Plantify Foods Announces Management Changes and Provides an Update on its Operations

(via TheNewswire)

 

Vancouver, British Columbia – TheNewswire – July 16, 2024 - Plantify Foods, Inc. (TSXV: PTFY) ("Plantify" or the "Company"), a Clean Label food company dedicated to providing consumers with nutritious and delicious food options, announces management changes at Plantify, and management and operational changes at Peas of Bean (“POB”), a 100% owned subsidiary and operating entity of Plantify.

 

Ms. Suzette Ramcharan has informed Plantify that she will be stepping down as CEO of Plantify, effective August 14, 2024. Ms. Ramcharan joined the Company September 1, 2023, and is stepping down to pursue a different opportunity.

 

Mr. Noam Ftecha has resigned his position as Director of POB effective July 10, 2024 and will resign as CEO of POB effective August 11, 2024. The Board of Directors of POB will assume direction over the company going forward.

 

POB has been assessing its operations in an effort to mitigate its financial burden, and Plantify provided an operational update on May 21, 2024 in which the Company announced it would streamline operations to optimize production and reduce operational risk. Unfortunately, POB has reached a point where it is unable to meet its financial obligations to employees, suppliers, and creditors, and is currently assessing solutions to continue its operations. If a solution cannot be found, it is expected that POB will seek creditor protection.

 

“Plantify is seeking opportunities and solutions that would allow Peas of Bean to remain in operation, but there are no guarantees at this time” said Gabi Kabazo, CFO of Plantify. As such, Peas of Bean may need to seek creditor protection, and will follow that course of action if it arises. Mr. Ftecha will work alongside the Board of Directors of Peas of Bean and remains committed to supporting the Company as best he can.

 

“Suzette Ramcharan has also announced her upcoming resignation as CEO of Plantify in order to pursue other opportunities. We thank her for her service and will provide an update on her successor when finalized.”  

 

About Plantify Foods

Plantify is committed to providing consumers with nutritious, Clean Label food options while pioneering innovation in the food and beverage industry. The Company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.

Plantify, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America.

If you have any questions or need more information, feel free to contact the Company directly.

Contacts:

Gabriel Kabazo

Chief Financial Officer and Corporate Secretary

Phone:[phone]

 

Investor Relations

Email:[e-mail]

 

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 release.

  

Forward Looking Statements:‎

This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In particular, this news release contains forward-looking information regarding but not limited to the Company’s statements regarding the current financial state of Peas of Bean and its ability to continue its operations, or to seek creditor protection. There can be no assurance that such forward-‎looking information will prove to be accurate, and actual results and future events could differ materially from ‎those anticipated in such forward-looking information. This forward-looking information reflects ‎Plantify’s current beliefs and is based on information currently available to Plantify and on ‎assumptions it believes are reasonable. These assumptions include but are not limited to the Company’s ability to implement its business plan. Forward-looking information is ‎subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of ‎activity, performance or achievements of Plantify to be materially different from those expressed or ‎implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general ‎business, economic, competitive, political and social uncertainties; general capital market conditions and market prices ‎for securities; delay or failure to receive regulatory approvals; the actual results of future operations; ‎competition; changes in legislation, including environmental legislation, affecting Plantify; the timing and availability of ‎external financing on acceptable terms; and loss of key individuals‎. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Plantify’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. The forward-‎looking information contained in this news release represents the expectations of Plantify as of the date ‎of this news release and, accordingly, is subject to change after such date. Plantify expressly ‎disclaims any intention or obligation to update or revise any forward-looking information, whether as a result ‎of new information, future events or otherwise, except as expressly required by applicable securities law.

 

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