Minimum total revenue under contract increased to $19.5 million
TORONTO, November 19, 2024--(BUSINESS WIRE)--Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) ("Flow") today announced that it has amended the terms of its manufacturing agreement (the "Agreement") with Joyburst Inc. ("Joyburst"). Pursuant to the terms of the amending agreement, the term (the "Term") of the Agreement has been extended from three years to four and the minimum total revenue over the Term have increased to $19.5 million, an increase from minimum total revenue of $13.5 million over the original three-year term under the Agreement.
"We are thrilled to be extending our co-pack agreement with Joyburst and now reaching over $267 million in minimum contracted revenue for our co-pack operation over the next six years. Joyburst's commitment to innovation and sustainability aligns very well with Flow's ethos and extending our co-pack agreement not only fortifies our partnership but also amplifies our shared mission to deliver hydration solutions in an environmentally conscious manner," said Nicholas Reichenbach, Founder and Chief Executive Officer of Flow.
About Joyburst
Joyburst is a "better for you" beverage company launched in 2021, with a mission of "SPREADING JOY WITH EVERY SIP". Joyburst launched through a nationally televised Super Bowl commercial and has aggressively grown its product offerings. Its current line-up of beverages consist of energy drinks, mocktails, hydration beverages using electrolytes, multivitamins and lion's mane. Joyburst has quickly become one of the fastest growing beverage companies in North America and its products are now available in over 27 countries including Mexico, Taiwan, Spain, UAE, China etc. Learn more at: www.joyburst.com.
About Flow
Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow’s mission since day one has been to reduce environmental impacts by providing sustainably sourced natural mineral spring water in the most sustainable product formats. Today, the brand is B-Corp Certified with a best-in-class score of 126.5, offering a diversified line of health and wellness-oriented beverage products: original mineral spring water, award-winning organic flavours and sparkling mineral spring water in sizes ranging from 300-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow’s overarching purpose to "bring wellness to the world through the positive power of water." Flow beverage products are available at retailers in Canada and the United States, and online at flowhydration.com.
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws ("Forward-Looking Statements"). The Forward-Looking Statements contained in this press release relate to future events or Flow’s future plans, operations, strategy, performance or financial position and are based on Flow’s current expectations, estimates, projections, beliefs and assumptions. Such Forward-Looking Statements have been made by Flow in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such Forward‐Looking Statements are often, but not always, identified by the use of words such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "expect", "believe", "anticipate", "estimate", "will", "potential", "proposed" and other similar words and expressions.
Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Flow’s control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purposes of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.
The following press release should be read in conjunction with the management’s discussion and analysis ("MD&A") and consolidated financial statements and notes thereto as at and for the three and nine months ended July 31, 2024. Additional information about Flow is available on the Company’s profile on SEDAR at www.sedar.com, including the Company’s Annual Information Form for the year ended October 31, 2023 dated January 29, 2024.
