Ghost Kitchen Operator Continues to Grow Across Taiwan
VANCOUVER, BC, April 15, 2021 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK), an operator of ghost kitchens specializing in the development of delivery-only food brands to customers across Taiwan, is pleased to announce the opening of its 14th satellite spoke kitchen (the "14th Spoke") today, which is located in the Wenshen District of Taipei. The 14th Spoke unlocks access to over 275,000 new customers in a dense urban area and further enhances JustKitchen's capacity utilization of its infrastructure. Further, the Company is pleased to announce that a second hub kitchen (the "Second Hub") has recently commenced operations in Tainan City and consists of 15,000 square feet of commercial kitchen space. The Second Hub was built by Chi Mei Frozen Foods Co. ("Chi Mei"), which is a large Taiwanese food manufacturing and partner of the Company. It is located within Chi Mei's processing plant and has the capacity to support JustKitchen's next 20-25 Spoke kitchens.
Since being founded in late 2019, JustKitchen has established operations and rapidly grown through the opening of numerous ghost kitchens in Taiwan. "The openings of the 14th Spoke and Second Hub are great milestones for our young company. Growing to this size in just over a year is a testament to the dedication of our employees and the loyalty of our customers," said Jason Chen, Co-Founder, Chief Executive Officer and Director of JustKitchen. "Demand for delivery-only food in Taiwan continues to increase and JustKitchen is well positioned, both strategically and financially, to reach and serve new consumers. We continue to scout for JustKitchen's next ghost kitchen locations and expand our unique hub-and-spoke operating model across Taiwan," added Mr. Chen. Information about JustKitchen's business and future plans, including its hubs and spokes is contained in its final prospectus dated March 26, 2021, which can be found on under the Company's issuer profile at www.SEDAR.com.
In addition, the Company has retained Generation IACP Inc. ("IACP") to provide market making services in accordance with TSX Venture Exchange ("TSXV") policies. IACP will trade the securities of JustKitchen on the TSXV for the purposes of maintaining an orderly market. In consideration of the services provided by IACP, JustKitchen will pay IACP a monthly cash fee of $7,500 for a minimum term of six months and renewable thereafter. JustKitchen and IACP are unrelated and unaffiliated entities. IACP will not receive shares or options as compensation. IACP currently does not own any securities of the Company; however, Generation and its clients may acquire a direct or indirect interest in the securities of the Company from time to time. The capital used for market making will be provided by IACP. IACP is a registered broker and member of the Investment Industry Regulatory Organization of Canada, the TSXV and the Canadian Securities Exchange, and is a Participating Organization as such term is defined in the rules and policies of the Toronto Stock Exchange.
JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers across Taiwan. 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. 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 Corporation'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 Corporation 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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