VANCOUVER, Feb. 1, 2018 /CNW/ - GLOBAL GARDENS GROUP INC. (THE "COMPANY") (TSXV: VGM) is pleased to announce that its financial statements and management's discussion and analysis for financial year ended September 30, 2017 ("FY2017") have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company's website.
Highlights during the year ended September 30, 2017.
Commenced distribution in China through its joint venture with V-Power.
Launched Veggemo in the U.S. during the spring of 2017.
Veggemo is now available in approximately 3,000 stores in the U.S. and in 5,000 stores across North America.
Launched on multiple e-commerce platforms including Amazon, Lucky Vitamin and Vitacost.
Gross sales increased to $782,867, an increase of 74% over 2016.
Cost of sales decreased by 12% due to the Company's program of continued production efficiency.
"We are thrilled by our progress," states Rob Harrison President and CEO, Global Gardens Group Inc. Mr. Harrison continues, "launching Veggemo in both the U.S. and China and on e-commerce has provided the platform for continued growth. Consumers in new markets and channels can now buy Veggemo. We are still in early stages in both countries with the opportunity to grow distribution further across these geographies. Veggemo is available at major retailers like Wegmans, Whole Foods (Mid Atlantic), Stop & Shop, Giant, Safeway, Fresh Thyme, Earth's Fare, and Jewel amongst others. Consumer feedback on Veggemo's taste and creaminess is overwhelmingly positive. Investment into driving higher levels of brand awareness is a focus going forward."
About Veggemo The Veggemo product line is the non-dairy milk originating from vegetables and is Global Garden Group's (VGM) showcase product for the dairy-free industry. Veggemo is available in a non-refrigerated shelf stable format in 3 flavors: Original, Unsweetened and Vanilla. Veggemo competes with Silk (Whitewave), Almond Breeze (Blue Diamond), Hain Celestial, Pacific Foods, Ripple Foods, Califia Farms, amongst others. The dairy-free industry continues to witness dynamic growth led by the development of, and the consumer shift to, plant-based food and beverages.
Driven by shifting consumer behavior, Health & Wellness food and beverage companies have become a popular acquisition target for many multi-national corporations. Most recently WhiteWave Foods, the provider of plant-based foods and beverages, was successfully sold to Danone for $12.5 billion, representing a 3.1x revenue multiple.
About Global Gardens Group Global Gardens Group is comprised of a highly experienced management team and board that have provided senior leadership to many consumer brands and financial institutions including: Neilson Dairy, Ben & Jerry's and Haagen Dazs ice cream, Gillette, P&G, Cadbury Schweppes, Sunkist, Primo Pasta, Tropicana, Sunny Delight, Price Waterhouse Coopers, Desjardins Securities Inc., Orion Securities Inc., Vengate Capital, HSBS Securities Inc. and Gordon Capital.
SOURCE Global Gardens Group Inc.
For further information: Rob Harrison, President & CEO, Global Gardens Group Inc., T: 604.351.7609, E: [email protected]