JustKitchen Adds a Ghost Kitchen Location in the Hotel Adjacent to Hsinchu Science Park
Three-Year Lease Gives the Company Access to New Customers within the Hotel as well as in the Surrounding Hsinchu City
VANCOUVER, BC, Nov. 25, 2021 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has entered into a three-year agreement to lease (the "Lease") a commercial kitchen (the "Hotel Kitchen") from the owner of Hotel Indigo Hsinchu Science Park (the "Hotel") for use as one of its Spoke ghost kitchen locations, effective November 18, 2021. The Hotel is located in Hsinchu City, Taiwan, adjacent to the main freeway exit and a short drive from the Hsinchu Science Park. The Hotel Kitchen is 210 square meters in size, or 2,260 square feet, and the Lease also includes a fully furnished café, bar and all-day restaurant.
Without incurring any capital expenditures, the arrangement enables JustKitchen to increase its number of ghost kitchen locations and coverage in Hsinchu area, which is only currently served by one location in Zhubei. The Company's culinary team will handle dine-in, room service and other on-premise food service within the Hotel, while the Lease positions JustKitchen to offer catering services to Hsinchu Science Park and expand its reach for off-premise food deliveries. JustKitchen's team also plans to work with the management and owner of Hotel Indigo HSP to maximize food and beverage sales on the property by adding new menus, food brands and other amenities, with lower overhead costs being incurred by its owner, all while adhering to the hotel brand's high standard for its food and beverage offering.
"We are excited by this deal with Riant Capital to establish our next ghost kitchen location within a hotel, as it holds the direct potential for JustKitchen to enter into similar arrangements with numerous other hotel locations across Taiwan and beyond. JustKitchen is also currently looking to enter into arrangements with other hotels that are similar to this one," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "We view arrangements such as this as mutually beneficial as they enable us to expand our ghost kitchen network while occupying underutilized hotel kitchens and other commercial commissaries in shopping malls and convention centers, for example," added Mr. Chen.
The Hotel is owned and managed by Riant Capital Limited ("Riant Capital"). Riant Capital is a private real estate investment manager that currently manages approximately US$ 1.5 billion of assets in North Asia. Since its inception in 2013, Riant Capital has invested in a number of mixed-use and flagship retail properties in the cities of Taipei, Hsinchu and Tokyo, and is currently developing The Sky Taipei tower in Taipei, Taiwan.
JustKitchen is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan and Hong Kong with plans to expand operations to the United States and other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select 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 management's discussion and analysis, 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 news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "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 the opening date of the new location in the Hotel Indigo HSP and the potential to provide catering services to Hsinchu Science Park. 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 news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and 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 statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Just Kitchen Holdings Corp.
Company Codes: Frankfurt:68Z, OTC-QB:JKHCF, TorontoVE:JK
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