American Manganese Inc ("Company"), (TSXV:AMY)(OTCQB:AMYZF)(FRA:2AM), doing business as RecycLiCo Battery Materials, a pioneer in advanced lithium-ion battery recycling and upcycling, and its R&D partner Kemetco Research Inc. ("Kemetco") is pleased to announce that the leach section of its technology defining demonstration plant project has achieved 163% of the demonstration plant's designed processing capacity of 500 kgday for lithium-ion battery cathode scraps
The RecycLiCo™ demonstration plant testing schedule consists of an organized approach that evaluates individual processing steps with scaled up equipment and different commercially available lithium-ion battery waste feed material in comparison to the laboratory and pilot plant scale tests. In the instance of the demonstration plant's leaching stage, the increase in processing capacity can be attributed to the effectiveness of the company's patented process, equipment selection, and operational expertise. The optimized processing parameters that exceeded calculated expectations will be used as data points for the upcoming commercial plant design.
"Within the same demonstration plant footprint, we continue to redefine our patented process's capabilities that could translate into improved economics, environmental benefits, and plant size requirements when evaluating our commercialization strategy," said Zarko Meseldzija, CTO of American Manganese. "I'm excited by the continued possibilities and added value of the RecycLiCo process as we continue to test, de-risk, and optimize the demonstration plant project."
The Company will continue to report its progress throughout the staged tests of the demonstration plant.
American Manganese Inc, doing business as RecycLiCo Battery Materials, is a battery materials company focused on recycling and upcycling lithium-ion battery waste. With minimal processing steps and up to 100% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
Kemetco Research is a private sector integrated science, technology, and innovation company. Their Contract Sciences operation provides laboratory analysis and testing, field work, bench scale studies, pilot plant investigations, consulting services, applied research and development for both industry and government. Their clients range from start-up companies developing new technologies through to large multinational corporations with proven processes.
Kemetco provides scientific expertise in the fields of Specialty Analytical Chemistry, Chemical Process and Extractive Metallurgy. Because Kemetco carries out research in many different fields, it can offer a broader range of backgrounds and expertise than most laboratories.
American Manganese Inc. Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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It’s no secret that lithium-ion batteries power the modern world, and all signs point to them being an absolute necessity for future technology. The global market for lithium-ion batteries is anticipated to register a CAGR of 20.1 percent between 2021-2026, resulting in a market size of US$168 billion in 2026, a substantial increase from US$46.8 billion in 2019. The stationary energy storage market is expected to drive the market growth, with applications reaching across many industries, from telecoms to solar power generation systems. Lithium-ion batteries are so important to the future that US President Biden issued an executive order declaring a list of metals that are critical to the United States, signaling the vital importance of these metals.
Scientists and engineers around the world are racing towards the development of various lithium-ion battery recycling techniques. The projected surge in demand for these batteries creates an accompanying surge in batteries that need to be recycled 5-8 years later. Much of the research into recycling lithium-ion batteries focuses on reclaiming batteries and giving them second-life applications. However, there are other opportunities to create profitable upcycling processes that make use of production scrap and other waste materials. These recycling and upcycling processes focus on extracting valuable materials from lithium-ion batteries that can be directly used in the production of new batteries.
American Manganese Inc. (TSXV:AMY,OTCQB:AMYZF,FSE:2AM) is a technology and critical metals-driven company that is focused on advanced lithium-ion battery upcycling. The company owns two patents (US Patent No. 10,246,343 and US Patent No. 10,308,523) that power its innovative upcycling process. It also owns patents for this process in Japan and Korea. This closed-loop process takes battery manufacturing waste and end-of-life batteries and upcycles them into a high-value cathode precursor material. The company also has three mining projects located in the United States and Canada.
Lithium-ion batteries are a 31 percent active cathode material, which is a combination of lithium, nickel, manganese and cobalt. For example, modern cathodes such as lithium nickel manganese cobalt oxide and lithium nickel cobalt aluminum oxide are used in electric vehicles today. The cost of the active cathode material represents 25 percent of the total costs of lithium-ion batteries. This makes the active cathode material an important aspect of lithium-ion battery manufacturing. American Manganese has pioneered a process, called RecycLiCo, that takes battery cathode production waste and black mass from end-of-life batteries and upcycles it into high value cathode precursor material that can be directly integrated into the battery manufacturing process.
RecycLiCo is the company’s flagship project and a clear indicator of the renewed direction of the company. While American Manganese began as a mining company, they’ve since pivoted to developing and commercializing its patented upcycling process. The process is focused on “black mass” a dark substance that’s created by mechanical size reduction of end-of-life batteries and battery production wastes. Black mass is used in the RecycLiCo process to recover 99 percent of lithium, cobalt, nickel and manganese, which is astounding compared to the alternative which recovers no lithium and only 40-60 percent of nickel and cobalt.
