Keto Caveman Foods Inc: Corporate Update
Jun 2, 2022
June 02, 2022 09:30 ET
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES
Vancouver, BC, June 02, 2022 (GLOBE NEWSWIRE) -- Keto Caveman Foods Inc. (CSE: KETO Reserved) (“Keto Caveman” or the “Company”), is a Vancouver-based company that creates, manufactures, and sells its proprietary portfolio of keto, paleo, gluten-free, sugar-free, dairy-free and vegan products ranging from desserts, wraps, breads and ready-to-eat meals. The Company is focused on selling its products via its e-commerce, foodservice, and retail channels across British Columbia and expanding across Canada with the support of a national broker. The Company’s products can also be purchased at the Keto Caveman Café in Downtown Vancouver (the “Café”). Keto Caveman is a food processor built to operate as a lean startup that minimizes the need for capital expenditures and third-party logistics in order to operate its production bakery and supply wholesale and e-commerce demand. The Café will continue to operate as the Company’s test kitchen and BC’s premier keto restaurant offering sides, mains and desserts to consumers seeking great tasting keto food. The Café serves as a flagship location for brand recognition, customer connection and a physical landmark for community service. According to Keto Caveman’s co-founder & CEO, Bahram Heidari: “As a former professional boxer who had undergone the demands of pre-match rapid weight loss, I wanted to design keto food that is nutrient-rich, low-carb and tastes amazing. My background as a Sufi teaches the traditional medicinal approach to balancing food as ‘hot’ and ‘cold,’ and not mixing incompatible acids in foods to maximize nutrient absorption. Food is therapeutic, and we can bring the best of ancient traditions right to the present-day advances. Our products are clean, with no preservatives and fantastic taste profiles.”
Founded in 2016, Keto Caveman has steadily grown, establishing a reputation of attracting a loyal following of patrons whilst proudly pursuing philanthropic endeavors, such as serving and feeding the unsheltered population in the Downtown East Side with an in-house program of giving. Keto Caveman products are now available in stores across British Columbia. The Company has recently moved to an expanded production facility near downtown Vancouver (BC) and acquired an additional facility to meet distribution demand located in Surrey (BC). Keto Caveman has secured a national broker to expand its business across Canada and has secured local accounts to provide ready-to-eat meals beginning in the summer of 2022. Keto Caveman anticipates filing its preliminary prospectus early this summer and intends to list on the Canadian Securities Exchange by the end of 2022.
In 2021, the Company engaged Ascenta Finance Corp. (“Ascenta”) to provide strategic advice and to raise capital through the private placement offering of units of the Company (the “Units”) priced at $0.15 per Unit (the “Financing”). Each Unit consists of one common share of the Company and one half of one share purchase warrant exercisable at $0.30 per warrant for a period of twenty-four (24) months from the date of issuance. To date, a total of 9,245,161 Units have been issued to raise a total of $1,386,774.15, including 192,330 Units to raise $28,850 through equity crowdfunding on Ascenta’s crowdfunding portal, AscentaOpportunities.com. In connection with the Financing, a total of $105,843.93 have been paid on account of finder’s fees and an aggregate of 705,626 non-transferable compensation options have been issued, each exercisable by the holder thereof to acquire a Unit at a price of $0.15 per Unit for a period of twenty-four (24) months from the date of issuance. The net proceeds of the Financing will be utilized as follows:
New production facility acquisition (or expansion of existing facility) (20%)
Production equipment purchase and enhancement (18%)
Production development & market studies (4%)
Investor relations & communications (7%)
Working Capital (11%)
In accordance with applicable Canadian securities laws, all securities issued pursuant to the Financing bear or will bear a hold period expiring on the date that is the later of (i) four months and one day following the date of issuance thereof, and (ii) the date the Company becomes a reporting issuer in any province or territory in Canada. The capital raised and shareholders added are critical to the Company’s objective to go public. KEY ADDITIONS TO THE TEAM:
Jaz Poole – Director/ Chief Financial Officer
Jaz is a contract CFO for a diverse array of clients, focusing on consumer-packaged goods (“CPG”), commercial real estate and the tech sector. She is well versed in strategic planning, growth/scale advisory, digital transformations and raising capital. Jaz holds executive MBA’s from both Cornell University (NY) & Queen’s University (ON) and her prior engagements include: Primex Investments (Real Estate), The Very Good Butchers (Food) and Conquer Experience (Health Tech). Viren Malik – Director/ Advisor
Viren is a passionate and experienced operator that embraces the challenge of building both a successful brand and a well-functioning team. Viren’s roots are in sales and marketing, and he continues to seek new and emerging areas in these fields. Within a Company he owned, Viren created a carbonated soda brand containing Hemp oil extract, vitamin C, Ginseng and Guarana in 2000. Viren developed and financed the brand with co-packing being done at Whistler Water while he maintained the role of National Sales Manager for the company. Viren also spearheaded the integration of the Ethical Bean Brand into the Kraft Heinz corporate structure. Dave Eto – Consultant
Dave Eto has over 30 years’ experience in the food industry, starting in manufacturing (Gourmet Baker, Bread Garden) and growing into an eventual role as CEO of the BC Dairy Association and acting as a registered lobbyist addressing both federal and provincial governments as an advocate for dairy and agriculture issues. Dave has acted as a Board Member for numerous companies in the food industry, including not-for-profit entities (BC Food & Beverage, Canadian Centre for Food Integrity), private companies (FreePoint Technologies, Peqish Foods) and public companies (Naturally Splendid, Hakken Capital). Dave’s expertise in strategic planning, go-to-market planning and facility operations will be a valuable resource to Keto Caveman Foods. About Keto Caveman Foods Inc.
Keto Caveman started as a restaurant 6 years ago in downtown Vancouver offering healthy, casual fast food and baked goods where health-oriented customers were able to order multi-diet protocol - keto, paleo, gluten-free, sugar-free, dairy-free, vegan - options. Following the increase in demand, Keto Caveman’s bakery products have become the focus of the Keto Caveman product offerings. The Company intends to focus on selling breads, wraps, buns, entrees, ready-to-eat meals and desserts to major grocery chains and food services and via e-commerce platforms. KETO CAVEMAN FOODS INC.
Cautionary Note Regarding Forward-Looking Statements
Securities regulators have neither approved nor disapproved the contents of this press release and accept no responsibility for the adequacy or accuracy of this press release. This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of the Company, reference to the trading of the Company Shares on a recognized stock exchange and the Company’s abilities to continue to produce and sell food products in North America. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: (a) the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; (b) compliance with government regulation; (c) domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; (d) the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities once publicly listed, regardless of its operating performance; and (e) the impact of COVID-19. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.