Globally Local Enters Into Agreement with Sysco and Provides Corporate Update
TORONTO, April 27, 2021 /PRNewswire/ - Globally Local Technologies Inc., (the "Company")(TSXV: GBLY) the parent company of Globally Local, one of the world's first vegan fast-food chains, is pleased to announce the following corporate updates.
Globally Local announced it has entered into an agreement with Sysco, a global leader in distribution and logistics, to distribute Globally Local's proprietary manufactured products (such as meat and dairy alternatives) throughout North America. The agreement enables Globally Local to efficiently supply its products to its current and future restaurants throughout Canada and the U.S.
Sysco (NYSE:SYY) is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, Sysco generated sales of more than $52 billion.
Additionally, the Company has retained Edge Growth Holdings Corporation ("Edge") to provide investor relations services pursuant to an agreement entered into between the Company and Edge dated April 16, 2021 (the "Investor Relations Agreement"), subject to the approval of the TSX Venture Exchange. Edge's specific duties under the Investor Relations Agreement include the creation of investor media and dissemination on Edge platforms, digital marketing campaigns, influencer management and retail investor communication on digital mediums.
Due to continuing travel restrictions related to the COVID-19 pandemic, the Company has limited ability to attend in-person meetings and conferences, and will use these services to provide marketing and public awareness of the company to retail investors.
The Investor Relations Agreement has an initial term of twelve months with a six month initial period and unless terminated by either party on 30 days written notice. Pursuant to the Investor Relations Agreement, Globally Local will pay Edge a base fee of $5,000 payable on the first of each month, plus reasonable out-of-pocket expenses.
Subject to the policies of the TSX Venture Exchange and the terms and conditions of the Company's stock option plan, Kevan Matheson, Chief Executive Officer of Edge, has been granted 150,000 options to purchase common shares of the Company (the "Options") as part consideration for its services under the Investor Relations Agreement. The Options will be exercisable at $1.20 per share for a term of two (2) years. The Options will vest quarterly in equal tranches over a one year period on each of the three, six, nine and twelve month anniversaries of the date of grant.
Edge does not currently own any shares of the Company or have any other direct or indirect interest in the Company. The fees paid by the Company to Edge under the Investor Relations Agreement are for services only.
The Company is also pleased to announced that it has changed its audit firm to MNP LLP, Chartered Accountants. MNP LLP are the historical auditors of Globally Local.
Trevor Wong-Chor has been appointed Corporate Secretary of the Company. Mr. Wong-Chor is a Capital Markets lawyer with DLA Piper (Canada) LLP, with extensive experience in Capital Markets, Governance and Mergers and Acquisitions. In connection with this appointment, Mr. Wong-Chor has been granted 100,000 stock options with an exercise price of $1.20 per share. The options vest 1 /3 on each of the 12, 24 and 36 month anniversaries of grant.
The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of these options. The options are subject to TSX Venture Exchange acceptance.
About Globally Local Technologies Inc.
Globally Local is a plant-based food technology company that manufactures and distributes industry-leading plant-based protein and dairy alternatives using locally sourced and sustainable ingredients. The company distributes its products through a proprietary food service line to company owned and franchised fast-food restaurant locations. Globally Local restaurant locations operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Globally Local is revolutionizing the fast-food industry. The Company currently operates a manufacturing facility and two restaurant locations in Canada, with plans to open 20 additional restaurant locations across North America in the next 12 months. The Company is traded on the TSX Venture Exchange under the symbol GBLY. For more information visit https://globallylocal.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking statements relating to the future operations of the company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "plans", "will", "may", "should", "anticipate", "expects" and similar expressions. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company.
Specifically, this press release contains forward-looking statements relating to but not limited to the retention of Edge and the Sysco Agreement. Such forward-looking statements of information are based on a number of assumptions which may prove to be incorrect.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.
SOURCE Globally Local Technologies Inc.
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