VANCOUVER, BC, Feb. 28, 2022 /CNW/ - Freshlocal Solutions Inc.
(TSX: LOCL) (OTC: FLOCF) "Freshlocal" or the
"Company") is pleased to announce the appointment of
Ms. Monika Russell as Chief
Financial Officer and Corporate Secretary of the Company effective
February 28, 2022, replacing Ms.
Adrienne Uy who is stepping into a
new role with the Company as Executive Vice President of
Transformation.
Ms. Russell has over 18 years of public company experience, most
recently as Chief Financial Officer of a TSX Venture Exchange
listed technology company offering currency authentication and
brand protection products and services. Ms. Russell will be
responsible for the financial strategy, overall operating budget
and the finance team.
"On behalf of the Board and the Company, I am pleased to welcome
Monika to the team", said Simon
Cairns, CEO. "Monika's experience in managing performance of
growing technology companies will be integral as we continue to
reshape the Company in three ways – driving cash flow performance
in our core eGrocery/SPUD business unit, delivering on additional
deployments of FoodX and driving innovation in technology around
food waste management that can unlock margin and growth for both
our FoodX customers and our core eGrocery segment."
"Freshlocal's core eGrocery business is on a trajectory toward
consistent healthy cash flows as we concurrently ramp up
deployments of FoodX", said Ms. Russell. "I look forward to working
with Simon and the team to deliver on the Company's financial and
operational transformation."
"I would like to thank Ms. Uy for her past efforts and
commitment to our mission and am excited to announce that Ms. Uy
will be transitioning to a new role leading the transformation of
our internal systems and driving innovation with our non-dilutive
funding partners", said Simon
Cairns.
About Freshlocal Solutions Inc.
Freshlocal is a Vancouver-based
company that is building a leadership position in the provision of
end-to-end grocery e-commerce solutions. The Company operates two
primary businesses, FoodX and eGrocery, both of which support its
corporate mission to innovate food systems for people, planet and
prosperity. Food-X Technologies Inc. ("FoodX") is Freshlocal
scalable end-to-end SaaS-based eGrocery Management Solution (eGMS)
which is designed to meet the needs of large and small grocery
retailers while providing profitable unit economics. The FoodX eGMS
is the culmination of over 20 years of experience in online grocery
and the Company's proven track record of delivering efficiently,
sustainably and profitably. The Company's consumer eGrocery
business has expanded into one of Canada's largest online grocery companies,
with a focus on delivering fresh, local, organic produce and
groceries, along with exceptional customer experiences. Freshlocal
serves the main urban markets in Alberta and British
Columbia through its brick and mortar store locations
operating under the Blush Lane and Be Fresh banners, as well as
through SPUD.ca which is the Company's award-winning online
eGrocery platform. Freshlocal's common shares are listed on the
Toronto Stock Exchange under the symbol "LOCL". Please visit
www.freshlocalsolutions.com.
Notice on Forward Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to the Company's future
cash flow projections and the growth and profitability of the
Company's eGrocery and FoodX business segments. Often, but not
always, forward-looking statements or information can be identified
by the use of words such as "estimate", "project", "belief",
"anticipate", "intend", "expect", "plan", "predict", "may" or
"should" and the negative of these words or such variations thereon
or comparable terminology are intended to identify forward-looking
statements and information.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about general business
and economic conditions of the Company and the market in which it
operates. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions
made and the expectations represented by such statements or
information are reasonable, there can be no assurance that
forward-looking statements or information herein will prove to be
accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. These factors include, but are not
limited to: risks associated with the business of the Company;
business and economic conditions in the eGrocery industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to unanticipated
operational difficulties (including failure of technology or
processes to operate in accordance with specifications or
expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); changes in general economic conditions or conditions in
the financial markets; changes in laws; risks related to the direct
and indirect impact of COVID-19 including, but not limited to, its
impact on general economic conditions; the ability to obtain
financing as required; and other risk factors as detailed from time
to time. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
SOURCE Freshlocal Solutions Inc.
