Odd Burger secures land for new 50,000 square foot food manufacturing facility
LONDON, ON, July 6, 2022 /CNW/ – Odd Burger Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9), one of the world’s first vegan fast food chains and the first to go public, announced today that she got a piece of land London, Ontario for the development of a new 50,000 square foot food manufacturing facility.
The 5.5 acre parcel of land was purchased from City of London and approved by the city council on July the 5th2022. The site is located on Innovation Drive, an industrial park created by the City of London to attract innovative and sustainable manufacturing companies to the region. The site is fully serviced by municipal services including water, sewer, storm drainage and has access to sufficient electrical and natural gas utilities. The land will initially house a new 50,000 square foot building and can be expanded to nearly 150,000 square feet of building space if the need arises to increase manufacturing capacity in the future.
The new facility, when completed, is expected to be operated by Odd Burger’s food technology and manufacturing subsidiary, Preposterous Foods Inc., and is expected to produce the company’s innovative line of plant-based proteins and dairy-free sauces. The increased capacity, when completed, of the new facility will allow Preposterous Foods to support hundreds of Odd Burger franchised restaurants across North America, as well as providing selected products to external foodservice customers. With the new expansion, Preposterous Foods also plans to launch a line of retail products, which will be for sale in grocery stores and direct-to-consumer channels.
Odd Burger worked closely with the London Economic Development Corporation (LEDC) to secure the land purchase agreement for the City of London and will continue this partnership throughout the construction process as well as in the operational phase of the installation.
“We are delighted to begin this new chapter of growth for our business and believe that London is the best place in the world to realize our vision of a more sustainable future,” said James McInnes, co-founder and CEO of Odd Burger. “We are going to create one of from Canada the most advanced plant-based food manufacturing facilities and we believe that with this investment, we will be able to bring about a significant change in the industry by creating more affordable, healthy and sustainable foods.
“Odd Burger is an innovative addition to our thriving protein cluster in London,” said Kapil Lakhotia, President and CEO of LEDC. “Our industrial land, infrastructure, talent and supply chains continue to challenge London on the radar for sustainable food production and plant-based protein development.”
Preposterous Foods engaged Mallot Creek Group Inc. to assist the company with plant design and equipment specifications, as well as process engineering. Mallot Creek is one of from Canada leading experts in food and beverage manufacturing and has been involved in some from Canada the largest industrial food projects. Once the design phase is complete with Mallot Creek, Preposterous Foods will submit permits to the City of London and start the building process. The facility is expected to take between one and two years to build once permits are approved and is expected to create between 50 and 100 jobs in London, Ontario once fully operational.
“This Odd Burger investment is just the latest in a long list of recent examples of why London the economy continues to be among the best of all Canada,” said Josh Morganacting mayor of London, ON. “As a consultant, and with the strong support of LEDC, we have worked exceptionally hard to ensure that businesses and industries choose London when it comes time to launch or expand their business. On behalf of the Board, I wish Odd Burger only success in the years to come.”
In March 2022, Odd Burger signed a regional representation agreement with Sai-Ganesh Enterprises to bring 36 additional locations to Alberta and British Columbia over the next 7 years. In June 2022, Odd Burger signed a second Regional Representative Agreement for Ontario with Starke Corporation which will bring 40 new locations to the province over 8 years. In total, Odd Burger has 92 locations operational or under regional representation agreements in Canada, making it one of the fastest growing vegan restaurant chains in the country. Odd Burger is also seeking similar development deals in the US as it plans to launch its first set of locations outside of Canada.
Securing area representation agreements in territories across North America provides Odd Burger with contractual growth targets. These agreements allow the company to better anticipate its manufacturing needs in the future and to make strategic investments to meet this demand.
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About Odd Burger Corporation
Odd Burger Corporation is a chain of company-owned and franchised vegan fast food restaurants and food technology company that manufactures and distributes a line of plant-based protein and dairy alternatives under the Preposterous Foods brand to restaurant chains . Odd Burger restaurants operate as smart kitchens, using cutting-edge cooking technology and automation solutions to deliver a delicious dining experience for customers seeking healthier, more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain as well as healthier ingredients, Odd Burger is revolutionizing the fast food industry. by creating guilt-free fast food. Odd Burger Corporation is listed on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF and on the Frankfurt Stock Exchange under IA9. For more information, visit https://www.oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements relating to, among other things, the Company’s strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “expect”, “intend”, “estimate” , “anticipate”, “believe”, “plan”, “goal” and “continue” and words and phrases of similar scope. Forward-looking information contained or referred to in this press release includes statements regarding, but is not limited to: the completion of the new manufacturing facility, the impact of the development agreement in the areas discussed; the expected future expansion of Odd Burger locations and the number of franchises and the benefits the Company expects to derive therefrom; as well as the number of outlets to be opened and the Canada Small Business Financing Program discussed here. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain important factors or assumptions are applied to make forward-looking statements, and actual results may differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: funding risk, general business and economic conditions (including, but not limited to, changes ); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Odd Burger Corporation
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