New Locations Situated Amongst Over 23 Million People to Open Between Mid-November and Mid-December
VANCOUVER, BC, Oct. 28, 2021 /CNW/ – Just Kitchen Holdings Corp. (“JustKitchen” or the “Company”) (TSXV: JK) (OTCQB: JKHCF) (Frankfurt: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has entered into agreements to secure its next three ghost kitchen locations (the “New Locations“) in Taiwan. The New Locations will be located in the Zhongzhen and Zhongshan areas of Taipei City, as well as in the Sanchong area of New Taipei City and are all expected to open between mid-November and mid-December of this year. Once opened, JustKitchen will have a total of 21 ghost kitchens operating in the form of either Hubs or Spokes, as per its unique operating model, across Taiwan and Hong Kong.
One-third of Taiwan’s population of over 23 million people reside in Taipei and New Taipei City. The two locations in Taipei City will add to the Company’s seven existing Spokes in the area, for a total of nine ghost kitchens serving a prime target customer base between the ages of 20-45. Based on the Company’s data, customers in the Zhongzhen and Zhongshan districts tend to incur the highest average spend-per-meal in Taipei City. The Sanchong location will be situated in the third-most populous district of New Taipei City, which represents a new market for JustKitchen as it is outside of its current coverage area. This Spoke will become one of four JustKitchen locations serving customers in New Taipei City.
“Securing these three new locations is an exciting development for JustKitchen as we move closer to achieving our goal of having 22 ghost kitchens in operation by the end of 2021. I am pleased with our team’s ability to add Spokes in the heavily populated and demographically optimal areas of Taipei City and New Taipei City,” said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. “JustKitchen continues to evolve at a rapid pace and our expectations for growth and profitability, both locally and internationally, are increasing on an ongoing basis. With a portfolio of approximately 30 proprietary and partner food brands, the recently announced addition of JKOS to our proprietary technology stack and a strong financial position, JustKitchen is well positioned to keep strengthening its competitive advantages for its shareholders and stakeholders,” added Mr. Chen.
JustKitchen is primarily an 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 and Hong Kong with plans to expand operations to the United States and 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 dates of the New Locations and the optimal demographic nature of the districts in Taipei City and New Taipei City. 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.
Just Kitchen Holdings Corp.
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SOURCE Just Kitchen Holdings Corp.
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