Good Flour Corp. (GFCOF)

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$GFCOF The Good Flour Corp. Announces New Supply Agreement with North American Meat Processor; GFCO Gluten-Free Fried Chicken Mix Expands Presence in Booming Markets


https://www.otcmarkets.com/stock/GFCOF/news?id=388985

VANCOUVER, BC, Feb. 7, 2023 /CNW/ - The Good Flour Corp. (CSE: GFCO) (OTCQB: GFCOF) (FSE: 3KZ) ("GFCO") today announced that GFCO has begun supplying a British Columbia-based meat processing plant (the "New Client") with its GF (Gluten-Free) Chicken Coating Mix/Blend. The New Client is using the GFCO chicken mix for foods such as GF chicken wings, GF chicken tenders, and GF popcorn chicken.

The New Client has a federally inspected Canadian facility, a key designation as it permits cross-border commerce to the U.S., in addition to sales throughout Canada. The new supply agreement exemplifies GFCO's sales channel diversity and further deepens GFCO's foothold in the robust gluten- and allergen-free food space and thriving chicken market.

According to Grandview Research, the global gluten-free products market size is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2022 to reach $13.7 billion by 2030. Despite chicken prices soaring in the first half of 2022, American's hunger for chicken remained strong, with $2.4 billion spent in the second quarter to buy 678 million breaded chicken sandwiches, up 3 percent from the first quarter of the year. In that industry segment, analysts at Technavio forecast the global take-out fried chicken market to experience a 5.32% CAGR to add $1.92 billion in market value from 2021 to 2026.

The New Client joins a growing portfolio of partners already purveying GFCO products, including distributors like Gordon Food Services and popular restaurants such as Earls Kitchen & Bar. GFCO chicken mix was recently featured in an article in Vancouver Magazine titled, "Best Thing I Ate All Week: (Gluten-Free!) Fried Chicken from Maxine's Cafe and Bar," during which the author raved about the gluten-free fried chicken served at Maxine's on Burrard Street in Vancouver made from the GFCO product.

"This is a fantastic growth opportunity for GFCO and further reinforces that our investment in a new, scalable production plant and automation equipment to efficiently formulate and manufacture certified GF and allergen-free mixes was a prescient business strategy last year," said Matthew Clayton, Chief Executive Officer of GFCO. "In collaboration with our consultants and advisors, we remain extremely active in pursuing similar coating opportunities across North America for not only chicken, but also other meats, fish, and plant-based products. While we are thrilled with the new supply agreement, we are confident that we are only scratching the surface of the potential market share we can capture in the food processing space."