VANCOUVER, BC, July 11, 2024 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSX Venture: SBBC) (OTCQB: SBBCF) announced the following today as part of a corporate update to investors on the Company's progress to date and priorities going forward for TRUBARTM:

Simply Better Brands Corp. Logo (CNW Group/Simply Better Brands Corp.)

  • The Company is increasing its full-year 2024 revenue guidance for TRUBARTM to USD $45-$50 million from a previous range of USD $40-45 million, based on the continued expansion of its North American distribution footprint, growth in its ecommerce business and an anticipated increase in new distribution from 5,000 to 9,500 additional [retail] stores by the end of the third quarter. This new distribution will bring TRUBAR's store count to over 12,000 retail stores.

  • SBBC has secured an additional USD $5 million in credit facilities with a Tier One Canadian bank for its 100% owned subsidiary TRU Brands Inc., subject to standard closing conditions. The new credit facility is incremental to a USD $5 million credit facility previously announced on June 19, 2024.                         

    Under the terms of the agreement, up to USD $5 million (CAD $6.8 million) in credit facilities will be made available to Tru Brands Inc. and its Canadian subsidiary Trubrands Snack Company Inc. in the form of an asset-based lending facility against TRUBAR's accounts receivables.  These credit offerings will substantially lower the cost of capital to 8.85-9.0% per annum compared to its current line of receivable factoring arrangement that averages 15%+ per annum.

    The Company intends to use these additional credit facilities to support the expansion of TRUBARTM sales in the U.S., Canada, and other international markets.
  • Holders of the Company's CAD $850,000 principal amount of convertible debentures due on August 10th, 2024 have converted their debentures into equity. 

  • After successfully leading the Company through a period of transition and growth over the last five months, Interim Chief Executive Officer J.R. Kingsley Ward will become SBBC's permanent CEO in addition to Chairman of the SBBC Board of Directors

"We are excited to announce these developments highlighted by the substantial increase in new stores where TRUBARTM will be available in the coming months as our multi-channel distribution strategy continues to build momentum," said Ward. "We are also pleased to have secured new financing that will enable us to put additional resources and investment behind the growth of TRUBARTM in North America and international markets."

"We are thrilled with the progress we have made in recent months securing new retail partners to nearly double the distribution of TRUBARTM to meet growing consumer demand in the marketplace," said Erica Groussman, Co-Founder & Chief Executive Officer of Tru Brands Inc. "I am extremely proud of what our team has accomplished building our retail presence and scaling our brand for future growth."

In connection with the conversion of the $850,000.32 principal amount of convertible debentures of the Company due on August 10, 2024, the Company issued an aggregate of 2,179,488 common shares in the capital of the Company and 1,089,744 common share purchase Each warrant entitles the holder thereof to acquire one additional common shares in the capital of the Company at an exercise price of $0.59 per share at any time prior to August 10, 2024.  

For more information, please join today's webcast and conference call commencing at 10 am Eastern time. J.R. Kingsley Ward will offer opening remarks and will be joined by Erica Groussman for a live Q&A discussion.

Instructions on how to join the webcast and call are available below.

A replay of the webcast will be available on the SBBC Investor Relations page under the Investor Presentation section.

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Phone conference ID: 323 363 586#

About Simply Better Brands Corp.

Simply Better Brands Corp. is an international omni-channel platform with a portfolio of diversified assets in the rapidly growing plant-based, natural, and clean ingredient space. The Company targets informed, health-conscious Millennial and Generation Z consumers with a focus on opportunities for expansion into high-growth consumer product categories. For more information on Simply Better Brands Corp., please visit: For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.

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.

Cautionary Statement Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") as such terms are defined under applicable Canadian securities laws and are based on plans, expectations and estimates of management at the date of this news release. Forward-looking statements include, without limitation, statements with respect to future oriented financial information and financial outlook, including with respect to anticipated revenues from the TRUBAR plant-based protein bar (collectively, "FOFI"), the anticipated growth in distribution for the TRUBAR plant-based protein bar, anticipated use of proceeds from the credit facilities, and statements with respect to the future business and operations of the Company. The words "engaged in", "evaluating", "continuing to", "is reviewing", "potential", "intend", "anticipates", "believes", "aims", "plans", "expects" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "occur", "continue" or "be achieved", and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this news release are based on various assumptions, including, but not limited to, the following: the ability of the Company to achieve its growth and revenue strategies; the demand for the Company's products; that the Company's financial condition and development plans do not change as a result of unforeseen events; the regulatory climate in which the Company operates; and the Company's ability to execute on its business plans. Known and unknown risk factors, many of which are beyond the control of the Company, could cause the actual results of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to:  the impact of foreign exchange rates; pricing pressures; general adverse economic, market and business conditions and those factors which are discussed in the Company's management discussion and analysis for the year ended December 31, 2023, which is available under the Company's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect the Company and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this news release are given as of the date hereof and qualified by these cautionary statements.

The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the date hereof. However, because this information is subjective and subject to numerous risks, uncertainties and assumptions, it should not be relied on as necessarily indicative of future results. FOFI contained in this news release constitutes forward-looking information, was made as of the date of this news release and was provided for the purpose of providing further information about the Company's anticipated future business operations. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

SOURCE Simply Better Brands Corp.

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