TORONTO, April 27, 2021 /CNW/ - 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.
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SOURCE Globally Local Technologies Inc.