Komo Plant-Based Foods

Overview

The plant-based food market is expected to hit US$10.7 billion by 2027. Several new players in the industry have sprouted since Beyond Meat’s (NASDAQ: BYND) IPO in 2019. Some of these new players include the Very Good Food Company (TSXV:VERY,OTCQB:VRYYF) and the Tattooed Chef (NASDAQ:TTCF), while more established food companies, like the Kellogg Company (NYSE:K) or Hormel Food (NYSE:HRL), have created sub brands that focus on plant-based products.

In Canada, the plant-based food industry is also growing. Sales of plant-based cheese alone are expected to reach US $23.9 million by 2026. To date, Canada has invested up to $173 million in the protein industries through the country’s SuperCluster Initiative, which aims to increase the value of key crops and serve growing markets like North America, Asia and Europe for plant-based or new food products. With the growing plant-based food industry in Canada supported by government funding, the opportunities for investors are bountiful.

Komo aims to take advantage of several prevailing consumer trends, including the blossoming plant-based revolution, the rise of the clean label consumer, and the re-emergence of frozen foods. The company is working to make plant-based meals a staple on every dinner table by making premium frozen meals a more accessible and flavorful experience through its innovative product catalog featuring meals/entrees, meal helpers and sweets.

Komo Plant-Based Foods has a number of frozen comfort food products, including its shepherd pies, pot pies and lasagna. Its plant-based, bake-at-home Mac & Cheeze was launched in retail in February 2022. The success of the product was followed by a premium product iteration, Mac & Greens, a classic mac and cheese with a wholesome twist.

The company also made several advances with respect to revenue and distribution. On January 11, 2022 Komo teamed up with BRR Logistics, one of Canada’s largest frozen foods distributors, allowing them to source all of Komo’s frozen, plant-based products in retail groups in Ontario and Quebec.

Komo increased its retail distribution for all of its nine products across Canada with Loblaw Companies Ltd,. Canada's largest food retailer with over 2,400 stores across the country. Four SKUs will be listed nationally in eight Loblaws warehouses and the remaining five SKUs will be distributed to Loblaw's banner stores direct from distributor partners to retail locations across Western Canada.

Currently with more than 400 distribution points across Canada, including in popular grocery chains like Whole Foods, Loblaws, Foodland, Metro, Goodness Me! Natural Food Market, Highland Farms and Ambrosia, Komo Plant-Based Foods continues to gain momentum in the Canadian market.

Komo Plant-Based Foods’ serving sizes give its customers the ability to share food with others in a convenient yet affordable package. The company also has access to three streams of revenue, namely retail distribution, e-commerce and hot meal delivery apps, making the company highly accessible to a wide variety of consumers.

The company’s leadership team is incredibly experienced in the plant-based foods category and well positioned to move the company forward to fulfill its visions.

Company Highlights

• Komo Plant-Based Foods is a Canadian company providing easy-to-prepare, plant-based comfort foods that are shareable and designed for groups.
• The company has partnered with BRR Logistics, one of Canada’s largest frozen goods distributors, to leverage their vast network of participating retailers across the nation, to further distribute its products across Ontario and Quebec.
• To date, Komo Plant-Based Foods has more than 400 distribution points across Canada.
• Komo’s management team has decades of combined experience working in the plant-based food industry.
• Komo launched its retail Mac & Greens, following the success of its vegan Mac & Cheeze bake-at-home, frozen food product.
• Komo further increased its retail distribution for all of it's nine products across Canada with Loblaw Companies Ltd., Canada's largest Canadian food retailer.

Key Products

Meals & Entrees

The meals and entrees product line is designed to provide classic, hearty meals to vegans. It consists of filling, satisfying, favorites that appeal to a wide variety of demographics. Full entrees typically provide four to six servings, are designed for sharing, and come in a ready-to-bake format.

Komo’ lasagna product, which was awarded Best New Vegan Product by VegNews Best of Show Award 2022, offers vegans and people aiming to reduce their meat consumption with a meat-free alternative, which consists of layers of semolina pasta, tomato lentil ragu, a chickpea bechamel sauce and a tofu ricotta style spread. Available in both two-serving and five-six serving variations, the lasagna product is set to win the hearts of lasagna lovers.

The shepherd’s pie is another attractive option for people looking for a tasty, meat alternative for dinner. The product consists of Yukon gold garlic mash, mushroom onion gravy, Canadian green lentils, and a veggie medley.

Mac & Cheeze and the subsequent product iteration Mac & Greens continue to be a favourite among customers. They are Komo’s take on a classic but with a wholesome twist, made with a cheezy oat tahini sauce, basil pesto and greens including spinach, parsley, and edamame and topped with garlicky panko breadcrumbs for extra goldeness and texture.

Meal Helpers

Meal helpers provide all the components a chef needs to simplify the plant-based cooking experience. This includes hearty classics, crowd favorites, and the staples required to add an infusion of flavor to any meal. Popular meal helpers include bolognese sauce and taco filling.

Sweets

The sweets product line is designed to provide vegans with access to classic dessert options. This category offers a variety of satisfying, indulgent, and comforting choices. Currently, the company offers vegan double chocolate oatmeal cookies within the sweets category.

Management Team

Frédéric Gagné - President and Director of Culinary Development

Frédéric Gagné, aka Chef Fred, was born and culinary-trained in Quebec, Canada, but his enthusiasm to learn new cultures and cook different cuisines has taken his culinary journey across the world. He has been a health enthusiast and professional plant-based chef for over 20 years. In September 2020, Komo Foods began collaborating with Chef Fred to create delicious plant-based meals and in May 2021 Chef Fred joined Komo as director of culinary development. He works closely with the CEO to bring delicious, hearty and nutritious meals to market under the Komo brand. Being in the hospitality industry for more than 30 years, Chef Fred has worked in the North Pole, Australia and everywhere in between. Having experience in every role in the kitchen, he understands how each of them contributes to a successful culinary operation. Chef Fred’s expertise advising on the development and improvement of food service operations, including menus, food safety, costs and profitability, has been valued by high-quality hotels and resorts, catering companies and restaurants in Europe, North America, Australia and the Caribbean. Chef Fred worked as the executive chef for one of Canada’s largest restaurants, SteamWorks, with a team of 42 chefs, for approximately 13 years.

William White - Founder and CEO

William White founded the company in 2018 and as chief executive officer, sets the corporate strategy for Komo, overseeing all capital raising activities and the company’s growth. He ensures the company develops initiatives that can positively impact society, including issues affecting the environment and policies that support the company’s workforce and diversity, engagement with the community, governance and oversight such as board composition, code and values. White was the founder, president and CEO of Lynx Gold Corp (recently acquired by a public company). Komo led the acquisition of Komo’s operating subsidiary, Komo Plant-Based Comfort Foods Inc., where he previously served as president and CEO from January 2018 to December 2020.

Rick Huang - CFO

Rick Huang has been CFO of the company since February 2021 and he manages the accounting and financial reporting for Komo Plant-Based Foods Inc. and its subsidiaries. Huang has served as a CFO for publicly traded companies for more than a decade, managing all aspects of finance, banking, compliance, accounting, reporting, internal control and administration, and supporting the board of directors in financial oversight. Previously, Huang was CFO of Hanwei Energy Services Corp. (TSX: HE) from April 2007 to May 2018. He also has supervised all aspects of accounting for various subsidiary companies in Canada, China and Kazakhstan and consolidations under IFRS.