“Generally, you can mechanically break down a battery into its individual components but we differentiate [between recycling and upcycling] by creating a higher-value product. That’s exactly what we’re doing with the production of the cathode precursor. We highlight the importance of reducing the amount of steps and going directly into a higher-value product,” said Zarko Meseldzija, chief technology officer, in a recent interview.
The current roadmap for the RecycLiCo process is to grow the project from a pilot plant and R&D into a demonstration plant. The company has committed $2.7 million towards the construction and testing of its demonstration plant which plans to further de-risk the process scale-up. Assuming the success of a demonstration plant, the next step is to create a commercial plant, which will cost an estimated $15-20 million. At this time, the company will explore licensing and joint development partnerships to further expand. In October 2021, American Manganese closed a $20 million financing with institutional investors to go towards its road to commercialization.
The RecycLiCo™ Patented Process: Innovative Lithium-ion Battery Recycling
RecycLiCo is a patented process for the upcycling of lithium-ion battery black mass and scrap materials. Black mass is created by mechanical size reduction of end-of-life lithium-ion batteries that contains valuable and critical materials such as lithium, nickel, manganese, and cobalt.
The RecycLiCo process extracts over 99% of lithium, cobalt, nickel and manganese from lithium-ion battery cathode materials. It is planned to directly integrate the upcycled materials into the re-manufacturing of lithium-ion batteries in gigafactories located around the world.
The existing alternative to RecycLiCo’s process is smelting. This process generates 2 tonnes of CO2 per tonne of metal, making it environmentally unsound. From a strictly financial perspective, smelting only recovers about 40-60% of the nickel and cobalt in lithium-ion batteries and does not recover any lithium. There are also specific additional steps and further refining that must take place before a usable product is created.
The RecycLiCo process is patented in the United States, Japan and Korea. American Manganese has already proven that their process works in a pilot plant. The next phase of the operation is to build a demonstration plant with a 500 kilogram/day capacity of lithium-ion battery cathode scrap material. Once this demonstration plant has fully illustrated the economic feasibility of the process, the next step is to develop a commercial plant capable of processing 5 tonnes/day.
In October 2020, the United States Defense Logistics Agency (DLA) awarded American Manganese a grant to perform lab-scale work on the United States Government’s manganese ore stockpile located near Wenden, Arizona, with the goal of confirming the viability of using the Company’s patented hydrometallurgical process to produce electrolytic manganese metal (EMM) from the stockpile.
Manganese is listed by the U.S. Government as a critical mineral, one of 14 minerals or metals for which the U.S. is 100% import dependent. EMM is on the acquisition list for the U.S. National Defense Stockpile. The global manganese market is greater than 41 billion pounds per year, with manganese the world’s fourth most-traded metal. There is no substitute for manganese in the production of steel.
Larry Reaugh has 55+ years’ experience in the mining industry and for the past thirty-seven years he has been the CEO and President of several exploration, development and production companies including 12 years in internet and technology breakthroughs listed on the TSX, TSX Venture and NASDAQ exchanges. Several of his companies have made significant discoveries, three of which (gold/silver) went on to be producing mines. Reaugh founded American Manganese Inc. in 1998 and has served as its President and CEO since that time. Through his career, Mr. Reaugh has raised in excess of $300 million.
Shaheem Ali is a finance and business management professional with 10 years’ experience in operations management, full cycle accounting, systems development and people management. Proven record of implementing financial and operational processes reducing operations costs and improved internal controls with Alderwoods Group Inc. where his experience includes governance and regulatory fund compliance with various states.
Zarko Meseldzija has a range of industry experience working with one of Canada’s largest energy companies and an innovation-driven process systems company. Meseldzija has deep insight into project management of multi-million-dollar projects and hydrometallurgical process development projects. He is also an owner of an independent consulting firm that focuses on the entire life cycle of the lithium-ion battery supply chain, including the recycling of critical materials. Meseldzija holds a BSc. in Mining Engineering from the University of Alberta and is a registered engineer with the Engineers and Geoscientists of British Columbia. He obtained his Management of Technology MBA from the Beedie School of Business with a focus on sustainability and innovation.
Teresa Piorun has been with the Reaugh Group of Companies for thirty years. Piorun is a senior corporate officer with wide-ranging responsibilities, serving as a focal point for communication with the board of directors, senior management and the company’s shareholders, and occupies a key role in the administration of critical corporate matters. She is the confidant and advisor to the CEO and other members of senior management, particularly on corporate governance affairs.
Dr. Hildebrand has been a practicing lawyer in British Columbia for over 40 years and has a doctorate in economics in addition to his law degree and Master of Science degree in mathematics. He was previously a director of AMY from 2007 to 2013.
