Rritual Announces Successful Completion of Second Full Scale Manufacturing Run and Commencement of Third Full Scale Manufacturing Run in Early April
March 17, 2021 (Source) — Rritual Superfoods Inc. (“Rritual” or the “Company”) (CSE: RSF) (CSE: RSF.WT) is pleased to provide an update on its upcoming US retail launch of its plant-based superfood elixirs.
Rritual has successfully completed a second commercial scale manufacturing run which is approximately 50% larger than its initial production run. Production for early April is scheduled and is expected to be 200% larger than the current manufacturing run. Achieving commercial scale production while maintaining high quality products represents a major inflection point towards executing upon the companies go to market strategy. Rritual continues to actively engage with its supply chain partners to secure sufficient raw ingredients and packaging materials to meet the Company’s North America demand forecast.
Additionally, the Company has partnered with a third-party logistics provider and successfully implemented the order automation process to sync with major retailers as well as e-commerce. This partner has warehouses throughout North America and the scale required to allow Rritual to implement its mass retail roll out strategy as well as fulfillment of e-commerce sales. Online order shipments have commenced and are being fulfilled by the logistics provider.
David Kerbel, CEO Commented: “The early feedback we’ve had from consumers and prospective retail partners is very encouraging. To meet expected demand, we have ramped up securing raw materials and scheduled commercial scale production runs. Maintaining a consistent and scalable manufacturing cycle is a core focus as we look forward to bringing our products to the major retailer shelves soon. Our team has been carefully and methodically building our logistics infrastructure which will allow for not only our needs today but also will allow us to achieve sustainable growth into the future.”
Rritual is a functional superfood company that creates plant-based elixirs, which support immunity, focus and relaxation. The company is poised to dominate a segment where demand and sales are growing exponentially. Under the executive leadership with over 100 years of CPG pedigree, Rritual is launching in North America in Q2 2021 as the company positions itself as a leader in the functional health and wellness industry. Rritual’s superfood elixirs can be found online at www.rritual.com.
Functional Foods Market
According to Grandview Research*, it is estimated that the global functional food market is projected to reach $275 billion by 2025, growing at 7.9% each year with consumers putting more emphasis on health and wellness.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Rritual’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Company’s plans to leverage third party manufacturing and logistics, the Company’s broader retail distribution plans and the Company’s other plans, focus and objectives.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Rritual’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors set forth under “Forward-Looking Statements” and “Risk Factors” in the final long form prospectus of the Company dated March 5, 2021 and available under the Company’s profile on SEDAR at www.sedar.com. Rritual undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Rritual to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.