VANCOUVER, BC / ACCESSWIRE / July 21, 2023 / Wildpack Beverage Inc. (TSXV:CANS) (OTC PINK: WLDPF)("Wildpack Beverage" or the"Company") a leading middle market co-packer of canned goods has completed a comprehensive upgrade to its Baltimore co-packing line, moved its first quarter financial filing to July 25 due to SEDAR upgrades, and will hold its earnings call at 2pm Pacific on July 25.
Baltimore Co-Packing Upgrades
Our co-packing segment has seen dramatically increasing and sustained demand in 2023 which is also a major driver of demand in our decorating, printing, and brokering segments. As such, we undertook an approximate $2.0 million upgrade which took approximately two weeks to complete. Production is scheduled to recommence on July 24, 2023. The upgrades and projected key performance indicators of this project include(d):
- Increased filling speed by 122.2% from 90 to 200 cans per minute
- Replaced in-line filler with rotary filler to reduce scrap rates by approximately 10.0%
- Automated all post-fill packaging equipment to reduce direct costs such as labour, by approximately 20.0% on a per can basis
- Installed a new high-speed pasteurizer unit capable of matching the increased filling cans per minute
- Replumbed our facility utility infrastructure to drastically decrease batching time and improve efficiency
- Installed racking and improved warehouse layout to improve general efficiency
Taking all these improvements into consideration, Management expects the throughput of this line to increase by approximately 2.0x over the next three months. We have also relocated our Director of Co-Packing Operations to Baltimore to oversee the facility during this critical ramp period.
First Quarter 2023 Financials and Earnings Call
Wildpack Beverage expects to release financial results for the first quarter ended March 31, 2022, after the market closes on July 25. The change in date is due to SEDAR undergoing website upgrades which preclude uploads until that date. Wildpack Beverage will host a webcast to discuss financial results for the quarter and previously announced 2022 Fiscal Year results, with CEO, Mitch Barnard, CFO, Ryan Mason, and CGO, Thomas Walker. You can register for the webinar below, those that had previously registered are not required to re-register an email will be sent with an updated invitation.
Date: July 26, 2023
Time: 5pm EDT (2pm PST)
Registration: Online Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: email@example.com.
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 five facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia;; 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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