Eat Beyond adds Plant Power, California-Based Vegan QSR to its Portfolio, and Extends Marketing Agreement
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Plant-Power is a leading quick service restaurant that is recognized as the vegan, healthy alternative to traditional fast-food restaurants
VANCOUVER, BC. and SAN DIEGO, CA, Feb. 22, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, is making an investment in, and adding Plant Power Restaurant Group, LLC ("Plant Power") to its portfolio.
California-based Plant Power Fast Food is known as an innovator in the Quick Service Restaurant ("QSR") field with its 100% plant-based offerings and biodegradable packaging. Plant Power features a menu that ranges from burgers, fries, shakes and 'chicken' tenders - to wraps, salads, juices, raw items and a kids menu. Plant Power has often been referred to as a vegan version of McDonalds and other similar fast-food concepts.
"Eat Beyond is excited to enter the QSR space with this investment in Plant Power," said Patrick Morris, CEO of Eat Beyond. "We're always looking to find the right balance of price, leadership, access, and quality in our portfolio, so Plant Power is a natural fit for us. Consider this a down payment in an area that Eat Beyond wants to break into. We look forward to a profitable and sustainable partnership."
According to a study from the Centers for Disease Control, over 36 percent of Americans consume fast food on a daily basis. Polling by Morning Consult has also shown that 36 percent of Americans desire vegan or vegetarian options from fast food restaurants, and according to Statista, the QSR market reached $273 billion in 2019.
"Consumer interest in plant-based options has skyrocketed in recent years, and Plant Power reported brand-wide net sales growth of over 1200% since operations began in 2016," said Plant Power Fast Food Co-Founder and Co-CEO Jeffrey Harris. "We're basically a cruelty-free, healthier, sustainable alternative to the traditional QSR model, and we are thrilled to be able to offer our guests a revolutionary new take on fast-food."Plant Power currently operates seven restaurants and a food truck in Southern California and recently announced three top level industry hires, a national distribution agreement and eight new locations slated to open over the next 14 months.
The Company also announces that it has extended its service contract (the "Service Contract") announced December 2, 2020 with Media Relations Publishing, Carsten Schmider ("Media Relations"), to provide marketing and consulting services, including certain investor relations services, for the purpose of creating market awareness of the Company. The Service Contract extension includes payment of EUR 200,000 for a four-to-six-week period commencing February 15, 2021.
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
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SOURCE Eat Beyond Global Holdings Inc.
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