May 2023 Highlights (in USD):
- Confirmed Customer Orders: $8,214,053.
- Confirmed Sales Orders: 277.
- New Customer Conversions: 49.
- Total Throughput: 37,973,945 cans.
- Decoration Throughput: 5,092,044 cans.
- Filling Throughput: 3,395,893 cans.
- Printed Sleeve Throughput: 4,227,921 sleeves.
- Brokering Throughput: 25,258,087 cans.
- Plant Utilization: 41%.
VANCOUVER, BC / ACCESSWIRE / June 13, 2023 / Wildpack Beverage Inc. (TSXV:CANS) (OTC PINK:WLDPF) ("Wildpack Beverage" or the"Company") a leading middle market co-packer of canned goods announced impressive performance (all currency amounts in USD) for the month of May 2023. The Company reported a record confirmed customer orders amounting to $8,214,053, with confirmed sales orders reaching 277. Additionally, Wildpack Beverage achieved 49 new customer conversions.
Throughout May, Wildpack Beverage demonstrated its operational excellence by achieving a total throughput of 37,973,945 cans, showcasing its commitment to meeting customer demands. The Company decorated 5,092,044 cans with its captivating branding and filled 3,395,893 cans. Moreover, Wildpack Beverage printed 4,227,921 sleeves and brokered 25,258,087 cans. At the end of May, Wildpack Beverage's printing division ranked #1 in the North America South West region, #1 across all of North America and #2 Worldwide by Hewlett Packard for commercial print volume. Of these achievements total throughput and brokered cans were new monthly records, highlighting the Company's dedication to efficient high-volume production.
With plant utilization reaching a record 41%, Wildpack Beverage continues to maximize its operational capacity and leverage its two key operating sites in Las Vegas and Baltimore. The Company has maintained its focus on operational efficiency, ensuring a smooth transition during the relocation process of one of its co-packing lines. By effectively managing its operations, Wildpack Beverage has sustained strong relationships with its existing customer base while continuing to attract new customers.
"We are thrilled to see our strong performance in May and continued trend of improvement across key leading and lagging indicators," said Mitch Barnard, CEO of Wildpack Beverage. "Our commitment to operational excellence and customer satisfaction remains unwavering. As we continue to navigate our facility transition and planned build out, we are confident in our ability to deliver outstanding products and services to our growing valued customers."
Bi-Weekly MCTO Update
Wildpack Beverage is providing this status update in accordance with its obligations under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws.
As previously announced, the Company was granted a management cease trade order ("MCTO") upon application to the British Columbia Securities Commission (the "BCSC") on May 2, 2023. The MCTO restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities, but does not affect the ability of other shareholders, including the public, to trade in securities of the Company. The Company has appointed Davidson and Company LLP as its auditor, and is working diligently to promptly facilitate the audit of its annual financial statements for the year ended December 31, 2022. The Company expects to file its annual financial statements for the year ended December 31, 2022, the related management discussion and analysis, and the related CEO and CFO certificates (the "Required Filings") by June 30, 2023.
The Company confirms that since the date of the Default Announcement on April 18, 2023: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
Per: "Mitch Barnard"
Chief Executive Officer and Director
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About Wildpack Beverage
Wildpack Beverage provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack Beverage currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack Beverage commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.
Cautionary Statement on Forward-Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the timing, review, completion and filing of the Required Filings, Wildpack Beverage's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: the risk of the Company not filing the Required Filings on time, risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack Beverage operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Wildpack Beverage to be materially different from any future results, performance, or achievements expressed, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack Beverage are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack Beverage's control, and undue reliance should not be placed on such statements. Although Wildpack Beverage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack Beverage's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack Beverage operates. Except as required by securities law, Wildpack Beverage does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wildpack Beverage Inc.
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