JustKitchen Joint Venture will open a location in Manila through an agreement with GrabKitchen
The company’s partnership with TDG Ventures signed with GrabKitchen to operate two locations in The Philippines
VANCOUVER, BC, April 20, 2022 /CNW/ – Just Kitchen Holdings Corp. (“JustKitchen” or the “Company”) (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), a technology-driven and empowered ghost kitchen operator specializing in the development of delivery-only food brands, is pleased to announce that its joint venture (the “JV Co.“) with TDG Ventures, Inc. (“TVI“) in The Philippines signed an agreement to open two shadow kitchens in that of the Philippines capital of Manila with GrabExpress Inc.’s global platform (“Grab“) – GrabKitchen for food production and GrabFood for delivery services. Grab is South East Asia the largest mobile technology company that connects millions of consumers to millions of drivers, merchants and businesses.
JV Co.’s first location is expected to open on May 14, 2022 and will operate in the GrabKitchen Glorietta facility, located at Glorietta 2 in an Ayala Mall. The mall is located in the heart of Makati, a city in Metro Manila in the Philippines, which is also the financial center of the country. The location is in an area that is home to skyscrapers and shopping malls known as the Makati Central Business District. This district, considered one of the most dynamic commercial districts in South East Asia.1
GrabKitchen will provide the infrastructure for JV Co. on a Kitchen-as-a-Service (“KaaS“), which will require minimal capital expenditure from JV Co. and can enable multiple sites to be opened in a shorter time. KaaS is an operating model that provides a ready-to-use commercial kitchen for any party who wants to start a new culinary business or expand to a new location without owning a physical location.2
Prior to the launch date of the first location, JustKitchen is currently selecting food menus from its portfolio of approximately 30 proprietary and partner brands, and working to secure the virtual brand rights of local hero brands in The Philippines. The company will provide more information as additional locations are expected to be opened by JV Co. with Grab or other counterparties. Founded in Kuala Lumpur, Malaysia in 2012, GrabKitchen currently has 10 locations in The Philippines. More information about Grab and its locations in the Philippines can be found on its website: https://www.grab.com/ph/
“We are thrilled to announce our first Ghost Kitchen location in The Philippines, via JV Co.’s agreement with Grab. With our headquarters in Taiwanestablished operations in hong kongrecent entry into Singapore and adding this vast market to our customer base, we continue to execute our international growth plan to bring JustKitchen’s unique operating model, food brand portfolio and JKOS technology solution to the Asia Pacific region,” said Jason Chen, co-founder and CEO of JustKitchen. “I want to thank Grab for entering into an agreement with our joint venture with TVI and we look forward to opening these locations. Additionally, we look forward to bringing exciting new brands to The Philippines as well as the integration of ‘local hero’ brands to serve domestically and internationally,” Chen added.
JustKitchen is primarily a technology-driven and enabled ghost kitchen operator specializing in the development and marketing of proprietary and franchise-only food brands for delivery to customers. The Company currently operates in Taiwan, Singapore and hong kong with plans to expand its operations to other Asian countries. JustKitchen uniquely utilizes a hub and spoke operating model, which includes advanced food preparation in larger central kitchens and final meal preparation in smaller spoke kitchens located in high-density areas. The company combines this operating model with online and mobile app-based food ordering performed by third-party delivery companies, to minimize capital investment and operating expenses and reach more customers on underserved markets. The company’s other business, JustMarket, is an online grocery delivery platform that allows customers to purchase groceries for delivery or add certain grocery items to meals ordered through JustKitchen. .
For more information about the company, please visit Investors.justkitchen.com. JustKitchen’s final prospectus, financial statements and MD&A, among other documents, are all available on the company’s profile page on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain “forward-looking statements” within the meaning of such statements under applicable securities laws. Forward-looking statements are often characterized by words such as “expects”, “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “expects”, ” believes”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur, including , but not limited to, the Company’s comments regarding opening up to five ghost kitchen locations with Grab in The Philippines; the opening of the first site on May 14, 2022 within the GrabKitchen Glorietta installation; and GrabKitchen providing JV Co. infrastructure on a KaaS basis for minimal JV Co. capital expenditure to enable multiple locations to open in a shorter time frame. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management as of the date they are made and are subject to various risks, including the risk factors identified in the Company’s prospectus dated March 26, 2021, and the uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly requires.
“Makati Central Business District”, Wikipedia, Last modification February 3, 2022https://en.wikipedia.org/wiki/Makati_Central_Business_District
“KaaS (Kitchen-as-a-Service), a boon for the risky catering market”, Sonal Mishra, Medium, September 22, 2020https://fabled.medium.com/kaas-kitchen-as-a-service-a-boon-for-the-high-risk-high-failure-restaurant-market-61e23623d356
SOURCEJust Kitchen Holdings Corp.
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