JustKitchen Announces Virtual Branding Rights to Iconic Taiwanese Food Brand Formosa Chang

- April 20th, 2021

Ghost Kitchen Operator Also Provides Expansion Update and Highlights Investor Materials and Website Information TSXV: JK Just Kitchen Holdings Corp. an operator of ghost kitchens specializing in the development of delivery-only food brands for customers across Taiwan is pleased to announce that it has acquired the virtual branding rights to “Formosa Chang”.  Established over 60 years ago, Formosa Chang is an iconic …

Ghost Kitchen Operator Also Provides Expansion Update and Highlights Investor Materials and Website Information

TSXV: JK

Just Kitchen Holdings Corp. (” JustKitchen ” or the ” Company “) (TSXV: JK), an operator of ghost kitchens specializing in the development of delivery-only food brands for customers across Taiwan is pleased to announce that it has acquired the virtual branding rights to “Formosa Chang”.  Established over 60 years ago, Formosa Chang is an iconic household name in Taiwan being a family-owned Taiwanese food brand that is cherished by locals and ex-patriots the world over. JustKitchen holds the for-delivery-only rights to offer Formosa Chang branded food items from the area southward of municipal Taichung City across Taiwan over an initial period of one year.

“We are extremely privileged to be able to showcase Formosa Chang’s storied brand, which has never been licensed on this basis before, and offer its classic food items on a virtual basis to our growing base of delivery-only customers. The combination of JustKitchen’s unique hub-and-spoke operating model and technology-enabled ghost kitchens, with Formosa Chang’s position as perhaps the top casual food brand in Taiwan , provides a great opportunity for us to scale up our businesses together,” said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen. “JustKitchen will rigorously apply Formosa Chang’s standard operating procedures to maintain the consistency of the timeless dishes that people have come to know and love. Being granted this license further validates JustKitchen’s business model and the quality of the food delivered to our customers,” added Mr. Chen.

Formosa Chang began when its founder, Yan-quan Chang, opened a stall in 1960 to sell braised pork rice opposite the Shuanglian Market in Taiwan . Based on the use of highly selective ingredients and accessible price points, the business quickly developed a loyal following that has translated into its current reputation as a staple provider of authentic Taiwanese comfort food. Formosa Chang’s customers span generations and the company currently has over 70 bricks-and-mortar restaurant locations across Taiwan .

Domestic and International Expansion

In Taiwan , the Company continues to grow toward its goal of reaching 22 spokes in 2021 and 35 spokes in 2022. Beyond Taiwan , JustKitchen is evaluating various opportunities to expand into a number of new markets including North America , Hong Kong and the Philippines . The Company will update the market as and when these opportunities crystalize.

Investor Materials & Websites

For current and prospective investors, JustKitchen currently offers key information about the Company including but not limited to a fact sheet, an investor presentation and a list of frequently asked questions, which will all be updated regularly and can be accessed at investors.justkitchen.com . More information about the Company can be viewed on its English website at en.justkitchen.com , of which the investor website is a part. To view JustKitchen’s primary consumer-facing Taiwanese website, interested parties can visit www.justkitchen.com . Lastly, to view the website of JustMarket, the Company’s online grocery delivery business, please visit www.justmarket.shop .

ABOUT JUSTKITCHEN

JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers across Taiwan . 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.

FORWARD-LOOKING STATEMENTS

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 opportunities for international expansion and the continued buildout of its hub and spoke model in Taiwan ; and its ability to enter into new licensing and partnership arrangements. 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.

SOURCE Just Kitchen Holdings Corp.

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