NEW YORK, June 14, 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 more than $100 million in sales from Jan 1, 2021 – December 31, 2025. This represents both an acceleration of sales growth in key markets and an extension of contract term for certain distributors relative to previously disclosed figures.
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 and has recently looked to expand its reach in other international markets. 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 48% 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. This growth has also been recognized by the broader industry, with Halo announced as a winner of the “The 2020 Best Selling Brand of the Year Award” for Imported Foreign Brands at the China Pet Industry Conference in April 2021.
Scott Lerner, CEO of Better Choice stated, "We are incredibly excited to build upon and solidify already strong long-term relationships with our distribution partners in Asia. Having trusted partners that stand behind what we represent as a brand has proven to be a key catalyst for growth historically and going forward. With the formal extension of these contractual relationships, we can invest with confidence in our international supply chain, plan long term marketing initiatives and bring innovative new products slated for launch in the U.S. to our international customers.”
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