American Manganese Inc ("Company"), (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) doing business as RecycLiCo Battery Materials, a pioneer in advanced lithium-ion battery recycling and upcycling, is pleased to announce that it is receiving advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support a feasibility study to target the removal of fluoride from black mass containing high concentrations of fluoride
When a lithium-ion battery reaches its end-of-life, the battery undergoes a mechanical pre-treatment method that produces a black mass material containing lithium, nickel, manganese, cobalt, and unwanted impurities such as fluoride. These impurities can cause significant corrosion and contamination issues in the downstream hydrometallurgical processing steps.
As a result of analyzing and testing multiple third-party black mass samples, the Company identified some black mass containing a high concentration of fluoride. With advisory services and funding support from NRC IRAP, the Company will test the feasibility of available techniques to reduce fluoride contamination to a consistent level that could enable a streamlined integration of black mass feedstock from multiple battery pre-treatment methods into the company's downstream hydrometallurgical process.
"Innovation is at our core, and our goal is to stay ahead of the curve and offer the most advanced lithium-ion battery recycling and upcycling technology. We are thankful to NRC IRAP for its advisory services and funding support that enables our company to optimize our technology further," said Larry Reaugh, President and CEO of American Manganese. "As we continue to collaborate with potential strategic partners in testing black mass materials that are representative of commercial feedstock material, we identify opportunities to build a moat around our core battery recycling technology that strengthens our value proposition."
American Manganese Inc, doing business as RecycLiCo Battery Materials, is a battery materials company focused on recycling and upcycling lithium-ion battery waste. With minimal processing steps and up to 100% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
American Manganese Inc. Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: lreaugh@amymn.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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LCA was Conducted in Accordance with ISO Standards and Critically Reviewed by Independent Experts
American Manganese Inc (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("Company"), doing business as RecycLiCo Battery Materials, is pleased to announce the results of a life cycle assessment (LCA) completed by Minviro Ltd. ("Minviro"), a UK-based and globally recognized sustainability and life cycle assessment consultancy, on the Company's lithium-ion battery recycling-upcycling process
An LCA is a standardized, scientific method for quantifying the direct and embodied environmental impacts associated with a particular product or process. By considering all material and energy inputs such as scope 1, 2 and 3 CO2 emissions. The LCA was conducted in accordance with ISO-14040:2006 and ISO-14044:2006 standards and a critical review was conducted on the LCA by independent experts. The LCA was carried out with a combination of data provided by RecycLiCo and public databases.
The report assesses the Company's process against competing hydrometallurgical recycling methods, on the basis of producing one kilogram of NMC precursor material, as follows:
"Global Warming Potential" refers to the potential CO2 equivalent emissions made by a particular recycling method, in producing one kilogram of NMC precursor material. As shown in the table, competing hydrometallurgical recycling methods will likely produce 166% more CO2 equivalent emissions when compared to the RecycLiCo process. To put this into context, such a variance is about the same as 17,000 tons of CO2 per GWh of NMC battery material recycled, which is roughly equivalent to the amount of emissions made by 3,700 vehicles in a year on average.1
Minviro also found that the RecycLiCo process, when compared against the industry average for primary extraction methods (i.e. mining), results in a 35% reduction in CO2 equivalent emissions for NMC precursor production and a 74% reduction for lithium hydroxide production.
"I am pleased to report that the LCA results confirm RecycLiCo's lower environmental impact to produce NMC precursor and lithium hydroxide, when compared to primary raw material extraction methods or competing hydrometallurgical recycling," said Larry Reaugh, the Company's President and CEO. "To collectively achieve true decarbonization as an industry, we must not cut corners at any stage of the lithium-ion battery supply chain and should instead recognize the most efficient and environmentally friendly technologies as an industry benchmark."
Minviro is a London-based and globally recognized consultancy and technology company specializing in carrying out life cycle assessments in the technology metal space. The company provides quantitative environmental and climate impact data for mineral resource projects, battery manufacturers and OEMs to make environmentally informed decisions (www.minviro.com).
American Manganese Inc, doing business as RecycLiCo Battery Materials, is a battery materials company focused on recycling and upcycling lithium-ion battery waste. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
On behalf of Management American Manganese Inc.
Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
1 Calculations are made by the Company and based on statistics found at https://www.epa.gov/greenvehicles/greenhouse-gas-emissions-typical-passenger-vehicle
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American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company"), a pioneer in advanced and environmentally friendly lithium-ion battery cathode recycling-upcycling, is pleased to provide an update on its technology and partnership development strategy
American Manganese has produced and delivered NMC-811 (nickel manganese cobalt oxide) cathode precursor material samples to its active third-party collaborators in North America, Europe, and Asia. The feedstock material for the cathode precursor was black mass originating from waste electric vehicle batteries.
