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Q3 2021 Revenue and Corporate Updates | Zoglo's Incredible™

TORONTO, Dec. 6, 2021 /CNW/ - Zoglo's Incredible Food Corp. (CSE: ZOG) (FSE: 7UT) ("Zoglo's" or the "Company"), a leading plant-based food company, filed its condensed consolidated interim financial statements for the nine-month period ended September 30, 2021 on November 29, 2021. All amounts contained in the financial statements are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS).

"Zoglo's has delivered an incredible first quarter since our public listing, and we are very excited about the future of the brand. We have over $2M in sales in the first two months (September and October 2021) of the launch of our new Incredible™ product line - for a 10x increase of sales versus the same period of sales of the Zoglo's brand1 in 2020", said Anthony Morello, CEO of Zoglo's. "In the short period of time that our new products have been in stores, we have had very successful feature activity and strong sales. Retailers have been very happy with the performance of the brand thus far", added Mr. Morello.

Q3 Financial Results Highlights:

  • Company record third-quarter revenue of $1,687,686 vs. $300,000 average quarterly sales of the Zoglo's brand1 in the prior year third-quarter, representing a YOY% increase of 560%.

  • Strong revenue growth attributed to the launch of Zoglo's twelve new innovative plant-based products, which were released in the final 30 days of the quarter and are available in over 650 retail locations across Canada.

  • Revenue drove Company record gross profits of $331,338, representing an approximately 20% gross profit margin on revenues.

  • Normalized EBITDA2 from operations was ($270,991)

  • Traditional first-generation high Kosher product listings in 800 locations

  • Product distribution will continue to expand in Q4

  • New product introductions and significant distribution growth are expected for early 2022.

Notes:

1 Comparisons are made to the predecessor corporation owning the Zoglo's brand and all sales from the branded Zoglo's products. Subsequent to the acquisition of the global rights in July 2021, excluding Israel, Zoglo's Incredible Food Corp. has reported all sales form the brand.

2 Represents a non-IFRS financial measure. For the relevant definitions of each non-IFRS financial measure, see the "Cautionary Note Regarding Non-IFRS Financial Measures" section of this press release. Management believes non-IFRS measures, including EBITDA and Normalized EBITDA, provide supplementary information to IFRS measures in assessing the performance of the business. Non-IFRS measures included in this press release are not standardized measures under IFRS, the financial reporting framework used to prepare the Company's financial statements and may not be comparable to similar financial measures disclosed by other issuers.

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