LONDON, ON, Oct. 21, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that it is expecting to open 3 new franchised restaurant locations and 1 new franchised food truck within the next two months, bringing its total number of operational units to 21. The Company currently has 17 operational units in Canada including 10 franchised restaurant locations, 1 franchised mobile unit and 6 corporation restaurant locations.
Odd Burger Corporation logo (CNW Group/Odd Burger Corporation)
The next location expected to open will be at 4549 Kingston Road in the community of Scarborough, Ontario. Construction is completed and the occupancy permit has been filed. The site is expected to open in early November 2024. Grand opening details will be announced on the Company's social media accounts. The Company is expecting to open its second downtown Toronto location at 229 Church Street by the end of November 2024 once final inspections are complete and an occupancy permit has been issued.
The Company is pleased to announce it is expecting to open two more franchised units in the province of British Columbia. Construction is completed and final inspections are in progress at 2821 Main Street, Vancouver, BC. The Company will also be launching its first food truck in Vancouver, BC. Construction of the food truck is largely complete, and the truck is expected to be operating at select sites in and around Vancouver as well as various festivals and events. Both units are expected to open by December 2024.
Recent Openings Update
The Company is pleased to provide an update on its recently opened locations in Victoria, BC and Ottawa, ON. Both locations have had above average sales since opening with sales on track to hit approximately $1,000,000 in annualized revenue at both locations. "This is a significant milestone and demonstrates the success the Company is having at increasing its average unit volume," says James McInnes, CEO and Co-Founder of Odd Burger. "We are excited to continue to build our brand and grow across Canada with our franchise model."
Additional locations under development
The following table details status updates for additional locations under development.
Location
Address
Status
Woodbridge
8470 Highway 27, Vaughan, ON
Under construction
Toronto, Broadview
731 Broadview Ave., Toronto, ON
Awaiting completion of landlord work.
Edmonton, South
9222 Ellerslie Road, Edmonton, AB
Under construction
About Odd Burger Corporation
Odd Burger Corporation is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its foodservice line and also sold at grocery retailers through its consumer-packaged goods (CPG) line. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol "ODD" and on the OTCQB under the symbol "ODDAF". For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating to future restaurant openings, potential franchisees, demand for our products and other similar statements. Forward-looking information is based on several factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the continued strong demand for the Company's products, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forwardlooking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of the Company. For a more comprehensive discussion of the risks faced by the Company, please refer to the Company's Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Non-GAAP Measures
This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
