VANCOUVER, British Columbia, Oct. 24, 2016 (GLOBE NEWSWIRE) -- GLOBAL GARDENS GROUP INC. (“Global Gardens”) (CSE:VGM) is pleased to announce it has entered into an exclusive license and distribution agreement for the distribution of Veggemo in China, Hong Kong, Taiwan and Macau with V-Power (China) Limited, a company headquartered in Hong Kong (the “Distributor”). Pursuant to the terms of the agreement, Global Gardens will acquire 50% of the shares of the Distributor.
In order to maintain an exclusive distribution license, the Distributor is required to sell a minimum of 289,476 litres in 2017, 1,021,680 litres in 2018 and 4,597,560 litres in 2019. Provided the Distributor continues to sell the minimum quantities of Veggemo and is in compliance with the other terms of the agreement, the Distributor will maintain a five year right of first refusal to be the exclusive distributor for additional territories in Asia.
Rob Harrison, President and CEO, states, "I am extremely pleased and excited to enter into this agreement with V-Power, a company of which Global Gardens will hold a substantial equity interest. We are excited about V-Power’s distribution channels in Asia as we begin to pursue our goal of becoming a global brand in the non-dairy food and beverage industry. With China having over 90% of their population lactose intolerant and the majority of the population having been raised on Soy Milk it is a huge opportunity for Global Gardens and our Veggemo vegetable based non-dairy brand to have a gigantic win in these countries.”
About Veggemo
The Veggemo product line is the first and only non-dairy beverage to originate from vegetables and is Global Garden Group’s (VGM) showcase product for the dairy-free industry. Veggemo is available in 3 variants: Original, Unsweetened and Vanilla flavors. The Dairy-free industry continues to witness dynamic growth led by the development of plant-based food and beverages.
Veggemo has received a multitude of awards and accolades from the health & wellness community. This includes being:
- Selected as one of the ten most innovative new products from 300 entrants at the 2015 Canada Grocery Innovation Show.
- One of three finalist brands from over 500 nominations for “Best New Beverage” for a coveted NEXTY Award at Natural Products Expo West in Anaheim which represents the largest health & wellness food & beverage show in North America with over 77,000 attendees.
- The winner as best new Vegan product by VegNews Magazine at the same Expo West trade show.
About Global Gardens Group
Global Gardens Group is comprised of a highly experienced management team and board that have provided senior leadership to many consumer brands including: Neilson Dairy, Ben & Jerry’s and Haagen Dazs Ice Cream, Gillette, P&G, Cadbury Schweppes, Sunkist, Dole, Primo Pasta and Lululemon.
For further information, please contact: Rob Harrison President & CEO Global Gardens Group Inc. T: 604.351.7609 E: rob@globalgardensgroup.com
