Goodfood Market Corp. Announces Addition to Management Team
MONTREAL, QUEBEC–(Marketwired – Feb. 13, 2018) - Goodfood Market Corp. (“Goodfood” or the “Company”) (TSX:FOOD) announced today that Philippe Adam will be joining the Goodfood team as the Company’s new Chief Financial Officer effective March 23, 2018. Going forward, as President and Chief Operating Officer, Neil Cuggy will focus on executing the Company’s operational, strategic and growth plan.
“We are thrilled to welcome Philippe as our new CFO”, said Jonathan Ferrari, Chief Executive Officer of Goodfood. “He brings with him corporate finance and accounting experience in addition to business acumen. He is a strong addition to the Goodfood management team”.
Philippe has over 15 years of experience in corporate finance, accounting and operations. He has been a principal at Champlain Financial Corporation, a Canadian private equity firm, since 2013 where he led many buyout transactions and acted as a board member of several portfolio companies. From 2013 to 2016, he was the CFO of Garda Background Screening Solutions, a leading pre-employment screening services company that was sold to a strategic buyer in 2016. Phillipe was an investment banker with National Bank Financial and was as a director in their corporate financing group, covering both public and private companies. Prior to that, he worked for several years at Deloitte LLP and at a Canadian investment fund. He has been involved in a wide variety of strategic matters over the years including mergers and acquisitions, cross border transactions and debt and equity financings.
Philippe earned a Bachelor of commerce degree from Laval University and a Graduate Diploma in Accountancy from HEC. He is a member of the Canadian institute of Chartered Accountants (CA) and has the Chartered Business Valuator (CBV) designation, for which he was the Canadian gold medallist in 2009.
Goodfood is Canada’s leading meal kit company, delivering fresh ingredients that make it easy for subscribers to prepare delicious meals at home every week. Goodfood’s objective is to take the hassle out of cooking, leaving subscribers with the fun part – cooking, sharing with family and eating. Subscribers select their favorite recipes from a variety of original dishes online. The Company prepares a personalized box of fresh ingredients and delivers it to the subscriber’s doorstep with easy step-by-step instructions. Headquartered in Montréal, Canada, Goodfood had 45,000 active subscribers as of November 30, 2017. www.makegoodfood.ca
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the following risk factors which are discussed in greater detail under “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, 2017 available on SEDAR at www.sedar.com: limited operating history, negative operating cash flow, food industry, quality control and health concerns, regulatory compliance, regulation of the industry, public safety issues, product recalls, damage to Goodfood’s reputation, transportation disruptions, product liability, ownership and protection of intellectual property, evolving industry, reliance on a single facility, unionization activities, reliance on management, factors which may prevent realization of growth targets, competition, availability and quality of raw materials, limited number of products, environmental and employee health and safety regulations, online security breaches and disruption, reliance on data centers, open source license compliance, future capital requirements, operating risk and insurance coverage, management of growth, conflicts of interest, litigation, and catastrophic events. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.
Certain assumptions were made in preparing the forward-looking information concerning availability of capital resources, business performance, market conditions, and customer demand. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Chief Executive Officer