- Plant-based foods investment company Eat Well Investment Group Inc. has positioned itself to respond to global food needs exacerbated by the COVID pandemic and the war in Ukraine, and it reports its subsidiaries are in the right place to help deal with food sector concerns
- Eat Well recently announced its annual financial data and Q1 2022 data, showing its Amara baby food subsidiary achieved revenue gains of 320 percent this year over the previous year
- The company also reported it is on target to achieve this year’s revenue goals of $90 million to $110 million
Fears that a recession will overtake the global economy have roiled the marketplace for weeks, although analysts see some optimism in consumers’ ongoing willingness to spend for concerts, movies, travel and other experiences people missed during the height of the pandemic (https://ibn.fm/2lnMe).
Among industry sectors hit hardest by inflationary pressures, the Bureau of Labor Statistics recently noted that the cost of food away from home (restaurants and fast food)’s Consumer Price Index (“CPI”) rose 7.4 percent over the 12 months ended in May, but prices for food at home climbed even faster, rising 11.9 percent — “the largest 12-month increase since the period ending April 1979” (https://ibn.fm/Kbdhq).
Amid the trend, consumers have also been troubled by shortages provoked by production problems exacerbated by the global COVID pandemic and now the war in Ukraine — particularly in the infant formula sector, with some pressure on pureed baby food production as well (https://ibn.fm/0vm48).
Plant-based foods investment company Eat Well Investment Group (CSE: EWG) (OTC: EWGFF) is reporting positive news amid the challenges. Eat Well’s portfolio includes protein alternative (non-meat) foods and natural baby food brands, and distribution agreements with Walmart, Whole Foods, Amazon and other companies have helped Eat Well’s products find their place on consumers’ shelves.
Eat Well’s President & CEO Marc Aneed recently was interviewed by The Market Herald (Canada)’s reporters at The Power Play, discussing the company’s financial filings for the Q1 2022 including the growth of its cash position from $545,976 to $5.5 million (https://ibn.fm/AhOms), and record Q1 profit for its wholly-owned subsidiary Belle Pulses of over CAD $2 million.
“Even as the markets are challenged, we can report that Eat Well is growing its company assets,” Aneed said during the video interview (https://ibn.fm/S9wni). “(Subsidiary plant-based ingredients processor Belle Pulses) in particular is our food security play today globally. … Distributed in 35 countries and now more critical than ever because pulses are made in three places in the world — Ukraine, Saskatchewan and China, and unfortunately the Ukraine has become challenged. So Belle is fielding calls from around the world.”
Belle Pulses has been expanding its production facility in response to the food security concerns arising from the war in Ukraine. The company produced about 90,000 metric tons of pea protein during 2021 but plans to boost that amount to nearly 100,000 metric tons, and will add an additional 15,000 metric tons of annual production through its United States facility.
The company reported expectations early this year that revenues would reach the $100 million mark for it’s portfolio companies in 2022, and in June the release of Eat Well’s annual financial statement indicated the company was on target to achieve its revenue goals (https://ibn.fm/IWjBJ).
Aneed said its subsidiary baby food brand Amara Organic Foods is in a good position to deal with the shortages that have plagued that industry the past few months.
“Especially in the states, where infant formula has been emptied of shelves across the country, Amara couldn’t be more timely poised,” he said. “And so right now Amara is growing its basket of products with new flavors of their cereals, their toddler melts, doing it across the continent. … So Amara is well-positioned, is 100 percent plant-based, 100 percent organic, and I have to say 100 percent delicious.”
For more information, visit the company’s website at www.EatWellGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to EWGFF are available in the company’s newsroom at https://ibn.fm/EWGFF
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