The cathode precursor is a high-value and specifically engineered material that commonly contains nickel, cobalt, and manganese, which turns into a cathode with the addition of lithium. The cathode precursor material will be independently analyzed and built into battery cells to benchmark against cathode precursors from virgin mined materials. AMY's internal analysis indicates that the cathode precursor specifications are within desired industry ranges.
"We are maintaining an active collaboration with players in the growing battery industry with our continuous lab-scale research, while we work in parallel to prepare our demonstration plant for scaled-up and continuous operation," said Larry Reaugh, President and CEO of American Manganese. "We believe our lithium-ion battery recycling and upcycling technology enables a circular solution for the battery supply chain, and we aim to strengthen our relationship with the various collaborators."
NMC-811 Precursor Cathode Active Material from Recycled Battery Waste
American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
American Manganese Inc. Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company") has rescheduled its annual general and special meeting of shareholders (the "Meeting") to July 8, 2022, at 11:00 a.m. Further details on the meeting will be contained in a new Notice of Meeting and the management information circular that will be mailed to shareholders and filed on SEDAR
American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
On behalf of Management American Manganese Inc.
Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: Lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company") is pleased to have been selected as 1 of 15 finalists, among more than 120 companies, to meet with decision-makers of different business lines at Evonik Industries AG ("Evonik"), a leading specialty chemicals company. American Manganese will be presenting its patented lithium-ion battery recycling technology, RecycLiCo, at the upcoming Evonik Battery Solutions Day hosted by the Massachusetts Institute of Technology (MIT
Evonik, in collaboration with Blumorpho, is exploring potential collaboration and investment opportunities with organizations that demonstrate a high level of differentiation and strong value proposition across multiple battery solutions. Evonik is facilitating round table meetings on business discussions that will take place at MIT on May 4th and 5th, 2022.
"We are proud to be selected as 1 of 15 finalists focused on battery solutions, and we are told that American Manganese's application has raised high interest from multiple teams within Evonik," said Larry Reaugh, President and CEO of American Manganese Inc. "We will look to meet and generate high-value synergies between our RecycLiCo technology and Evonik's innovation activities and investment opportunities."
Evonik Industries AG is a chemicals company headquartered in Essen, North Rhine-Westphalia, Germany. It is the second-largest chemicals company in Germany, and one of the largest specialty chemicals companies in the world. Evonik is also a founder member of the Together for Sustainability initiative, which focuses in promoting sustainability practices across the chemical industry's supply chains.
American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
American Manganese Inc. Larry W. Reaugh, President and Chief Executive Officer Phone: 778-574-4444 Email: Lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" or the "Company") announces the voting results from the Annual General and Special Meeting of Shareholders (the "Meeting") which was held on August 17, 2022.
At the meeting, 27.32% of the issued and outstanding shares were represented. Details of all resolutions that were voted upon are set out in the Management Information Circular (the "Circular") dated July 11, 2022. The Circular is available on SEDAR (www.sedar.com).
All resolutions submitted for shareholder approval were approved, including:
ScreenPro is a medical technology company that provides turnkey screening solutions with its proprietary medical alerting software. ScreenPro's unique access to multiple manufacturers of high-quality test kits and its strategic partnership with labs in British Columbia, Ontario and Quebec allows ScreenPro to be a full-service nationwide provider of COVID testing and breast cancer screening solutions across Canada. In addition, ScreenPro's subsidiary, Concierge Medical, is a group of board-certified physicians who provide private, discreet, and personalized healthcare to Canadians. ScreenPro prides itself in having its own medical doctors and nursing professionals with on the ground support staff and transportation, with access to high quality PPEs to ensure that clients are protected in all aspects of their testing needs.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Lena Kozovski, CEO Tel: (647) 878-6674 Email: lena@screenprosecurity.com
Priya Monique Atwal, Director of Communications Tel: (416) 901-5611 x 204 Email: priya@screenprosecurity.com
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134256
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~Montfort acquires one of Canada's leading private providers of residential mortgages focused on Ontario and British Columbia~
Montfort Capital Corporation ("Montfort" or the "Company") (TSXV: MONT) (OTCQB: MONTF), a leading innovator of technology in private credit, is pleased to announce that it has entered into a definitive share purchase agreement (the " Acquisition Agreement ") with Kenneth Thomson The Kenneth Thomson Business Trust (2020), Universal Financial Corp., Blake Albright The Albright (2020) Family Trust, GreatBlake Holdings Inc., Sabrina Kyle The Sabrina Prudham (2020) Family Trust, 2753655 Ontario Inc. and Reap Equity Corp. (collectively, the " Vendors ") in connection with its previously announced acquisition of Brightpath Capital Corporation (" Brightpath Capita l"), Brightpath Servicing Corporation (" Brightpath Servicing "), and Brightpath Residential Mortgage LP I (" Brightpath Mortgage LP ", together with Brightpath Capital and Brightpath Servicing, " Brightpath "), as well as certain holding corporations owned by the Vendors (the " Transaction "). Immediately following the execution of the Acquisition Agreement, the parties successfully completed the Transaction and Montfort has acquired Brightpath. Pursuant to the Transaction, Montfort has acquired all the outstanding common shares of Brightpath Capital Corporation and Brightpath Servicing, and all of the outstanding limited partnership units of Brightpath Residential Mortgage LP I.
