Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Purebread Brands Inc. (TSXV: BRED) ("Purebread" or the "Company"), is pleased to announce the appointment of Amrit Maharaj as Interim CEO, effective immediately. Maharaj, who currently serves as Chief Operating Officer (COO) of the Company, succeeds Andrew Barnes, who has stepped down as Chief Executive Officer.
Amrit Maharaj steps into the Interim CEO role with extensive leadership experience and a strong background in growth, partnerships, and brand building. Having co-founded Purebread (formerly Coho Collective Kitchens Inc.), he has been a key contributor to Purebread's success, growth, geographical expansion, and is well-positioned to drive the Company forward.
"This is an exciting moment for Purebread as we look toward the future," said Amrit Maharaj, Interim CEO of Purebread. "I am honored to lead our talented team as we continue to deliver exceptional experiences to our customers and pursue new growth opportunities. I also want to sincerely thank Andrew for his tireless work; his leadership has been instrumental in getting us to this point."
"Looking ahead, Purebread is well-positioned to leverage its proven model and expand its footprint. We have strengthened our margins and revenues, with individual stores generating healthy returns," continued Maharaj. "The next logical step is growth. We will focus on expanding our footprint by opening more Purebread locations across the Lower Mainland, Western Canada, and ultimately across the country. We see significant potential in scaling our concept, working with excellent partners, and our strategic initiatives will reflect this ambition."
"As part of this growth strategy, the Company will continue to refine its capital structure to support sustainable expansion. We are committed to ensuring that Purebread has the financial flexibility necessary to execute our vision effectively," added Maharaj. "Our focus remains on disciplined growth, operational excellence, and maintaining the high standards that have made Purebread a beloved brand."
Andrew's leadership has been pivotal in growing Purebread, including the acquisition of the Purebread Bakery business and its expansion into a growing and profitable entity. During his tenure, Purebread Bakery increased its revenue by 140%, reported nine consecutive double-digit growth quarters, and established a solid foundation for future success. The Board extends its deepest gratitude to Andrew for his service and looks forward to his ongoing contributions in his role on the Board.
"As I step away from the CEO role, I couldn't be more excited about the future of Purebread under Amrit's leadership," said Andrew Barnes. "His vision, expertise, and deep understanding of our business make him the right person to guide the Company through this next chapter. I have full confidence in his ability to drive continued success."
The Board of Directors has commenced a search for a permanent CEO. Purebread remains committed to its mission of becoming Canada's community bakery and spreading happiness one treat at a time.
About Purebread Brands Inc.:
Purebread Brands Inc. is a growing force in commercial real estate and food technology, operating fast-casual cafes, bakeries, and shared-kitchen facilities. Purebread is committed to making a positive impact on the communities it serves.
Amrit Maharaj, Interim Chief Executive Officer
amrit@purebread.ca
(604) 889-5865
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release may contain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events.
Forward-Looking statements are frequently characterized by words such as "plan", "project", "intend", "believe", "anticipate", "estimate", "expect" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although the Company's management believes that the assumptions made (and the expectations represented by such forward-looking statements) are reasonable, there can be no assurance that any forward-looking statements referenced herein will prove to be accurate.
The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect results is included in the documents that may be filed from time to time with Canadian securities regulatory authorities by the Company.
For a more detailed discussion of certain of these risk factors, see the heading "Risk Factors" in the Company's most recent MD&A, available under the Company's SEDAR+ profile at www.sedarplus.ca.
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SOURCE: Purebread Brands Inc.
