Better Choice Company Announces $25.6 Million of Aggregate Minimum Purchases with its Asian Distribution Partners
Better Choice Continues Its Rapid Expansion of the Halo Brand in Asia
NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) -- Better Choice Company (OTCQX: BTTR) (“Better Choice”) (the “Company”), an animal health and wellness company, announced that it has agreed to aggregate minimum purchases with its key Asian distribution partners totaling $25.6 Million in sales from Jan 1, 2021 – December 31, 2022.
Better Choice has built several strong distribution partnerships over the last few years in China, Korea and Japan that focus on selling its extremely popular Halo Brand. Halo’s commitment to delivering real whole meat, certified proteins and no antibiotics has resonated strongly with Asian pet parents that desire an easier to digest food for their pets with quality ingredients from a brand they trust. By delivering on this value proposition, Halo was able to achieve 95% growth in Asian sales in 2020, with sales in China representing more than 50% of total Asian sales.
The acceleration of sales in China has been driven in part by Halo’s ability to secure Product Import Registrations for 15 Holistic Dog and Cat Food Diets from the Ministry of Agriculture and Rural Affairs of China in June 2020. These product registrations have enabled the Company to expand its partnership with its Chinese distribution partner, Penefit International, Co. and sell Halo branded product on e-commerce platforms and brick-and-mortar locations throughout mainland China.
Scott Lerner, CEO of Better Choice stated, "We are incredibly excited to be able to build and expand upon our already strong relationships with our distribution partners in Asia. We believe that recently agreed-to minimum purchases will provide the basis for our continued rapid growth in China, Korea and Japan, and will also give us a footprint to help further growth in other international markets. Better Choice’s success to-date in Asia has been driven by leveraging our solid marketing foundation and commitment to delivering high quality pet food to discerning pet owners with country-specific distribution strategies and category expertise. In China specifically, our partnership with Penefit has been instrumental in taking Halo from a new entrant to the Chinese market in 2018 to a leading brand in the super premium category today.”
Mr. Lerner continued, “With our recent corporate improvements and a focus on our international supply chain we are prepared for growth of this magnitude, and more.”
Allen Chen of Penefit International Co. stated, “Our relationship with the Better Choice Company and the Halo brand is a key strategic partnership for us as we continue to build our presence in China’s rapidly growing animal health and wellness sector. We are proud of Halo’s debut Double 11 performance on Tmall in 2020, which saw Halo achieve 1st place in sales for first-time imported foreign premium pet food brands on the world’s largest physical retail and online shopping day, and are pleased to be able to represent such an incredibly innovative, growing product line up for many years to come.”
About Better Choice Company, Inc.
Better Choice Company Inc. is a growing animal health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. We take an alternative, nutrition-based approach to animal health relative to conventional dog and cat food offerings and position our portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. We have a demonstrated, multi-decade track record of success selling trusted animal health and wellness products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions about their pet’s health. We sell the majority of our dog food, cat food and treats under the Halo and TruDog brands, which are focused, respectively, on providing sustainably sourced kibble and canned food derived from real whole meat, and minimally processed raw-diet dog food and treats. For more information, please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Company Contact:
Better Choice Company, Inc.
Scott Lerner, CEO
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: 212-896-1254
Valter@KCSA.com
Released March 9, 2021