The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V)
(FSE: 0SI) (“VERY GOOD” or the “Company”), a leading
plant-based food technology company, today is announcing changes to
both its board of directors (the “Board”) and the Senior
Leadership team.
VERY GOOD is announcing that Mitchell Scott, co-founder and CEO
of VERY GOOD, will be stepping down from his role as director and
Chairman of the Board effective immediately, resulting in the Board
consisting of a majority of independent directors on a go forward
basis. A search is under way to fill the vacancy that has been
created.
“Having a majority of independent directors is an important step
in enhancing our corporate governance,” said Mitchell Scott,
co-founder and CEO of VERY GOOD. “As we grow and mature as a
publicly listed company, we are committed to strengthening our
Board, as well as our corporate governance policies and
initiatives.”
Additionally, the Company announced today that its Board has
formed a Nominating and Governance Committee (the
“Committee”) comprised of its three independent directors,
Dela Salem, Bill Tolany and Justin Steinbach. The Committee will
provide governance leadership to the Company and will be
responsible for further developing, enhancing, and recommending the
Company’s governance guidelines and initiatives, as well as
overseeing the self-evaluation of the Board. The Committee will
also be responsible for identifying and recommending nominees for
election to the Board, in conjunction with search firms in Canada
and the U.S.
VERY GOOD is also pleased to announce the appointment of Janet
Meiklejohn to the role of Vice President of Finance & Investor
Relations and member of the Senior Leadership Team. Prior to
joining VERY GOOD, Janet was the principal of Emerald Capital, a
consulting company providing CFO, strategic, valuation, corporate
governance and marketing services to high growth companies. Prior
to that, she was VP Institutional Equity Sales with numerous
Canadian investment banks, including Desjardins Securities,
National Bank, and Macquarie Capital, from 1997 to 2015. She
recently joined the Board of Directors of Forum Energy Metals, a
publicly listed company on the TSX-V. Janet is a CPA (CA) and has
an MBA from the Ivey School of Business at the University of
Western Ontario.
“We are pleased to welcome Janet to the team,” said Mitchell
Scott. “Janet’s depth of knowledge in capital markets and her
governance and marketing experience will be invaluable,
particularly with our recent listing on the Nasdaq. Her experience
in her former role as CFO of a high growth private bioscience
company also will provide support to the interim CFO, Anna Silva,
and her team.”
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.
Forward-Looking Statements
This news release contains “forward-looking information” within
the meaning of applicable securities laws in Canada and
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995, including
Section 21E of the Securities Exchange Act of 1934, as amended
(collectively referred to as “forward-looking information”), for
the purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate
for other purposes. Forward-looking information may be identified
by words such as “plans”, “proposed”, “expects”, “anticipates”,
“intends”, “estimates”, “may”, “will”, and similar expressions.
Forward-looking information contained or referred to in this news
release includes information regarding the impact of changes to the
Board, committees and management. Forward-looking information is
based on a number of factors and assumptions which have been used
to develop such information, but which may prove to be incorrect
including, but not limited to, material assumptions with respect to
VERY GOOD’s ability to recruit additional high quality independent
Board candidates and its ability to attract and retain executive
talent generally, no significant disruptions in VERY GOOD’s supply
chain and distribution network including as a result of recent
severe flooding in British Columbia, continued strong demand for
VERY GOOD’s products, continued growth of the popularity of meat
alternatives and the plant-based food industry, the availability of
sufficient financing on reasonable terms to fund VERY GOOD’s
capital and operating requirements, the successful placement of
VERY GOOD’s products in retail stores and continued wholesale
expansion and eCommerce growth, VERY GOOD’s ability to successfully
enter new markets and manage its international expansion, VERY
GOOD’s ability to obtain the necessary production equipment, the
availability of labour as well as the accuracy of construction and
ramp-up schedules, including the timely receipt of required
permits, and accuracy of cost estimates for the commissioning of
production lines at VERY GOOD’s Rupert and Patterson facilities,
VERY GOOD’s relationship with its suppliers, distributors and
third-party logistics providers, and the Company’s ability to
position VERY GOOD competitively. Although the Company believes
that the expectations reflected in such forward-looking information
are reasonable, undue reliance should not be placed on
forward-looking information because VERY GOOD can give no assurance
that such expectations will prove to be correct. Risks and
uncertainties that could cause actual results, performance or
achievements of VERY GOOD to differ materially from those expressed
or implied in such forward-looking information include, among
others, the impact of, uncertainties and risks associated with the
ongoing COVID-19 pandemic, negative cash flow and future financing
requirements to sustain and grow operations, limited history of
operations and revenues and no history of earnings or dividends,
expansion of facilities, competition, availability of raw
materials, dependence on senior management and key personnel,
availability of labour, general business risk and liability,
regulation of the food industry, change in laws, regulations and
guidelines, compliance with laws, unfavourable publicity or
consumer perception, product liability and product recalls, risks
related to intellectual property, difficulties with forecasts,
management of growth and litigation. For a more comprehensive
discussion of the risks faced by VERY GOOD, please refer to VERY
GOOD's most recent Annual Information Form filed with Canadian
securities regulatory authorities at www.sedar.com and as an
exhibit to the registration statement on Form F-10 filed with the
SEC and available at www.sec.gov. The forward-looking information
in this news release reflects the current expectations, assumptions
and/or beliefs of the Company based on information currently
available. Any forward-looking information speaks only as of the
date of this news release. VERY GOOD undertakes no obligation to
publicly update or revise any forward-looking information whether
as a result of new information, future events or otherwise, except
as otherwise required by law. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement.
None of the Nasdaq, TSX Venture Exchange, the SEC or any other
securities regulator has either approved or disapproved the
contents of this news release. None of the Nasdaq, the TSX Venture
Exchange or its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange), the SEC or
any other securities regulator accepts responsibility for the
adequacy or accuracy of this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211216005413/en/
Audrey Sahl audrey@rkpr.net 929-353-1208
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