YAVNE, Israel, Jan. 9, 2023
/PRNewswire/ -- G. Willi-Food International Ltd.
(NASDAQ: WILC) (the "Company" or "Willi Food"),
a global food company engaging directly and through subsidiaries,
in the design, import, marketing and distribution of a broad range
of food products, announced today that, on January 4, 2023, it received a letter from The
Nasdaq Stock Market ("Nasdaq") notifying the Company that it is no
longer in compliance with Nasdaq Listing Rules 5620(a) and 5620(c)
because it did not hold an annual meeting of shareholders within
twelve months of the end of the Company's fiscal year-ended
December 21, 2021.
The letter states that the Company has 45 calendar days, or
until February 20, 2023, to submit a
plan to regain compliance. If such plan is accepted by Nasdaq, it
can grant the Company an exception of up to 180 calendar days from
the fiscal year end, or until June 29,
2023, to regain compliance.
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.co.il)
is an Israeli-based company specializing in high-quality,
great-tasting kosher food products. Willi-Food is engaged directly
and through its subsidiaries in the design, import, marketing and
distribution of a wide variety of over 600 food products
world-wide. The Company's products are marketed and sold to
approximately 1,500 customers and 3,000 selling points in
Israel, including to supermarket
chains, wholesalers and institutional consumers. The Company
markets most of its products under the brand name "Willi-Food," and
some of its chilled and frozen products under the brand name "Euro
European Dairies." Certain products are marketed under brand names
of other manufacturers or under other brand names. In addition, the
Company distributes some of its products on an exclusive basis
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to: monetary risks including changes in currency exchange
rates- especially the NIS/U.S. Dollar exchange rate, payment
default by any of our major clients, the loss of one of more of our
key personnel, changes in laws and regulations, including those
relating to the food distribution industry, and inability to meet
and maintain regulatory qualifications and approvals for our
products, termination of arrangements with our suppliers, in
particular Arla Foods, loss of one or more of our principal
clients, increase or decrease in global purchase prices of food
products, increasing levels of competition in Israel and other markets in which we do
business, changes in economic conditions in Israel, including in particular economic
conditions in the Company's core markets, our inability to
accurately predict consumption of our products, our inability to
successfully integrate our recent acquisitions, insurance coverage
not sufficient enough to cover losses of product liability claims
and risks associated with product liability claims. We cannot
guarantee future results, levels of activity, performance or
achievements. The matters discussed in this press release also
involve risks and uncertainties summarized under the heading "Risk
Factors" in the Company's Annual Report on Form 20-F for the year
ended December 31, 2021, filed with
the Securities and Exchange Commission on March 15, 2022. These factors are updated from
time to time through the filing of reports and registration
statements with the Securities and Exchange Commission. We do not
assume any obligation to update the forward-looking information
contained in this press release.
Logo -
https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg
Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial
Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
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SOURCE G. Willi-Food International Ltd.
