VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Blender Bites Ltd. (the “Company”, “Blender Bites” or “Blender”), (CSE: BITE, FWB: JL4, WKN: A3DMEJ), an award-winning Canadian company involved in the development and marketing of a line of premium, organic and plant-based pre-portioned frozen functional foods, is pleased to announce record sales revenues in the fiscal year ended October 31, 2022, representing more than a 300% increase compared to the annual revenue period in 2021, as well as the Company’s highest yearly revenue on record.
The Company saw total revenues of $3,845,209 with related cost of goods sold of $3,435,307 during the fiscal year ended October 31, 2022. This represents a significant 308% increase in revenue when compared to the fiscal year ended October 31, 2021, which generated $941,852 in revenues with related cost of goods sold of $809,720.
This increase in revenue for 2022 can be attributed to Blender Bites’ rapid progress and expansion in the Canadian functional beverage market during that year. The Company’s business highlights in 2022 include:
- Expanded its product offerings with the introduction of an immune supporting smoothie innovation, Daily Defen-C;
- Supported by Canada’s largest chain of retail grocery stores, carrying three flavours of superfood smoothie pucks at its Canadian stores nationwide and expanding throughout the year to Western Canada.
- Expanded its product offerings in Canada’s largest chain of retail grocery stores with the introduction of Green Detox.
- Entered into a manufacturing agreement to increase volume output capacity at a 250,000 sq ft facility in Ontario, Canada.
- Won the award of Best Product Canada in the Organic Beverage Category.
- Enhanced marketing strategy, with a full digital exposure on social channels and celebrity partnerships.
- Maintained broker and distribution agreements to support continued Canadian retail sales.
“2022 was our strongest year to date with record setting revenue for the Company. Our increase in sales is due to the quality of the product and the continually increasing distribution network, led by our partnership with Canada’s leading club store. We expect to continue to scale up growth throughout 2023 with our plans for increased US expansion,” stated Chelsie Hodge, the Company’s CEO and Founder.
For the complete financial results for the fiscal year ended October 31, 2022, readers are encouraged to review the audited financial statements of the Company which are available under the profile for the Company on SEDAR (www.sedar.com).
ABOUT BLENDER BITES
Blender Bites is an award-winning Canadian company involved in the development and marketing of a line of premium frozen food products with a focus on functionality. Blender Bites was founded in 2016 and was first to market in Western Canada with a pre-portioned “easy smoothie” product that is free of any unnecessary inner plastic packaging. Blender Bites products are certified organic, vegan, non-GMO, gluten free, dairy free and soy free. They contain no added sugars and are made in Canada. Blender Bites products are distributed internationally across Canada and the US, and are currently sold in over 900 stores, including Sobeys, Loblaws, Safeway, Save on Foods, Real Canadian Superstore, Whole Foods Market, Buy-Low/Nesters, IGA, Thrifty and Fresh Street.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email – chelsie@blenderbites.com
Telephone – 236-521-0626
For further information, contact Blender IR Team at:
Email – investors@blenderbites.com
Telephone – 1-888-997-2055
CAUTIONARY DISCLAIMER STATEMENT
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law.
