Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - The Good Flour Corp. (CSE: GFCO) (OTC Pink: GFCOF) (FSE: 3KZ) ("GFCO" or the "Company") announces that its vegan cheese product, PureMelt Cheeeze, is now available for distribution as an open listed item with Gordon Food Service. This open listing will support the Company's distribution and allows for access to any food service customers that use Gordon Food Service to procure products. Gordon Food Service has been in business since 1897 and has grown to become the largest family-operated broad-line food distribution company in North America.
Hamid Salimian, Chief Executive Officer of GFCO, commented: "I am very excited about PureMelt Cheeeze, it was developed as a product that is high quality, easy to use, easy to store and tastes great. In particular we have done rigorous testing with top-tier chefs across Canada, and PureMelt Cheeeze has consistently been the preferred choice over our competitors, earning rave reviews for its authentic taste and performance in a professional kitchen setting. Distribution through Gordon Food Service will provide us with the pipeline to get this product into the hands of food service customers."
PureMelt Cheeeze is meticulously crafted to be free of the top 10 allergens, ensuring that it is accessible to all without sacrificing the decadent experience of traditional cheese. Its unique formula boasts a rich and creamy profile with the perfect caramelization and stretch, making it indistinguishable from mozzarella on a pizza.
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GFCO sources its ingredients with the utmost care, focusing on quality and the allergy-free promise. PureMelt Cheeeze is a heart-healthy option with no saturated fat, zero cholesterol, and lower levels of sodium, catering to the nutritional needs of our customers. This product is non-GMO, gluten-free, and vegan, it speaks to our dedication to purity and excellence.
The Company also announces that it has further amended the loan agreement (the " Loan Agreement") with an arm's-length lender (the "Lender"), originally announced on March 8, 2024, July 5, 2024 and October 7, 2024 to increase the principal amount the Company may borrow to up to $1,000,000 in requested drawdowns, from time to time (each advance, a "Loan"). The Loans advanced will bear interest at a rate of 10% per annum and are unsecured, and have a maturity date of July 31, 2025.
The facility is non-revolving. The Company intends to use any funds advanced as Loans for general corporate and working capital purposes. In connection with making the loan facility available, the Company has agreed to issue up to an additional aggregate of 1,785,700 share purchase warrants (each, a "Bonus Warrant") to the Lender, with such Bonus Warrants vesting on a pro rata basis upon advance of each Loan pursuant to the Loan Agreement. Each Bonus Warrant will be exercisable into one (1) class "A" common share (each, a "Bonus Warrant Share") at a price of $0.14 per Bonus Warrant Share until March 15, 2029. The total Bonus Warrants issued under the Loan are 7,142,800.
About The Good Flour Corp.
For additional information on The Good Flour Corp. please refer to www.goodflour.co.
Company Contact
investors@goodflour.co
604-423-4400
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to GFCO that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements regarding demand for GFCO's products, the details of the availability and sales of PureMelt Cheeeze, GFCO's future sales objectives and the use of proceeds from the Loan.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, GFCO will continue to have access to financing until it achieves profitability; the timely receipt of regulatory approvals; the ability to source ingredients; the ability to attract qualified personnel; the success of market initiatives and the ability to grow brand awareness; the ability to distribute Company's products; and the ability to attract, maintain and expand relationships with key strategic restaurant and food service partners. While GFCO considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to general business, economic and social uncertainties; the sufficiency of our cash to meet liquidity needs; risks associated with supply chain for machinery and equipment; litigation, availability of key product ingredients; legislative, environmental and other judicial, regulatory, political and competitive developments; failure to effectively expand production capacity; the ability to obtain retail partners to distribute Company's products; failure to attract, maintain and expand relationships with key restaurant and food service partners; changing consumer taste preferences; delay or failure to receive regulatory approvals; failure to attract qualified personnel, labour disputes; and the additional risks identified in the "Risk Factors" section of GFCO's filings with applicable Canadian securities regulators.
Although GFCO has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, GFCO does not undertake any obligation to publicly update forward-looking information.
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SOURCE: The Good Flour Corp.
