CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / May 3, 2022 - The Planting Hope Company Inc. (TSXV:MYLK) (FRA:J94) ("Planting Hope" or the "Company"), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, is pleased to report financial results for the fourth quarter and full year ended December 31, 2021. All figures are in U.S. dollars unless otherwise stated.
"2021 was a pivotal year for Planting Hope as we completed our IPO, became a public company, and fine-tuned our innovative product lines and branding. We continue to scale in 2022 as retailers and foodservice partners bring in new products post-COVID, with a strong interest in exactly what we provide: sustainable, planet-friendly and delicious plant-based food and beverages," said Julia Stamberger, CEO and Co-founder of Planting Hope. "Consumers purchased more plant-based foods than ever in 2021 and grocery retail sales of plant-based food and beverages in the United States grew three times faster than total food retail sales, representing more than $7.4 billion ($9.5 billion CAD) in 2021, with 42% of those sales in the categories we are poised to disrupt: plant-based milk and creamers1. We are well positioned to make significant marks in multiple plant-based food categories at a rapid pace, solidifying our status as an innovation leader in plant-based food and beverages."
"We expect 2022 to be a transformational growth year driven by new revenue contributions from the RightRice® brand, expansion of Hope and Sesame® Barista Blend Sesamemilk across the cafe industry; the launch of new products in high demand, including our Hope and Sesame® Sesamilk™ creamers and new Mozaics™ flavors; and distribution expansion through new food wholesalers, retailers, foodservice partners and ecommerce channels across the United States and Canada," continued Ms. Stamberger.
2021 Financial Highlights
Q4 2021 Financial Highlights
Operational Highlights
During 2021, the Company made progress on the following key growth priorities:
Outlook and Growth
The Company's business strategy and plan for 2022 centers on accelerating its growth trajectory even further over the triple-digit net revenue percentage growth achieved in 2021.
Key growth priorities for 2022 include:
2022 Annual General Meeting
Planting Hope will host its Annual General Meeting of shareholders (the "Meeting") virtually on Tuesday, May 17, 2022, at 10:00 AM Pacific Time.
Shareholder access:
Dial in: +1-888-886-7786 (Toll Free - North America)
Please join "The Planting Hope Company Inc. 2022 Annual General Meeting"
Webcast: http://momentum.adobeconnect.com/plantinghope/
In order to streamline the virtual meeting process, Planting Hope encourages shareholders to vote in advance of the Meeting using the voting instruction form or the form of proxy that has been mailed to them with the Meeting materials at the end of April. Please join 10 minutes before the start of the call.
Financial Statements & Management's Discussion and Analysis
This earnings press release should be read in conjunction with Planting Hope's consolidated annual financial statements and management's discussion and analysis, which have been posted on SEDAR at www.sedar.com and the Company's website at www.plantinghopecompany.com.
About The Planting Hope Company Inc.
Planting Hope develops, launches, and scales uniquely innovative plant-based and planet-friendly food and beverage brands. Planting Hope's award-winning and cutting-edge products fill key unmet needs in the skyrocketing plant-based food and beverage space. The Planting Hope brand family includes Hope and Sesame® Sesamemilk and Sesamilk™ creamers, RightRice® Veggie Rice, Mozaics™ Real Veggie Chips, and Veggicopia® Veggie Snacks. Founded by experienced food industry entrepreneurs, Planting Hope is a women-managed and woman-led company focused on nutrition, sustainability, and diversity. For more information, visit: www.plantinghopecompany.com.
For purposes of conversion, this release used $0.78 as the conversion rate from CAD to USD.
Contacts
Company Contact:
Julia Stamberger
CEO and Co-founder
(773) 492-2243
julia@plantinghopecompany.com
Investor Relations Contact:
Caroline Sawamoto
Investor Relations
(773) 492-2243
ir@plantinghopecompany.com
Citations
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.
Forward-Looking Statements
This news release contains "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, including statements with respect to the following: the Company's strategic plan, priorities and outlook; expected demand for plant-based food products, including the Company's products; anticipated changes in consumer preferences and the Company's approach thereto; anticipated utilization of the Company's assets; expected performance of the Company's business, including customer growth, expansion of retail distribution and sales channels, organic growth opportunities and the effectiveness of marketing campaigns; financial priorities; sufficiency of financial resources; expected product launches and workforce expansion; expected future growth and market expansion opportunities, including expansion into Canadian and international markets; and the Company's business prospects, future trends, plans and strategies. In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to: the assumption that demand for the Company's products will be sustained or increase in accordance with management's projections; that retailer and consumer adoption of the Company's products will continue in line with the Company's expectations; that the Company's analysis regarding plant milks is indicative of actual market size; the effects of inflation on consumer preferences for the Company's products; that the Company's current business objectives can be achieved and that its other corporate activities will proceed as expected, and that general business and economic conditions will not change in a materially adverse manner. Although the management of the Company believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that any forward-looking statement herein will prove to be accurate. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting its industry can be found in the Company's annual information form dated January 6, 2022, and the Company's continuous disclosure record available on SEDAR at www.sedar.com. Such cautionary statements qualify all forward-looking statements made in this news release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE: The Planting Hope Company Inc.