Brightpath is one of Canada's leading private providers of residential mortgages focused on Ontario and British Columbia . Brightpath has grown significantly over the past 10 years by offering private credit to individuals who are self-employed, experiencing credit issues, or looking at real estate renovation or development projects and expects to accelerate its growth through the combination with Montfort . The Brightpath management team will continue to operate the mortgage lending company after the completion of the Transaction.
"Brightpath significantly increases our size and profitability and opens our private credit business model to the lucrative real-estate mortgage markets in Canada ," said Mike Walkinshaw , CEO of Montfort "Montfort began as a specialist in SaaS revenue based lending but has quickly grown to offering a broad spectrum of specialized private credit opportunities to Canadian investors. Our technology driven loan origination and underwriting platform allows us to offer scalability and transparency to other vertical segments of the private credit industry, opening up a traditionally restricted asset class to a broader range of investors."
The purchase price of the acquisition was $30.5 million comprised of a combination of 31,250,000 common shares (at a deemed price of $0.40 per common share) and 18,000,000 series A preferred shares (at a deemed value of $1.00 per preferred share). The Acquisition Agreement provides that the consideration securities issued to the Vendors are subject to restrictions on transfer and resale in accordance with the following schedule: 10% on the date that is four months from the closing date; 20% on the date that is six months from the closing date; 30% on the date that is nine months from the closing date; and the remaining 40% on the date that is 12 months from the closing date.
In addition, in connection with the Transaction, the Company has entered into voting agreements with Kenneth Thomson (" Thomson "), The Kenneth Thomson Business Trust (2020) (" Thomson Trust "), Universal Financial Corp. (" Universal ", together with Thomson and Thomson Trust, the " Thomson Vendors "), Blake Albright (" Albright "), GreatBlake Holdings Inc. (" GreatBlake "), The Albright (2020) Family Trust (" Albright Trust ", together with Albright and GreatBlake, the " Albright Vendors "), Sabrina Kyle (" Kyle "), The Sabrina Prudham (2020) Family Trust (" Prudham Trust "), 2753665 Ontario Inc. (" 275 ", together with Kyle and Prudham Trust, the " Prudham Vendors "), and Fiona Elder , where, among other things, these parties agree to vote the Common Shares held by them in favour of matters proposed by the management of the Company for a period of 24 months, subject to certain standard exceptions. In addition, the Vendors have agreed not to exercise or convert any convertible securities held by them where such exercise or conversion would result in them owning or exercising control or direction over 20% of the common shares of the Company, unless applicable shareholder and TSXV approval is obtained.
The Company is also pleased to announce that Blake Albright has been appointed as a director and Chief Capital Officer of the Company and has entered into an executive employment agreement with the Company.
"Bringing Montfort and Brightpath together is a logical next step that creates substantial value for our customers and investors alike," said Blake Albright , the new Chief Capital Officer of the Company. "Our combined resources make us stronger financially, allowing us to position ourselves as a leader in the rapidly growing private lending space. I am very excited to be working at the forefront of this fantastic opportunity."
Also, in connection with closing the Transaction, the Company has granted a total of 5,300,000 performance share units ("PSUs") and 900,000 stock options to certain officers and employees of the Company or its subsidiaries under its equity incentive plan dated April 27, 2022 (the " Plan "). The PSUs granted will vest depending on the extent the Common Share's five-day volume-weighted average price (" VWAP ") exceeds $1.00 on the TSXV on the 36 th month anniversary of the date hereof (the "Performance Period"), up to a full vesting of the PSUs in the event the Common Share's five-day VWAP is at or exceeds $5.00 at the end of the Performance Period. Each vested PSU will convert into one Common Share, or the cash equivalent thereof, at the election of the Board. The stock options granted are exercisable at $0.40 per Common Share for five years from the data of grant and will vest daily in equal installments for three years until all options have vested to the recipient. Following the award of the PSUs and stock options, there are 5,300,000 performance share units and 6,125,000 stock options outstanding under the Plan.
