CAROL STREAM, IL / ACCESSWIRE / November 26, 2024 / The Fresh Factory B.C. Ltd. (TSXV:FRSH)(FRA:Q4Z) (“The Fresh Factory” or the “Company“), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, announces that it received approval from the TSX Venture Exchange (the “TSXV“) to proceed with the renewal of its normal course issuer bid (“NCIB“). The NCIB will allow the Company to continue to purchase outstanding subordinate voting shares of the Company (“Shares“).
Under the NCIB, the Company may acquire up to an aggregate of 3,968,041 Shares over the 12-month period commencing on December 2, 2024, and ending on December 1, 2025, representing approximately 10% of the Company’s public float as at the date hereof. Additionally, under the NCIB, the Company may not acquire more than 2.0% of the issued and outstanding Shares in any 30-day period.
Purchases subject to the NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will be returned to treasury and cancelled. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of the Company. The NCIB will be conducted through Clarus Securities Inc., a member of the TSXV, and made in accordance with the policies of the TSXV.
The funding for any purchases pursuant to the NCIB will be from the working capital of the Company. To the Company’s knowledge, none of the officers, or other insiders of the Company, or any associates of such persons, or any associate of affiliates of the Company, has any present intention to sell any Shares to the Company pursuant to the NCIB. The Company previously completed an NCIB on October 8, 2024, in which it purchased and cancelled a total of 191,100 Shares.
About The Fresh Factory B.C. Ltd.
The Fresh Factory is a vertically integrated company focused on accelerating the growth of the fresh, clean-label, plant-based food and beverage brands of tomorrow. The Fresh Factory owns or partners with emerging brands in the plant-based space to develop, manufacture, and sell products made from fresh produce and recognizable ingredients. It operates from its centrally located manufacturing facility near Chicago, serving customers across the United States. As a public benefits corporation, The Fresh Factory is ESG-focused, driven to make a lighter, greener impact on the environment and a stronger, positive impact on local communities and the food system as a whole. Learn more about The Fresh Factory at http://www.thefreshfactory.co and find The Fresh Factory on social media at Instagram, Twitter, and LinkedIn.
Contacts
Bill Besenhofer
Chief Executive Officer and Co-Founder
1-877-495-1638
[email protected]
Susan Xu
Media and Investor Relations
1-877-495-1638
[email protected]
Forward-Looking Statements
This news release contains “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, including statements about potential purchases of Shares for cancellation under the NCIB, the budget for the repurchases conducted under the NCIB, and future benefits resulting from purchases of Shares under the NCIB. In some cases, forward-looking statements are preceded by, followed by, or include words such as “may”, “will,” “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “proposes”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, “anticipate” or the negative of those words or other similar or comparable words. Although the management of the Company believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting its industry, can be found in the final long-form prospectus of the Company dated November 10, 2021, and the Company’s continuous disclosure record available on SEDAR+ at http://www.sedarplus.ca. Such cautionary statements qualify all forward-looking statements made in this news release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
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.
SOURCE: The Fresh Factory B.C. Ltd.
