VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Blender Bites Ltd. (the "Company", "Blender Bites" or "Blender"), (CSE: BITE, FWB: JL4, WKN: A3DMEJ), an award winning Canadian company involved in the development and marketing of a line of premium, organic and plant-based pre-portioned frozen functional foods, is pleased to announce that it has finalized product formulations, and is awaiting final packaging materials and product art work, in connection with a two-year private label business contract (the "Contract") entered into with a large Canadian retailer (the "Retailer"), dated November 25, 2022. The Contract allows Blender Bites to create a new line of exclusive smoothie flavours under the Retailer's private label brand of organic smoothies.
As part of the Contract, the Company will supply the Retailer with three flavours of smoothie mixes for their private label branding with an anticipated launch in September 2023. The new line of smoothies will be available under multiple banners in approximately 300 of the Retailer's stores across Quebec and Ontario. The Company will be responsible for the costs associated with developing the initial product mix for the Retailer, following which the Retailer will be entitled to purchase product from the Company at a fixed cost during the term of the Contract.
As a retailer, franchisor, distributor, and manufacturer, the Retailer operates and/or services a network of 963 food stores under several banners as well as 649 drugstores, making the Retailer a food and pharmacy leader in Québec and Ontario. The Contract presents an opportunity for sales and revenue growth given the Retailer's large existing consumer-base, as well as its network of some 1,600 points of sale, and 15 distribution centers.
"We are thrilled to be advancing our partnership with one of Canada's leading grocers as private label partners for their new line of organic smoothies. As more and more North American retailers put a focus on building out their own private label brands, we have made the strategic decision to capitalize on both branded and private label opportunities. Private label could be a great profit center for the business as it includes far less deductions and marketing expenses than the branded side and it comes with multi-year contracts. With profitability top of mind more than ever, the Company is actively working on multiple private label opportunities in both Canada and the US which should help to strengthen revenues and diversify our offerings," stated Chelsie Hodge, the Company's CEO and Founder.
ABOUT BLENDER BITES
Blender Bites is an award winning Canadian company involved in the development and marketing of a line of premium frozen food products with a focus on functionality. Blender Bites was founded in 2016 and was first to market in Western Canada with a pre-portioned "easy smoothie" product that is free of any unnecessary inner plastic packaging. Blender Bites products are certified organic, vegan, non-GMO, gluten free, dairy free and soy free. They contain no added sugars and are made in Canada. Blender Bites products are distributed internationally across Canada and the US, and are currently sold in over 900 stores, including Sobeys, Loblaws, Safeway, Save on Foods, Real Canadian Superstore, Whole Foods Market, Buy-Low/Nesters, IGA, Thrifty and Fresh Street.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email - chelsie@blenderbites.com
Telephone - 236-521-0626
For further information, contact Blender IR Team at:
Email - investors@blenderbites.com
Telephone - 1-888-997-2055
CAUTIONARY DISCLAIMER STATEMENT
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
