Borealis Foods' CEO Reza Soltanzadeh Issues Letter To Shareholders Providing Corporate Update

Author: Benzinga Newsdesk | April 16, 2024 08:37am

Borealis Foods Inc. ("Borealis" or the "Company") (NASDAQ:BRLS), a pioneering food tech company dedicated to crafting premium-quality, nutritious food solutions accessible to all, today announced that CEO Reza Soltanzadeh has issued a letter to shareholders that provides an update on recent corporate developments.

Dear Fellow Shareholders:

Reflecting on 2023, I am proud to acknowledge the remarkable strides Borealis has made, and I extend my deepest gratitude to our dedicated team for their unwavering commitment. Borealis had a remarkable 2023, marking yet another year of revenue growth and achievements across all our business initiatives, while maintaining our steadfast commitment to our cause and core values.  From the outset, our vision at Borealis has been resolute: to play our part in alleviating malnutrition worldwide.

Key Accomplishments

• Successfully secured a $50 million injection to fund Borealis' continuous growth.
• Partnered with Gordon Ramsay, who joined Borealis as a brand ambassador and investor, and shares our mission to help reduce global malnutrition with nutritious and affordable foods.
• Launched in U.S. schools the first whole-grain high-protein noodles, "WoodlesTM", an innovative product rewarded with the "Best Foodservice Initiative" by the 2023 World Plant-based Innovation Awards.
• Partnered with FSF (Food Systems for the Future, a non-profit organization envisioning a malnutrition-free world, headed by Ambassador Ertharin Cousin) to address global food security challenges in collaboration with leading humanitarian food programs.
  • Completed the complex process of being listed on the NASDAQ, joining leading food tech companies in the high-protein space, which we believe positions the Company to access capital for future expansion.

2023 Financial & Business Highlights

• Increased the sales of our retail products, Chef WooTM and Ramen ExpressTM, by 18.5%, as compared to 2022.
• Expanded our distribution points to over 18,000 stores in the U.S. and 3,300+ stores in Canada, and started distribution in 700+ stores in Mexico.
• Rapidly grew our e-Commerce channels such as Amazon, which saw an almost 8x sales growth in 2023.

We are proud of all that we accomplished during 2023, and are building upon that success in 2024. Earlier this year, we began developing our retail channel sales footprint into Europe and are now in 300 stores with a pipeline of 3,000 additional stores expected to stock our ramen in Europe later in the year. With the addition of Walmart.com, our E-commerce channels are growing at exponential speed and becoming an important revenue stream for our business while providing us with numerous advantages, including greater control over customer relationships, income stream diversification, and enhanced economic efficiency.

Among our many goals for 2024 is the continued expansion of our institutional business, which includes our Woodles for schools across the U.S. along with other opportunities such as the military, correctional facilities, and humanitarian food programs. As noted in the recent announcement of our participation in the Feeding America® "Fight Hunger. Spark Change." program, our nutritious and affordable ramen meals play an essential role in fighting malnutrition. Consistent with our mission, the partnership between our manufacturing subsidiary, Palmetto Gourmet Foods, and Feeding America makes our Chef Woo ramen available in approximately 600 Sam's Clubs® across the U.S., giving shoppers a great-tasting way to fight hunger at an affordable price. We expect the contribution from this program, along with our other initiatives, to drive growth and improve our operating and financial performance as we move through the year.

Together, with steadfast resolve and collective effort, we're poised to continue our journey of making a tangible difference in the fight against malnutrition while providing positive results for our shareholders.

In Good Health,

Reza

Reza Soltanzadeh

CEO

Borealis Foods Inc.

Posted In: BRLS