In connection with the closing of the Transaction, the Thomson Vendors acquired 12,500,000 common shares and 4,000,000 preferred shares. The Thomson Vendors are directly or indirectly owned or controlled by Thomson. Prior to the completion of the Transaction, Thomson owned and controlled 5,000,000 common shares and 3,500,000 preferred shares, as well as 180,000 stock options entitling Thomson to acquire an additional 180,000 common shares.
Thomson now owns and/or controls an aggregate of 17,500,000 common shares and 7,500,000 preferred shares entitling Thomson to acquire an additional 7,500,000 common shares in the event of conversion thereof, 180,000 stock options entitling Thomson to acquire an additional 180,000 common shares, and 1,200,000 PSUs entitling Thomson to acquire an additional 1,200,000 common shares upon vesting and achievement of certain performance goals, representing approximately 19.2% of the issued and outstanding common shares (or approximately 26.4% calculated on a partially diluted basis, assuming the conversion of the 7,500,000 preferred shares, 1,200,000 PSUs and 180,000 stock options.)
Pursuant to the Transaction, the Company entered into a voting agreement with the Thomson Vendors, whereby these parties agreed to vote common shares held by them in favour of matters proposed by the management of the Company for a period of 24 months, subject to certain standard exceptions. In addition, the Thomson Vendors have agreed not to exercise of convert any convertible securities held by them where such exercise or conversion would result in them owning or exercising control or direction over 20% of the common shares of the Company, unless applicable shareholder and TSXV approval is obtained.
The securities were acquired in a private transaction which did not take place through the facilities of any market for the Company's securities. This transaction was effected for investment purposes and Thomson could increase or decrease his investment in the Company at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The securities were acquired for the consideration described above in this news release.
In connection with the closing of the Transaction, the Albright Vendors acquired 17,500,000 common shares and 8,000,000 preferred shares. The Albright Vendors are directly or indirectly owned or controlled by Albright. Prior to the completion of the Transaction, Albright owned and controlled no securities of the Company.
Albright now owns and/or controls an aggregate of 17,500,000 common shares and 8,000,000 preferred shares entitling Albright to acquire an additional 8,000,000 common shares in the event of conversion thereof and 1,200,000 PSUs entitling Albright to acquire an additional 1,200,000 common shares upon vesting and achievement of certain performance goals, representing approximately 19.2 % of the issued and outstanding common shares (or approximately 26.6% calculated on a partially diluted basis, assuming the conversion of the 8,000,000 preferred shares and 1,200,000 performance share units.)
Pursuant to the transaction, the Company entered into a voting agreement with the Albright Vendors, whereby these parties agreed to vote common shares held by them in favour of matters proposed by the management of the Company for a period of 24 months, subject to certain standard exceptions. In addition, the Albright Vendors have agreed not to exercise of convert any convertible securities held by them where such exercise or conversion would result in them owning or exercising control or direction over 20% of the common shares of the Company, unless applicable shareholder and TSXV approval is obtained.
The securities were acquired in a private transaction which did not take place through the facilities of any market for the Company's securities. This transaction was effected for investment purposes and Albright could increase or decrease his investment in the Company at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The securities were acquired for the consideration described above in this news release.
This portion of this news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires an early warning report to be filed on SEDAR ( www.sedar.com ) containing additional information with respect to the foregoing matters. A copy of the related early warning report may be obtained on the Company's SEDAR profile or by contacting Thomson at 25 Price Street, Toronto, Ontario M4W 1Z1, Attention: Kenneth Thomson or Albright at : 9 King Street North, Waterloo, Ontario N2J 2W6 . The head office of Montfort is located at Suite 835 - 1100 Melville Street, Vancouver, British Columbia , V6E 4A6.
Multilateral Instrument 61-101 - Protection of Minority Holders in Special Transactions ("MI 61- 101") was adopted by the Ontario Securities Commission, the Alberta Securities Commission and certain other securities regulatory authorities in Canada to govern transactions that raise the potential for conflicts of interest and that may affect the interests of minority securityholders.
MI 61-101 is intended to regulate insider bids, issuer bids, business combinations and related party transactions to ensure equality of treatment among securityholders, generally by requiring enhanced disclosure, minority securityholder approval, and, in certain instances, independent valuations, as well as approval and oversight of certain transactions by a special committee of independent directors.
Under MI 61-101, a "related party" of an entity includes, among others, a control person of the entity, directors and senior officers of an entity, as well as shareholders holding over 10% of the voting rights attached to the voting securities of the Company (a " Related Party ").
Thomson is a director and beneficial shareholder of both the Company and Brightpath. In addition, Thomson indirectly owned or controlled approximately 33% of Brightpath Capital, Brightpath Servicing and a material limited partnership interest in Brightpath Mortgage LP (together the " Brightpath Securities ") and the Thomson Vendors received 12,500,000 common shares and 4,000,000 preferred shares in exchange for his Brightpath Securities on closing of the Transaction. Accordingly, Mr. Thomson is a "related party" pursuant to MI 61-101.
