Toronto, Ontario--(Newsfile Corp. - February 26, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging food brands is pleased to announce that it has signed as of February 25th, 2025, an area development agreement for the province of British Columbia for the opening of 20 new franchised restaurants of Toronto-based QSR brand iQ Food Co. ("iQ"), serving a variety of delicious and wholesome food options such as healthy bowls, smoothies, sandwiches, soups, and salads, along with other flavorful clean-eating dishes that the whole family can enjoy.
"Our accelerated expansion of the iQ Food business is a testament to our execution capabilities and the untapped potential we identified in the brand prior to acquisition. Following the completion of our 100% acquisition of iQ on September 18, 2024, we have moved quickly to identify growth opportunities for the brand. Today, we take another significant step forward with the signing of an area development agreement to open 20 new stores across British Columbia, bringing our total units under area development agreements for iQ to 65," said Sean Black, Chief Executive Officer of Happy Belly.
"iQ is an emerging brand and disruptor in Canada's premium healthy eating market, strategically positioned in urban and central business districts. It serves thousands of health-conscious customers from local businesses and is expanding its catering services to reach an even larger audience in densely populated downtown areas. This strategic approach has built strong brand recognition and fostered a loyal customer base, driven by word-of-mouth and, most importantly, satisfied customers."
"We are excited to continue working with our seasoned Western Canada area developer, Stephen Travers, who has been with us since 2023 and remains a key asset in franchise development for Happy Belly's brands in British Columbia and Alberta. Stephen began as the first Extreme Pita franchisee and later became the inaugural Area Developer for Extreme Pita, Mucho Burrito, and Via Cibo. With over 23 years of QSR experience, he has an outstanding track record of rapidly developing brands in Western Canada, having built over 200 QSR restaurants. Stephen's consistent ability to deliver exceptional results has been vital to our previous successes, and we are confident his expertise will continue to drive our growth forward."
"British Columbia has seen a surge in demand for nutritious, wholesome dining options among its health-conscious population, driven by active individuals and families who prioritize fitness, wellness, and balanced living. Its vibrant cities boast dynamic dining scenes where consumers seek innovative, flavorful meals that align with their pursuit of healthier lifestyles. British Columbia's robust economy and high standard of living further support premium dining experiences, making it an ideal setting for those who refuse to sacrifice taste for health. In this environment, iQ's offering of delicious, nourishing bowls, smoothies, sandwiches, soups, and salads perfectly meets the needs of families and individuals looking for quality, clean-eating options."
"We currently have 476 contractually committed retail franchise locations from area developers across all emerging brands in the Happy Belly Food Group portfolio including those in development, under construction or already open. We are working to actively expand this pipeline significantly in 2025 & 2026 with our disciplined approach to growth. It is key for us to continue selecting the right franchise partners along with the right real estate in order to achieve our development goals for the brands."
As the brand's free cash flow grows, we anticipate accelerating our corporate store development timeline, supplemented by the growth of our franchise program.
iQ is a flagship brand in Canada's premium healthy eating market and is strategically located in urban and central business districts. iQ serves a variety of delicious and wholesome food options such as healthy bowls, smoothies, sandwiches, soups, and salads, along with other flavorful clean-eating dishes that the whole family can enjoy. iQ caters to thousands of health-conscious customers from local businesses, while expanding into catering services to service an even greater audience in downtown densely populated areas. This strategy has fostered strong brand recognition and a loyal customer base driven by word-of-mouth and, most importantly, satisfied customers.
About Happy Belly Food Group Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leading consolidator of emerging food brands.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.
