Borealis Foods'; CEO Reza Soltanzadeh Issues Letter to Shareholders Providing Corporate Update
- Borealis Foods Inc. CEO Reza Soltanzadeh issues a letter to shareholders highlighting the company's achievements and financial performance in 2023.
- The company secured a $50 million investment for growth and partnered with Gordon Ramsay to address global malnutrition.
- Borealis launched innovative products like 'WoodlesTM' and expanded distribution in the U.S., Canada, and Mexico.
- The company experienced significant sales growth in retail and e-commerce channels, with plans to expand into Europe.
- Borealis aims to further develop institutional business opportunities and partnerships to combat malnutrition.
- The company's collaboration with Feeding America® and other initiatives are expected to drive growth and improve financial performance.
- None.
Dear Fellow Shareholders:
Reflecting on 2023, I am proud to acknowledge the remarkable strides Borealis has made, and I extend my deepest gratitude to our dedicated team for their unwavering commitment. Borealis had a remarkable 2023, marking yet another year of revenue growth and achievements across all our business initiatives, while maintaining our steadfast commitment to our cause and core values. From the outset, our vision at Borealis has been resolute: to play our part in alleviating malnutrition worldwide.
- Successfully secured a
injection to fund Borealis' continuous growth.$50 million - Partnered with Gordon Ramsay, who joined Borealis as a brand ambassador and investor, and shares our mission to help reduce global malnutrition with nutritious and affordable foods.
- Launched in
U.S. schools the first whole-grain high-protein noodles, "WoodlesTM", an innovative product rewarded with the "Best Foodservice Initiative" by the 2023 World Plant-based Innovation Awards. - Partnered with FSF (Food Systems for the Future, a non-profit organization envisioning a malnutrition-free world, headed by Ambassador Ertharin Cousin) to address global food security challenges in collaboration with leading humanitarian food programs.
- Completed the complex process of being listed on the NASDAQ, joining leading food tech companies in the high-protein space, which we believe positions the Company to access capital for future expansion.
- Increased the sales of our retail products, Chef WooTM and Ramen ExpressTM, by
18.5% , as compared to 2022. - Expanded our distribution points to over 18,000 stores in the
U.S. and 3,300+ stores inCanada , and started distribution in 700+ stores inMexico . - Rapidly grew our e-Commerce channels such as Amazon, which saw an almost 8x sales growth in 2023.
We are proud of all that we accomplished during 2023, and are building upon that success in 2024. Earlier this year, we began developing our retail channel sales footprint into
Among our many goals for 2024 is the continued expansion of our institutional business, which includes our Woodles for schools across the
Together, with steadfast resolve and collective effort, we're poised to continue our journey of making a tangible difference in the fight against malnutrition while providing positive results for our shareholders.
In Good Health,
Reza
Reza Soltanzadeh
CEO
Borealis Foods Inc.
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Borealis is an innovative food technology company with a mission to address global food security challenges through its research and development of tasty highly nutritious and functional food products that are both affordable and sustainable. The Company's focus on affordability and sustainability reflects its commitment to making a positive impact on both human life and the planet. Through its wholly-owned subsidiary, Palmetto Gourmet Foods, Borealis has created meals that are made with organic noodles, and are vegan, vegetarian, Halal, Kosher, plant-based, egg and dairy free, non-GMO, free of added MSG and TBHQ free. Borealis distributes its food products throughout
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the and future financial condition and performance of Borealis, and the expected financial impacts of the Business Combination (including future revenue and pro forma enterprise value), markets, and expected future growth and market opportunities. Forward-looking statements generally relate to management's current expectations, hopes, beliefs, intentions, strategies, plans, objections or projections about future events or Borealis' future financial condition or operating performance. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements and readers should not rely on these forward-looking statements as predictions of future events.
Forward-looking statements are based upon estimates and assumptions that, while considered reasonable by management of Borealis, are inherently uncertain. Factors that may cause actual result to differ from current expectations include, but are not limited to: financial and operating performance; changes to existing applicable laws or regulations; the possibility that Borealis or the combined company may be adversely affected by economic, business, or competitive factors; Borealis' estimates of revenue, expenses, operating costs and profitability; the evolution of the markets in which Borealis competes and Borealis' ability to enter new markets effectively; and the ability of Borealis to implement its strategic initiatives and continue to innovate its existing services.
Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements and Borealis assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws.
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SOURCE Borealis Foods, Inc.
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