A "related party transaction" under MI 61-101 includes, among others, transactions where an issuer: (i) purchases or acquires an asset from a Related Party for valuable consideration; or (ii) issues a security to a Related Party. Pursuant to the Transaction, the Company acquired Brightpath Securities in consideration for the issuance of common shares and preferred shares to the Thomson Vendors, thereby making the Transaction a "related party transaction" under MI 61-101. MI 61-101 permits issuers to complete related party transactions provided that certain disclosure is made regarding the Transaction and the Related Party, including disclosure included in this news release and the information circular for the shareholder meeting approving the related party transaction. In addition, unless an exemption is available, issuers contemplating a related party transaction must obtain (1) a formal valuation with respect to the transaction, and (2) minority shareholder approval for the transaction (" Majority of Minority Shareholder Approval ").
With respect to the Transaction and the formal valuation requirement, the Company relied on the exemption available to it pursuant to section 5.5(b) of MI 61-101. The Company obtained Majority of Minority Shareholder Approval prior to closing the Transaction at its annual and special meeting of shareholders held on June 7, 2022 . An aggregate of 5,000,000 common shares and 3,500,000 preferred shares owned or controlled by Thomson were excluded from voting on the transaction at the meeting. For more information regarding the Majority of Minority Shareholder Approval, please refer to the management information circular for the meeting available on the Company's profile at www.sedar.com , as well as the Company's news releases dated May 5, 2022 , May 30, 2022 and June 7 , 2022.
Brightpath specializes in arranging mortgages for people who are self-employed, new to the country, experiencing credit issues, or looking at renovation/flip projects. Our knowledge and experience, efficient service, and common sense approach to lending are just a few of the reasons to select Brightpath Capital for financing needs. We also offer bridge financing for residential properties with flexible terms. Private mortgages at very competitive terms. Interest only payments. Fully open terms. For more information please visit: www.brightpath.ca .
Montfort manages a diversified family of specialized private credit brands that utilize focused strategies and experienced management teams combined with advanced technology to improve fee related performance. Montfort facilitates transparency for all of its investors through public company reporting. For further information, please visit www.montfortcapital.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements normally contain words like 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing' and similar expressions, and within this news release include any statements (express or implied) respecting the future performance of the combined companies, future value creation for shareholders, the creation of value for shareholders following completion of the Transaction, growth of the Company's investment portfolio and expectations regarding making further investments in the coming months. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances, including, without limitation, the following assumptions: that the Company and its investee companies are able to meet their respective future objectives and priorities, assumptions concerning general economic growth and the absence of unforeseen changes in the legislative and regulatory framework for the Company. Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Montfort's business. Material risks and uncertainties applicable to the forward-looking statements set out herein include, but are not limited to, the Company having insufficient financial resources to achieve its objectives; availability of further investments that are appropriate for the Company on terms that it finds acceptable or at all; successful completion of exits from investments on terms that constitute a gain when no such exits are currently anticipated; intense competition in all aspects of business; reliance on limited management resources; general economic risks; new laws and regulations and risk of litigation. Although Montfort has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Montfort . Accordingly, readers should not place undue reliance on forward-looking statements. Montfort undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.
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TSXV: JK OTCQB: JKHCF FRA: 68Z
The Company's Latest Innovative Project at Hotel EPISODE Hsinchu Combines Food Expertise, Creative Branding, Flexible Licensing, Modern Technology, and Without the Need for a Significant Upfront Capital Investment
Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z) a technology-focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce it will license a selection of its food brands as well as its JKOS platform to a new restaurant entity in Taiwan by the world renowned Chef Richie Lin (the " Licensing Arrangement "). The Licensing Arrangement will enable Chef Lin to operate a hybrid fast-fine restaurant and ghost kitchen on the same premises (the " Hybrid Project "). The yet unnamed restaurant will be located at Hotel EPISODE Hsinchu and is planned to open in either August or September of 2022. Chef Lin and JustKitchen have also committed to working together to develop new virtual food brands to launch on the Company's platform.
The Hybrid Project is consistent with JustKitchen's focus on its regional competitive strategy, low-cost arrangements, technology-enabled deployments, proprietary brand development and business-to-business relationships. The Hsinchu and Zhubei ghost kitchens are currently among JustKitchen's top-selling locations and are expected to support further business development for the Company in the area of the Hsinchu Science Park. Accordingly, JustKitchen management views the prospects for the Hybrid Project as promising, given its familiarity with the area and outlook for its growth potential.
