The Company Also Continues to Expand its Brand Portfolio by Adding Kitsutaya, an Affordable, Family-Oriented, Japanese Menu Easily Accessed by Consumers Through JustKitchen's and Third-Party Food Delivery Apps
VANCOUVER, BC, May 12, 2022 /CNW/ - Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") JK JKHCF (FRA: 68Z), a technology focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that is has launched Mr. Chili ("Mr. Chili" or the "Brand"), which is an exclusive, delivery-only, spicy noodle menu created in association with the Mr. Hot instant noodle brand in Taiwan. To date, JustKitchen is the first and only ghost kitchen affiliate of Mr. Hot and its celebrity endorser, Jam Hsiao Ching-Teng – the famous Taiwanese singer and actor. Additionally, the Company has launched a new curry and don brand, Kitsutaya Curry Donburi ("Kitsutaya") to appeal to families with children as the menu adds a sweet taste to more traditional curry and don meals at an affordable price point.
JustKitchen has created and recently launched Mr. Chili food items based on the ingredients and recipes of Mr. Hot products, to provide quality meals to convenience-seeking consumers who are also fans of Jam Hsiao. According to the Nielsen Marketing Research Consultant Co., Taiwan's instant noodle market recently approached NT$11 billion.1 The total sales volume of Mr. Hot instant noodles in Taiwan is more than 1.1 million packs per year, due in part to the endorsement of Mr. Ching-Teng. Jam Hsiao Ching-Teng is primarily a pop singer who currently has over 1.95 million followers on Facebook, among other platforms. Mr. Ching Teng is currently the celebrity personality of Mr. Hot and is involved in the research and development process of many of its food products.
Mr. Ching-Teng recently completed a world tour with 70 concerts, including 25 concerts in Taiwan, with approximately 300,00 tickets sold. He is also the winner of the 13th Golden Melody Award as the Best Male Singer, which is the biggest music award in Taiwan. Jam Hsiao has also acted in several films like "The Killer Who Never Kills" and "My Geeky Nerdy Buddies", and successfully won the best new actor award at the Hong Kong Film Awards.
The Company has also developed and recently launched another proprietary brand, Kitsutaya. It was developed to meet the strong level of demand for curry and don cuisine in the Taiwan market, but with a lower price point than comparable menus suitable for family budgets. Kitsutaya has been available on the JustKitchen app as well as on UberEats and FoodPanda since April 20, 2022. Offering Japanese cuisine to Taiwanese consumers has been deemed essential by Company management as it is currently one of the most popular cuisines in the country. Kitsutaya has been positioned as a complement to JustKitchen's other curry brand, Master Don Curry, but at a lower average price point. According to Taiwan Business Topics, Taipei has some of the best Japanese food in the world, outside of Japan, due to the range and quality of the city's authentic Japanese restaurants.2 Also, Japan is the most popular destination for Taiwanese travellers, with over 4.5 million residents travelling to Japan per year, partially due to the cuisine.3
Management Commentary
"We are excited to launch Mr. Chili in collaboration with Mr. Hot and the one and only Jam Hsiao Ching-Teng. This is an amazing opportunity for JustKitchen to launch our proprietary celebrity endorsed brand and making the instant connection to his fans worldwide," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "Adding Kitsutaya as a Japanese brand from JustKitchen and having it available for delivery to consumers throughout Taiwan is also very important to the Company. Kitsutaya was originated by our data science team in identifying a cuisine gap that fulfils the family friendly and accessible categories," added Mr. Chen.
JustKitchen is primarily a technology focused and enabled operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers. The Company currently operates in Taiwan, Singapore and Hong Kong with plans to expand operations to other Asian countries. JustKitchen uniquely utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering fulfilled by third-party delivery companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.justkitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur including but not limited to the Company's comments regarding providing quality meals to convenience-seeking consumers who are also fans of Jam Hsiao; the Kitsutaya menu being easily accessed by consumers through JustKitchen's and other food delivery apps; the strong level of demand for curry and don cuisine in the Taiwan market; and having more flexibility to serve a broader spectrum of the market via two different curry brands. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks, including those risk factors identified in the Company's prospectus dated March 26, 2021, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Endnotes
- "High-end instant noodle new battlefield for Taiwan's food giants", Taiwan News, accessed May 2, 2022, https://www.taiwannews.com.tw/en/news/3522067
- "Experiencing Taipei's Authentic Japanese Cuisine", Matthew Fulco, Taiwan Business Topics, January 21, 2021, https://topics.amcham.com.tw/2021/01/taipei-authentic-japanese-cuisine/
- "Taiwan, Japan aim for 7 mil. 2-way tourist exchanges in 2019", Kyodo News, accessed April 29, 2022, https://english.kyodonews.net/news/2018/06/a20a99da4363-no-of-tourists-traveling-between-taiwan-japan-nears-7-milyr-goal.html
SOURCE Just Kitchen Holdings Corp.
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