August 2023 Highlights (in USD):
- Confirmed Customer Orders: $4,799,368.
- Confirmed Sales Orders: 322.
- New Customer Conversions: 51.
- Total Throughput: 38,395,572 cans.
- Decoration Throughput: 6,235,608 cans.
- Filling Throughput: 2,515,200 cans.
- Printed Sleeve Throughput: 4,137,129 sleeves.
- Brokering Throughput: 25,507,635 cans.
- Plant Utilization: 45%.
VANCOUVER, BC / ACCESSWIRE / September 13, 2023 /Wildpack Beverage Inc. (TSXV:CANS) ("Wildpack Beverage" or the"Company") a leading middle market co-packer of canned goods announced key performance indicators (all currency amounts in USD) for the month of August 2023. The Company reported record Total Throughput, Decoration Throughput, Brokering Throughput and Plant Utilization.
Conversion of Confirmed Customer Order backlog led to records in all sectors of the business not undergoing or ramping up from capital improvements. During the month Baltimore co-packing recommenced production after its fulsome automation upgrade and is expected to ramp to steady state production rates by November 2023. Las Vegas printing is currently in the process of installing a new high-speed printing press along with complementary finishing equipment that is expected to reach steady state production rates in November 2023.
Setting records in non-affected segments, while successfully balancing the demands of capital projects, Wildpack has proven its capacity to execute a comprehensive strategic vision. This achievement underscores the organization's resilience and determination in pursuing a future characterized by sustainable growth. Operating leverage remains the Company's primary strategy to expand profitability.
We did see a minor decrease in Confirmed Customer Orders in the month, which Management attributes to the long lead-times of our primary demand driving co-packing service. Demand for other services remained strong and as additional capacity is realized during and following the ramp of the enhanced Baltimore co-packing line, we expect a reversion to the trend.
"The business continues to trend positively due to the hard-working and dedicated Wildpack team who have been dedicated to improving processes while maintaining an entrepreneurial culture across the firm. We are well on our way to achieving our goal of profitability and remain entirely steadfast to achieving it. Beyond our quantitative performance metrics, we continue to gain harder-to-measure competitive advantages from the size and comprehensive scope of our operation compared to our competitors," expressed Mitch Barnard, CEO of Wildpack Beverage.
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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