Born in Hong Kong and currently residing in Taiwan , Chef Richie Lin is known for the one-Michelin-starred restaurant, Mume. He frequently collaborates with notable chefs and serves modern European food with Taiwanese ingredients. 1 Chef Lin's new restaurant will take over the commercial kitchen that JustKitchen recently used to operate a ghost kitchen location. Formerly known as Hotel Indigo Hsinchu Science Park, Hotel EPISODE is located in the East District neighbourhood in Hsinchu near various theme parks and other attractions. The Hsinchu Railway Art Village and Glass Museum of Hsinchu City are cultural highlights of the area and travelers often also visit Beipu Old Street and the Big City Mall. Hsinchu Zoo and Weiweijia Persimmon Farm are also notable attractions in the vicinity.
"The opportunity to work with a talented, well-known and visionary chef like Richie Lin is an honour and a privilege for our team at JustKitchen. The ability to collaborate with Chef Lin in order to provide consumers with high quality food items in a short amount of time is something we are greatly looking forward to," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen. "The Hsinchu neighborhood and its surrounding area have been a strong source of demand for JustKitchen thus far. To be able to convert one of our more typical ghost kitchens into a hybrid facility is another innovative step forward for our enterprise, and for that I am grateful to Chef Lin," added Mr. Chen.
JustKitchen is primarily a technology-focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan , Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding the PJ Location expecting to benefit from the efficiencies of a shared commercial kitchen and opening in late May; the Bukit Bintang Location opening in late June; utilizing GrabFood, Foodpanda, and Shopee Food as delivery service partners for the New Locations; and the launch of pizza, boba tea and American breakfast brands in the near future. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021 , and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly 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 expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
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TSXV: JK OTCQB: JKHCF FRA: 68Z
The Company is Investing in Several Core Aspects of its Teck Stack Including the JKOS Platform, LPOS System, Franchise Model, Mobile Food Ordering Application, Supply Chain Integration, Sigma Tool and JK University Repository
Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), a technology-focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has embarked on a technology-driven initiative to optimize operations to set a stronger stage for future growth. Led by senior management, the initiative also includes projects to further leverage the Company's strengths as well as shore up areas of improvement.
The Company's management team has deemed it strategically important to continue investing in its JKOS platform, lightweight point-of-sale (" LPOS ") system, franchise model and the JustKitchen mobile food ordering application (the " JK App "), as outlined in more detail below:
In addition, and to help achieve many of the Company's margin-improvement and cost-reduction goals, JustKitchen is also focusing on its supply chain integration, Sigma data analysis tool and JK University repository. These tools are expected to aid in optimizing the efficiency and effectiveness of the Company's production, marketing, selling and other daily functions, as follows:
"As part of management's previously announced cost reduction efforts and optimization-based initiative, it is a good time to add new technologies as well as make improvements to our current proprietary stack. Technology, such as our JKOS platform, is a key success factor for JustKitchen and we are keen to continue investing in it as a primary differentiating factor for the Company," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen.
JustKitchen is primarily a technology-focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan , Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding the expectation for the technological tools to aid in optimizing the efficiency and effectiveness of the Company's production, marketing, selling and other daily functions; and the investment in LPOS will lead to a reduction in total point-of-sale costs as well as possibly streamlining income, improving customer experiences and decreasing errors in the ordering process. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021 , and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly 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 expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
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TSXV: JK OTCQB: JKHCF FRA: 68Z
The Company's Margin Initiative Includes Streamlining Operations, Pursuing More B2B Opportunities, Lowering COGS, Reducing Redundancies and Renegotiating Key Agreements at Opportune Times
Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FSE: 68Z) a technology-focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has initiated a heightened focus on improving margins and lowering costs (the " Margin Initiative ") to bolster enterprise value. JustKitchen's mission remains to provide high-quality food, primarily on a delivery-only basis, as enabled by mobile applications, to a growing set of consumers across Asia .
The Company's officers have developed a plan to increase margins and reduce costs, the key aspects of which are highlighted below:
Additional cost-cutting opportunities have been identified by JustKitchen management, including but not limited to:
"In a short period of time, JustKitchen has grown rapidly and now has over 30 ghost kitchen locations in multiple countries. As such, it is a great time for us to assess the business that we have built in order to enhance our strengths, address our weaknesses and make improvements. This will help JustKitchen move forward with a stronger and more valuable core, so it can continue to grow well into the future," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen.
JustKitchen is primarily a technology-focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan , Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding the plan to increase margins and reduce costs. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021 , and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly 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 expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
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About Lake Resources NL: Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world's lithium is produced at the lowest cost. This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.
Contact: For media queries, please contact: Nigel Kassulke at Teneo M: +61-407-904-874 E: Nigel.Kassulke@teneo.com
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