General Assembly Holdings Limited (the “Company” or “GA Pizza”) (TSXV: GA), a fast-casual, Toronto pizza restaurant turned omnichannel consumer packaged goods (“CPG”) brand, is pleased to announce that effective August 23, 2021, Hormis Tharakan has been appointed as the Company’s Chief Operating Officer.
Mr. Tharakan brings over 16 years of experience spearheading sustainable growth with some of the most innovative companies in North America’s food production sector. He is highly skilled in negotiations, strategic sourcing, purchasing, manufacturing, frozen food and inventory management which will be essential to GA Pizza’s accelerated future growth.
Mr. Tharakan recently held the position of Associate Vice President of Manufacturing with Nature’s Path Foods and will bring his previous supply chain, manufacturing, and leadership experience to the Company, “General Assembly is changing the pizza landscape and is well positioned to take a big slice out of the market. Ali and the team in place have an excellent pathway to growth. Together, we will focus on making sustainable, premium, delicious pizzas that will make our consumers happy and team members proud. I’m looking forward to working with the team to ensure we execute this plan and drive this business to further growth.” said Hormis Tharakan, Chief Operating Officer.
Mr. Tharakan is joining GA Pizza at an opportune time as the Company recently secured a 42,060 square foot master production facility to better meet consumer demand. Transitioning production operations from the Company’s 3,700 square foot restaurant to the new master production facility will be Mr. Tharakan’s immediate priority. The new facility’s initial production line is expected to be live in September, and producing 5,000 pizzas per shift, which is more than double GA Pizza’s current production capacity.
“I am thrilled to have Hormis join our team. He will be a big asset to our Company, particularly significant at this point in time, as we scale our production and distribution model. Hormis brings a wealth of experience in supply chain management and manufacturing.” said Ali Khan Lalani, Founder and Chief Executive Officer of GA Pizza.
The Company also announces the issuance to Mr. Tharakan of 50,000 stock options (the “Options”) to acquire that same number of Class A Common shares in the capital of the Company at an exercise price of C$1.73 per share with 25% of such Options being exercisable on the first anniversary of the grant date, and 9.375% on a quarterly basis following the first anniversary of the grant date. The issuance of Options to Mr. Tharakan and his appointment as Chief Operating Officer is subject to TSX Venture Exchange approval.
About GA Pizza
GA Pizza began its life as a fast-casual pizza restaurant in the heart of Toronto. Three years later, we also offer a freezer-to-table consumer packaged goods line and a revolutionary direct-to-consumer eCommerce experience—not to mention a pizza box with more than one pizza in it. Our ambition? Make delicious pizzas available to everyone, everywhere. We’re always working to take pizza to new heights—from showing the world that better pizza is possible, to finding new spaces and places to deliver unrivaled pizza experiences. Find us in your freezer or visit gapizza.com for more information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains statements which constitute “forward-looking information” or “forward-looking statements” (together “forward-looking information”) within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding anticipated increases to the Company’s production capacity at the master facility and the Company’s growth strategy.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among key factors and risks that could cause actual results to differ materially from those projected in the forward-looking information may include, without limitation, the following: there being no market for the securities of the Company; the Company’s limited operating history; global economic risk; COVID-19’s impact on the Company; the general economic environment; cybersecurity risks; financial projections may prove materially inaccurate or incorrect; the Company may experience difficulties to forecast sales; general competition in the industry from other companies; management of growth-related risks; reliance on management; risks relating to insurance; changes in food and supply costs could adversely affect profitability and ultimately our results of operations; our business could be adversely affected by increased labour costs or difficulties in finding suitable employees; changes in customer tastes and preferences, spending patterns and demographic trends could cause sales to decline; changes in nutrition and food regulation; failure to establish our master production facility; failure to expand production capacity; disruption at our facilities; government regulation of the food industry creating risks and challenges; risk associated with food safety and consumer health; changes in internet and social media search algorithms; risks associated with leasing commercial and retail space; third party reliance for shipping and payment processing; environmental laws; we may not persuade customers of the benefits of paying our prices for higher-quality food; our marketing and advertising strategies may not be successful, which could adversely impact our business; requirements for further financing; the Company may prioritize customer growth and engagement and the customer experience over short-term financial results. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.