CONNECTION WITH ANDINA’S SOLICITATION OF PROXIES FOR ITS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD
TO APPROVE THE PROPOSED BUSINESS COMBINATION BECAUSE THE PROXY STATEMENT/PROSPECTUS CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS COMBINATION. THE DEFINITIVE PROXY STATEMENT/PROSPECTUS WILL BE MAILED TO
SHAREHOLDERS OF ANDINA AS OF JUNE 7, 2021, THE RECORD DATE ESTABLISHED FOR VOTING ON THE PROPOSED BUSINESS COMBINATION.
Shareholders
will also be able to obtain copies of the Registration Statement, including the proxy statement/prospectus, and any other documents filed
by Andina with the SEC, free of charge, at the SEC’s website (www.sec.gov).
Participants
in Solicitation
Andina
and Stryve and their respective directors, executive officers and other members of their management and employees, under SEC rules, may
be deemed to be participants in the solicitation of proxies of Andina’s shareholders in connection with the proposed Business Combination.
Investors and security holders may obtain more detailed information regarding the names and interests of Andina’s directors and
officers in Andina’s filings with the SEC, including the Registration Statement which includes the definitive proxy statement/prospectus
of Andina for the proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names
and interests of Stryve’s directors and officers in the Registration Statement.
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