Nabati Foods Completes Construction of Expanded Manufacturing Facility
VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- Nabati Foods Global Inc. (CSE: MEAL Reserved) (“Nabati Foods” or the “Company”), a plant-based food tech company offering whole, natural, plant-based foods for health-conscious consumers, is announcing that it has completed the construction of a brand new manufacturing facility. The new production facility in Edmonton, Alberta is five times larger than The Company's pilot facility and will serve to support the company's continued growth.
The construction of this capital asset follows the completion of Nabati Foods’ successful oversubscribed financing of $7.7 million and positions it to fulfill wholesale orders and support its growth in the U.S. as well as support market entry into the EU.
“There has been enormous demand for our products from across North America from all of our customer categories including grocery, foodservice, and industrial,” Nabati CEO Ahmad Yehya said. “By significantly increasing our production capacity, we will be in a strong position to capitalize on growing customer demand.”
The extra square footage will enable the Company to house its full research and development (R&D) department and expand its team 150 percent to 15 members with room to grow the team further. In addition, the facility will be able to simultaneously produce 1.2 million pounds of plant-based cheeze and 1 million pounds of plant-based meat, with room to expand capacity further. This additional R&D capacity will also give Nabati the ability to put additional resources into product development.
“Beyond just meeting demand, it is important to us to keep innovating, and this additional capacity will make that possible,” Yehya said. “Our product line is set to continue to expand with great innovations coming very soon. For example, we plan to begin production of Nabati Cheeze slices at the new facility by fall 2021, which for which we have a long waiting list for from foodservice clients.”
Nabati Foods products are served across North America. All Nabati products are gluten-free, kosher, vegan, and non-GMO.
Shop Nabati online at https://www.nabati.ca/a/store-locator
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About Nabati foods Inc.
Nabati Foods Global Inc. is the owner of Nabati Foods Inc. (“Nabati”), a family-founded food tech company offering whole, natural, plant-based, gluten, and soy-free foods for health-conscious consumers. Nabati was founded in 2014 and has four signature product lines including dairy-free cheesecakes, cheese alternatives, and plant-based meats. Nabati products are distributed in Canada and the U.S. through grocery, foodservice, and industrial channels. Learn more: https://invest.nabatifoods.com/
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For media inquiries, please contact: Brittany@Exvera.com
For investment inquiries, please contact: ir@nabatifoods.com
For further information, please contact : Ahmad Yehya at ir@nabatifoods.com
Disclosure and Caution
Completion of the financing is subject to a number of conditions, including ensuring the financing and listing application are compliant with CSE requirements. The transaction cannot close until the required conditions are satisfied and required approvals are obtained. There can be no assurance that the financing will be completed as proposed or at all. Trading in the securities of the Company should be considered highly speculative – there is no active market for Company’s securities at this time. No regulatory body has reviewed or approved the terms to this financing.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the ability to complete the financing, the ability to satisfy the conditions required and approvals needed to complete the transaction, availability of funds and the results of financing efforts, - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
