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ODD BURGER CORPORATION ANNOUNCES SECOND QUARTER RESULTS, FILES SECOND QUARTER FINANCIAL MANAGEMENT DISCUSSION AND ANALYSIS AND ANNOUNCES MARKET MAKING SERVICES ENGAGEMENT

By on May 30, 2022 0

TORONTO, May 30, 2022 /PRNewswire/ – Odd Burger Corporation (“Odd Burger” or the “Company”) (TSX: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce its financial results for its second quarter, ended March 31, 2022, have been filed with the Canadian securities regulators at www.sedar.com. CEO James McInnes said, “We are pleased to report that our second quarter revenue was 148% higher than the second quarter of the prior year. In addition, we reduced our operating loss by more than 20% compared to the previous quarter, proving that our efforts to stimulate The second quarter was strategically a very important period for us, as we prioritized our franchise growth strategy and signed our largest franchise agreement to date for the development of 36 locations in alberta and British Columbia with the Sai-Genesh enterprises. We continue to work on similar development agreements in territories across Canada and in the United States, building an incredibly robust franchise development pipeline that will lock in a clear growth trajectory for our business. The opening of our Whitby location in April 2022 recording sales proves once again that the market is hungry for something different. With 16 catering sites currently in development or operational in addition to our development agreements, we are positioned for significant growth over the next year. Our focus on franchising will significantly reduce our capital requirements, while supporting rapid brand growth, positioning Odd Burger as one of the world’s leading vegan fast food chains. »

SUMMARY OF QUARTERLY RESULTS

The following table presents selected unaudited financial information for each of the last eight quarters.

Quarter ended

March, 31st,
2022

The 31st of December,
2021

September 30,
2021

June 30th,
2021

Revenue

$641,508

$687,156

$384,745

$257,401

Net and comprehensive loss

(1,002,704)

(1,208,632)

(1,113,144)

(3,541,281)

Net loss per share

$(0.01)

$(0.01)

$(0.01)

$(0.04)






Quarter ended

March, 31st,
2021

The 31st of December,
2020

September 30,
2020

June 30th,
2020

Revenue

$258,515

$268,349

$206,364

$145,652

Net and comprehensive loss

(382,475)

(134,370)

(2,451,760)

(81,123)

Net loss per share

$(0.01)

$(0.00)

$(0.05)

$(0.00)

Commitment of market making services

Under the agreement, the Company will pay red cloud $5,000 per month during the term, payable quarterly in advance. The term of the commitment is ongoing and may be terminated by either party upon 30 days written notice. The Company and red cloud have an arm’s length relationship, but red cloud and/or its clients may have a direct or indirect interest in the securities of ODD. The agreement is primarily intended to maintain market stability and liquidity for the common shares of the Company and is not a formal market making agreement. There are no performance factors contained in the agreement between red cloud and the Company and red cloud will not receive any shares or options of the Company in consideration for the services it renders.

About Red Cloud Securities

Red Cloud Securities Inc. is registered as a broker-dealer in Ontario, Quebec. alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the business to serve small public and private companies. This solution is a comprehensive platform that provides a full range of conflict-free enterprise access services. Offering these services as a unified platform provides the ultimate value proposition for issuing clients.

About Odd Burger Corporation

Odd Burger Corporation is a chain of owned and franchised vegan fast food restaurants and food technology company that manufactures and distributes an exclusive line of plant-based protein and dairy alternatives at its locations. Odd Burger restaurants operate as smart kitchens, using cutting-edge cooking technology and automation solutions to deliver a delicious dining experience for customers seeking healthier, more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain as well as healthier ingredients, Odd Burger is revolutionizing the fast food industry. by creating guilt-free fast food. Odd Burger Corporation is listed on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF. For more information, visit https://www.oddburger.com.

Forward-looking information

This press release contains forward-looking information for the purpose of providing information about management’s current expectations and plans regarding the future. Readers are cautioned that reliance on this information may not be appropriate for other purposes. Any such forward-looking information can be identified by words such as “proposed”, “expects”, “intends”, “may”, “will” and similar expressions. Forward-looking information contained or referred to in this press release includes statements relating to future restaurant openings, potential franchisees, demand for our products, and other similar statements. Forward-looking information is based on several factors and assumptions which were used in developing this information, but which may prove to be incorrect, including, but not limited to, material assumptions regarding the continued strong demand for the products of the Company, the availability of sufficient financing on reasonable terms to fund the Company’s capital requirements and the ability to obtain necessary equipment, production inputs and labor. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that such expectations will prove to be correct. The risks and uncertainties that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information include, among others, negative cash flows and future financing requirements for sustain and grow operations, a limited history of operations and revenues and no history of profits or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, food industry regulation, changing laws, regulations and guidelines, compliance with laws, adverse publicity or consumer perception, product liability and product recalls, intellectual property risks, forecasting difficulties, growth and litigation management, as well as impact of the uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the Company’s control. For a more detailed analysis of the risks to which the Company is exposed, please consult the Company’s annual information form filed with the Canadian securities authorities at www.sedar.com. The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future or other events or results. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Non-GAAP Measures

This press release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as supplemental information to supplement these IFRS measures by providing a better understanding of our results of operations from a management perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analyzing our financial information reported in accordance with IFRS. The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Odd Burger Corporation