TSXV: JK OTCQB: JKHCF FRA: 68Z
The Company Opened its Telok and Tampines Locations on April 4, 2022 as Part of an Eight-Location Plan for the Country Within the Next Six Months
Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z) a technology focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it opened its first two ghost kitchen locations in Singapore on April 4, 2022 . The new ghost kitchens are located in the Telok Ayer (" Telok Location ") and Tampines (" Tampines Location ") areas and are part of a plan to open up to eight locations across Singapore over the next six months. The country is identified by JustKitchen as a key market as the revenue generated by online food delivery is expected to more than triple from USD 470 million in 2021 to over USD 700 million by 2025. 1 Moreover, 92 percent of Singaporeans visit or access restaurant services at least once a week, which is well above the global average. 2
The two Singapore locations were selected by JustKitchen's in-house Data Science and Analytics department as ideal launch sites based on their potential for high trip volumes as well as the cuisine-demand gap and demographics in their areas. The Telok Location is in the Central Business District of Singapore , within the downtown core, and is a prime location based on its densely developed streets that foster an abundance of foot traffic throughout the day. 3 The Telok Location offers delivery and take-away services and is initially featuring a core selection of JustKitchen in-house food brands. The Tampines Location is in the East Side Lovers neighbourhood where a sense of community and food are both highly valued. Easy access to food at all hours of the day, a friendly environment and safe streets make the East Side Lovers area a great place to open a business. 4 The Tampines Location provides delivery and take-away services, with a variety of western cuisines being offered to JustKitchen's customers.
"We are excited to be opening two ghost kitchen locations in Singapore and six other planned locations across the country. Our ability to establish operations in fast growing markets like Singapore and immediately serve customers to a high level of satisfaction is one of our core strengths," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen. "I am proud of our team for continuing to execute on our international expansion plan. Growing from our home base in Taiwan to Hong Kong , Singapore and the Philippines is only the start of our international expansion strategy," added Mr. Chen.
JustKitchen is primarily a technology focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan , Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .
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.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding its plan to open up to eight locations across Singapore over the next six months; the Orchard Claymore being the Company's third ghost kitchen in Singapore in May; the Maju Ave location being JustKtichen's first ghost kitchen location in Singapore to have two floors and a large kitchen to facilitate the offering of multiple proprietary menus and partner food brands; securing locations in the Clementi, Serangoon, and Bedok areas of Singapore ; and expanding the number of food brands available to the Singaporean market in June. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021 , and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
- "Revenue of online food delivery Singapore from 2017 to 2025 (in million U.S. dollars)", Statista , January 7, 2022 , https://www.statista.com/forecasts/1183536/revenue-online-food-delivery-singapore
- "What Singaporeans Are Eating, and When", Aaron Jourden , Entrepreneur Asia Pacific , January 23, 2019 , https://www.entrepreneur.com/article/326808
- "Central Area, Singapore ", Wikipedia, last edited February 15 2022, https://en.wikipedia.org/wiki/Central_Area,_Singapore
- "East-Siders Always Think Their Side of the Island Is Better. But Why?", Justin Vanderstraaten , Rice Media, December 16, 2018 , https://www.ricemedia.co/culture-life-east-siders-always-think-side-island-better/
SOURCE Just Kitchen Holdings Corp.
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