The Company's Partnership with TDG Ventures has Signed with GrabKitchen to Operate Two Locations in the Philippines
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 its joint venture entity (the " JV Co. ") with TDG Ventures, Inc. (" TVI ") in the Philippines has signed an agreement to open two ghost kitchen locations in the Philippines's capital city of Manila with the global platform of GrabExpress Inc. (" Grab ") GrabKitchen for food production and GrabFood for delivery services. Grab is Southeast Asia's largest mobile technology company that connects millions of consumers to millions of drivers, merchants, and businesses.
JV Co.'s first location is scheduled to open on May 14, 2022 and will operate within the GrabKitchen Glorietta facility, located in Glorietta 2 in an Ayala Mall. The mall is situated in the heart of Makati, a city in the Phillippines' Metro Manila region, which is also the financial hub of the country. The location is in an area that boasts skyscrapers and shopping malls known as the Makati Central Business District. This district considered one of the most vibrant commercial districts in Southeast Asia . 1
GrabKitchen will provide the infrastructure for JV Co. on a Kitchen-as-a-Service (" KaaS ") basis, which will require minimal capital expenditures from JV Co. and can enable multiple locations to be opened in a shorter period of time. KaaS is an operating model that provides a ready-to-use commercial kitchen to any party that wants to start a new culinary venture or expand to a new location without owning a physical location. 2
Leading up to the first location's launch date, JustKitchen is currently selecting the food menus from its portfolio of approximately 30 proprietary and partner brands, as well as working to secure the virtual branding rights to local hero brands in the Philippines . The Company will provide more information as incremental locations are scheduled to be opened by JV Co. with Grab or other counterparties. Founded in Kuala Lumpur, Malaysia in 2012, GrabKitchen currently has 10 locations in the Philippines . More information about Grab and its Philippine locations can be found on its website: https://www.grab.com/ph/
"We are excited to announce our first ghost kitchen location in the Philippines , via JV Co.'s agreement with Grab. With our home base in Taiwan , established operations in Hong Kong , recent entry into Singapore and the addition of this large market to our customer base, we continue to execute on our international growth plan to bring JustKitchen's unique operating model, portfolio of food brands, and JKOS technology solution to the Asia-Pacific region," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen. "I would like to thank Grab for entering into an agreement with our joint venture with TVI and we greatly look forward to opening these locations. Moreover, we look forward to bringing new and exciting brands to the Philippines as well as onboarding "local hero" brands to serve domestically as well as internationally," 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 the opening of up to five ghost kitchen locations with Grab in the Philippines ; the opening of the first location on May 14, 2022 within the GrabKitchen Glorietta facility; and GrabKitchen providing the infrastructure for JV Co. on a KaaS basis for minimal capital expenditures from JV Co. to enable multiple locations to be opened in a shorter period of time. 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.
Endnotes
- "Makati Central Business District", Wikipedia, last edited February 3, 2022 , https://en.wikipedia.org/wiki/Makati_Central_Business_District
- "KaaS (Kitchen-as-a-Service), a boon for the high-risk restaurant market", Sonal Mishra , Medium, September 22, 2020 , https://fabled.medium.com/kaas-kitchen-as-a-service-a-boon-for-the-high-risk-high-failure-restaurant-market-61e23623d356
SOURCE Just Kitchen Holdings Corp.
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