VEG Sol Cuisine Ltd

• Proven 20+year history of plant-based protein innovation: over 30 SKUs focused on high value centre-of-plate offerings. #1 in frozen plant-based burgers¹, #3 in frozen plant-based protein¹.
• Products are taste-preferred by consumers² and exhibit higher nutritional quality than major competitive plant-based protein offerings³ in the market today.
• Established omni-channel distribution footprint: products available in over 11,000 retail stores across North America, and over 41,000 unique points of distribution.
• State of the art, GFSI, HACCP and GMP certified facility capable of supporting growth up to 10 million kg of output – approximately 3x the Company's current production rate⁴.

MISSISSAUGA, ON, May 25, 2021 /CNW/ - Sol Cuisine Ltd. ("Sol Cuisine" or the "Company") (TSXV: VEG) a growth-oriented North American plant-based protein leader, announced today that following completion of its "qualifying transaction" on May 19, 2021 (the "Transaction") it will resume trading on the TSX Venture Exchange ("TSXV" or "TSX Venture") on May 26, 2021 under the ticker VEG. In conjunction with the Transaction, the Company raised $15 million in two private placements⁵, to accelerate its near-term growth pipeline. All financial figures in Canadian dollars ($), unless otherwise specified.

Dror Balshine, Founder and President of Sol Cuisine commented, "We founded Sol Cuisine over 20 years ago, with the objective of producing plant-based protein products that were both delicious, and nutritionally superior to commercially available meat products and major competitive plant-based offerings. Our team has succeeded, and as we transition the Company into the public markets, the growth opportunity is bigger than ever. In a market conservatively expected to grow at an approximately 20 per cent annual rate through 2027⁶, Sol Cuisine is positioned to win – for consumers, for the earth and for its shareholders."

John Flanagan, CEO of Sol Cuisine added, "As Sol Cuisine transitions to the next chapter in its growth story, the Company is uniquely positioned to continue to delight consumers while delivering results for shareholders. Over the past several years, the Company has developed a combination of best-in-class, highly differentiated products, established a broad North American distribution network, and financed and built-out the operational foundation necessary to support rapid and sustaining growth. With the capital to execute and a proven history of product innovation, consumer preference and nutritional superiority, Sol Cuisine has a clear strategic path to leadership in the North American plant-based protein sector."

Product Portfolio
Sol Cuisine has a thoughtfully curated portfolio of over 30 SKUs, focused on differentiated centre-of-plate offerings. The Company currently has three primary platforms: Burgers, Appetizers and Entrees. The Company's Burgers are ranked as the #1 frozen brand in Canada¹, its Appetizer line includes the #1 consumer preferred plant-based chicken alternative in North America¹, and its plant-based roast entrée was chosen for Whole Foods Markets' 365 brand as its preferred product out of a broad field of competitive plant-based offerings.

A January 2021 blind taste test conducted with 350 consumers resulted in over 60% of those consumers preferring Sol Cuisine's products vs. other leading plant-based brands², with the Company's products topping consumer perception metrics including health, quality, and taste, compared to competitive offerings in the market. Sol Cuisine's products are proven to be nutritionally superior to major competitive plant-based offerings, with its burger significantly out-performing category norms, being higher in key nutrients and fibre as well as dramatically lower in calories, fat, and sodium³. Taste and nutritional superiority also led Whole Foods Market to choose Sol Cuisine as a key brand supplier partner for its plant-based protein products under the 365 brand.

Omni-Channel Distribution
Sol Cuisine's products are currently available across an established omni-channel distribution network in Canada and the U.S., currently composed of over 11,000 retail stores, and over 41,000 unique points of distribution.

The Company's products are currently available through four principle channels, including: Canada retail sales & club; U.S. retail sales & club; food service & industrial; and private label. Sol Cuisine has several well-known distribution partners within these channels, including but not limited to: Loblaws, Sobeys, Metro, Costco Wholesale, Albertson's, Target, Aramark, Sysco, Whole Foods Market 365 and Kroger.

Operational Footprint
Sol Cuisine operates two state of the art facilities in Mississauga, Ontario, Canada, totalling 35,000 square feet. The Company's production facilities are fully built-out and capable of supporting growth up to 10 million kg of output – 3x the Company's current production rate.

The Company is vertically integrated, in order to ensure quality through every step of the process – sourcing, manufacturing, packaging and fulfillment. Sol Cuisine's production facilities are GFSI, HACCP and GMP certified. Additional certifications, include: Non-GMO, Gluten Free, Kosher, Halal, Organic (Canada), USDA Organic, and Vegan.

Financials and Growth Plan
Sol Cuisine generated $19.1 million⁷ in gross revenue in fiscal 2020 ($17.1 million net revenue). Over the past two years, the Company has focused primarily on investing in its infrastructure and building out its senior management team to support growth. With these key foundational items complete, Sol Cuisine is focused on driving revenue and gross margin, by:

1. Generating brand velocity through an increased focus on marketing and promotion;
2. Introducing breakthrough products, with several launches planned over the next two years;
3. Aggressively expanding its North American distribution network; and
4. Launching into exciting new channels including Club, Food Service in the U.S., and E-Commerce.

For more details about the Company and the Transaction, please refer to the Company's Filing Statement dated May 7, 2021 and other documents on Sol Cuisine's profile on www.sedar.com or contact the IR team at investors@solcuisine.com.

About Sol Cuisine Inc.
Sol Cuisine is the publicly traded parent company of Sol Cuisine Inc. following the completion of its "qualifying transaction" on May 19, 2021. Sol Cuisine is a fast-growing producer of branded, consumer-preferred plant-based protein offerings across key center-of-plate and appetizer categories. The Company's products are offered through an established omni-channel distribution platform in Canada and the U.S. and are available in over 11,000 stores and more than 41,000 unique points of distribution. Over a history of 20+ years, Sol Cuisine has consistently demonstrated an ability to innovate and delight consumers in Canada and the U.S., while remaining true to its commitment to producing great tasting products that are nutritionally superior both to meat-based offerings and to competitive plant-based products. This commitment has resulted in several Canadian product wins, including the #1 frozen plant-based burger in Canada, the #1 consumer-preferred chicken alternative and the #1 quality roast product as determined by Whole Foods Market. The Company's taste and nutritional superiority has also resulted in private label contracts with some of the most recognized natural brands in North America. These products are all produced at Sol Cuisine's two state of the art facilities, totaling 35,000 square foot facility in Mississauga, Ontario, capable of supporting up to 10 million kilograms of volume per annum.

For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com  
Instagram: @solcuisine 
Facebook: @solcuisine  
Twitter: @solcuisine  
LinkedIn: @solcuisine  

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the size of the industry, the growth of the market for the Company's products, the rate and quantity of production at the Company's facilities, market conditions, economic factors, management's ability to manage and to operate the business of the Company and the equity markets generally. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed, approved or disapproved the content of this news release.

John Flanagan
Chief Executive Officer
investors@solcuisine.com
905-502-8500

SOURCE Sol Cuisine Inc.