VANCOUVER, British Columbia--(BUSINESS WIRE)--Eat Well Investment Group Inc. (the “Company” or “Eat Well Group”) (CSE: EWG) is pleased to announce that it has completed its previously announced name and symbol change. At market open on September 2nd, 2021, the Company's common shares will commence trading under the new name, Eat Well Investment Group Inc., and the new stock symbol “EWG”. The new CUSIP will be 27786T109, and the new ISIN number will be CA27786T1093. The share capital of the Company remains unchanged.
In furtherance of its previously disclosed updates to its investment policy to focus on agri-business, foodtech, and plant-based foods with sustainable competitive advantages, Eat Well Group is pleased to present its portfolio of agri-business investments, which are forecasting an aggregate approximate $60,000,000 in revenue and $15,000,000 in gross profit in 2021.
The Company’s President, Marc Aneed, stated “We have an unparalleled vision of developing a vertically integrated plant-based foods Company that is transformational in driving global agribusiness, food tech, and consumer products.”
Company Highlights
- Eat Well Group is a hyper-growth investment Company that owns assets in the heart of the world’s plant-based food ecosystem; with a growing ESG profile
- The Company’s portfolio holdings are part of the #1 global food trend, and with 35% of the world’s pulse proteins supplied from Canada, the portfolio companies are uniquely positioned at the epicenter of grower relationships, supply chains, and innovation to benefit shareholders and consumers alike
- Eat Well Group’s portfolio companies are focused on intellectual property (IP), product portfolio development, people, team capabilities, scale, operating success, and long-term value creation for stakeholders stemming from decades of expertise in strategic investment and product development in plant-based foods. Eat Well Group’s portfolio holdings continue to perfect and optimize for healthier, tastier foods
- The Company expects significant growth over the next several years due to expanded markets in the USA and other international jurisdictions, combined with the trust and traceability of the Eat Well Group’s portfolio products. The portfolio companies currently sell to customers in over 50 countries worldwide
- The Company offers investors the opportunity to invest in the entire value chain, from seed-to-market, not a single brand or a single piece of the value chain
- The Company is on track to generate $60,000,000 in revenue this year with strong positive EBITDA, yet trades at a dramatically lower multiple than competitors. Management believes this is because Eat Well Group is a brand-new Company
“Given the size and scale of our operations, if you’re a plant-based foods consumer you’ve likely already tried Eat Well Group’s products but may not know it yet. From the “who’s who” B2B partners to the Company’s emergent eCommerce channels and select brick & mortar relationships, Eat Well Group’s proteins, starches, and fibers are now common ingredients in many everyday foods & CPG products from, snacks, pastas, breads, plant-based meats, and milks/beverages,” commented Mark Coles, the Company’s Head of M&A and strategic advisor. “This name change better reflects our new focus and our desired path to own a significant portion of the global plant-based foods market.”
Eat Well Group is actively looking for further investments to complement the current portfolio companies and the Company will not consider investments in the cannabis industry.
Eat Well Group has begun a North American digital and marketing awareness campaign which includes press initiatives, advertising, and social media. These marketing and awareness programs include engagements with arm's-length parties for an average aggregate gross expenditure of $86,666 monthly over a 6-12-month period. Additionally, the Company has begun a European digital and marketing awareness campaign which includes press initiatives, advertising, and social media. The aggregate gross expenditure for the European marketing campaign is €33,333 per month over a 12-month period paid up-front. The Company has engaged the following service providers for the marketing and awareness campaign:
- OF IR Group Ltd. -- Calgary, A.B.;
- Sagacity Capital Media – Ontario;
- 1830012 Ontario Ltd. o/a Circadian Group, Ontario;
- BDA International -- New York, NY.;
- Native Ads, Inc. – New York, NY.;
- Romatex Trading AG – Appenzell, Switzerland
The Company has also granted an additional 500,000 stock options and 1,120,000 restricted stock units (“RSU’s”) to certain officers, directors, and other eligible persons of the Company.
ABOUT EAT WELL INVESTMENT GROUP INC.
Eat Well Investment Group Inc is an investment Company primarily focused on high-growth companies in the agribusiness, foodtech, plant-based and ESG (environmental, social and governance) sectors. Eat Well Group’s management team has an extensive record of sourcing, financing and building successful companies across a broad range of industries and maintains a current investment mandate on the health/wellness industry. The team has financed and invested in early-stage venture companies for greater than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws (collectively, “forward-looking information”). Forward-looking information are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking information in this news release includes, without limitation, statements relating to the future financial performance of the Company’s investee entities, the anticipated consolidated financial results associated with the portfolio companies. Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to the ability of the Company to execute its business plan. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. Such risks include, without limitation: the failure to negotiate and execute additional investments in target industries, the ability of the Company to complete investments in a timely manner or at all; the receipt of requisite approvals to complete the additional investments; the ability of the Company to realize the expected benefits and synergies of investments; unexpected disruptions to the operations and businesses of the Company and investee entities as a result of the COVID-19 global pandemic or other disease outbreaks including a resurgence in the cases of COVID-19; the ability of the Company to comply with applicable government regulations in a regulated industry; any change in accounting practices or treatment affecting the consolidation of financial results adverse market conditions; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; costs of inputs; crop failures; litigation; currency fluctuations; competition; availability of capital and financing on acceptable terms; industry consolidation; loss of key management and/or employees; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. For more information on the Company and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Financial Outlook.
The Company and its management believe that the estimated revenues contained in this press release are reasonable as of the date hereof and are based on management's current views, strategies, expectations, assumptions and forecasts, and have been calculated using accounting policies that are generally consistent with the Company's current accounting policies. These estimates are considered future-oriented financial outlooks and financial information (collectively, "FOFI") under applicable securities laws. These estimates and any other FOFI included herein have been approved by management of the Company as of the date hereof. Such FOFI are provided for the purposes of presenting information about management's current expectations and goals relating to the Company’s investments. However, because this information is highly subjective and subject to numerous risks, including the risks discussed above under "Disclaimer for Forward Looking Statements", it should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the FOFI prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although management of the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any FOFI, whether as a result of new information, future events or otherwise, except as required by securities laws.
Non-IFRS Measures
This press release includes reference to "EBITDA" which is a non-International Financial Reporting Standards ("IFRS") financial measures. Non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest, tax, depreciation and amortization. EBITDA has no direct, comparable IFRS financial measure. The Company has used or included EBITDA solely to provide investors with added insight into the Company’s and the potential financial performance. Readers are cautioned that such non-IFRS measures may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
