Eligible applicants can open vegan
fast-food franchise with substantially reduced capital in
government-guaranteed loan
TORONTO, Dec. 9, 2021 /CNW/ - Odd Burger Corporation
(TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9), one of the world's
first vegan fast-food chains and first to go public, today
announced that loans of up to 90 per cent of the cost of opening a
new location are available for eligible franchisees through the
Canada Small Business Financing Program (CSBFP), administered by
CIBC.
Loans through the government-guaranteed program of up to
$350,000 may be used for new store
financing, renovations, and more. Franchisees pay no interest for
six months. Previously, financing options were limited to only 66
per cent of costs.
Franchises are key to Odd Burger's plans to expand throughout
North America, and this financing
program dramatically reduces the franchise owners' capital
requirements. With this agreement, franchising can be a primary
means to build the company and accelerate expansion.
"Offering 90 per cent financing will fuel our franchise growth
strategy because it invites people to open an Odd Burger franchise
with little out-of-pocket costs," said Odd Burger co-founder and
CEO James McInnes. "We appreciate
the CSBFP and CIBC for working with our franchise partners and
making this opportunity available for potential franchisees."
Along with the CSBFP loan program, Odd Burger franchisees
receive support in securing locations, lease negotiations,
comprehensive training, and ongoing guidance and coaching. Odd
Burger offers access to cutting-edge technology from point-of-sale
systems, back-of-house order management, self-checkout kiosks, and
cooking technology that prepares most menu items at the press of a
button to give customers quick and consistent food every time.
Those interested in Odd Burger franchising opportunities can
visit https://oddburger.com/pages/franchise-what-we-offer. Only
Canadian franchisees are eligible for CIBC financing.
The vegan fast-food concept pioneer currently has six locations,
plus four in development, and plans to have 20 restaurants
operational by this time next year in the U.S. and Canada. Odd Burger produces its own
proprietary plant-based product line at a company-owned food
manufacturing facility, enabling it to control its own supply chain
and keep menu prices low.
Odd Burger also announced it has retained RB Milestone Group LLC
(RBMG) to provide investor relations services pursuant to an
agreement entered into between the company and RBMG dated
November 19, 2021, subject to the
approval of the TSX Venture Exchange. RBMG's specific duties under
the agreement include corporate communications advisory, non-deal
roadshow advisory, market intelligence advisory, and business
referrals services.
The investor relations Agreement has an initial term of twelve
months unless terminated by either party. Pursuant to the Investor
Relations Agreement, Odd Burger will pay RBMG a monthly fee of
USD$8,317.
About Odd Burger Corporation
Odd Burger Corporation is
a chain of company-owned and franchised vegan fast-food restaurants
as well as a food technology company that manufactures and
distributes a proprietary line of plant-based protein and dairy
alternatives to its locations. Odd Burger restaurants operate as
smart kitchens, which use state-of-the art cooking technology and
automation solutions to deliver a delicious food experience to
customers craving healthier and more sustainable fast food. With
small store footprints optimized for delivery and takeout, advanced
cooking technology, competitive pricing, a vertically integrated
supply chain along with healthier ingredients, Odd Burger is
revolutionizing the fast-food industry by creating guilt-free fast
food. Odd Burger Corporation is traded on the TSX Venture Exchange
under the symbol ODD, on the OTCQB under ODDAF, and the Frankfurt
Stock Exchange under IA9. For more information visit
https://www.oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including statements
that relate to among other things, the Company's strategies,
intentions, plans, beliefs, expectations and estimates, and can
generally be identified by the use of words such as "may", "will",
"could", "should", "would", "likely", "expect", "intend",
"estimate", "anticipate", "believe", "plan", "objective" and
"continue" and words and expressions of similar import. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, and actual results
may differ materially from those expressed or implied in such
statements, including but not limited to its expansion plans into
the United States and the number
of restaurant locations anticipated in the following
period.
Forward-looking statements or information are based on a
number of factors and assumptions which have been used to develop
such statements and information, but which may prove to be
incorrect. Although the Company believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking
statements because the Company can give no assurance that such
expectations will prove to be correct. Factors that could cause
actual results to differ materially from those described in such
forward-looking information include, but are not limited to:
negative cash flow and future financing requirements to sustain
operations; dilution; competition; economic changes; and the impact
of and risks associated with the ongoing COVID-19 pandemic. The
forward-looking information in this news release reflects the
current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to:
general business and economic conditions (including but not limited
to currency rates); changes in laws and regulations; legal and
regulatory proceedings; and the ability to execute strategic plans.
The Company does not undertake any obligation to update publicly or
to revise any of the forward-looking statements contained in this
document, whether as a result of new information, future events or
otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this press release.
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SOURCE Odd Burger Corporation