TORONTO, - Global Food and Ingredients Ltd. (TSXV: PEAS) (OTCQX: PEASF) ("GFI" or the "Company"), is pleased to announce the third quarter results for the three and nine months ended December 31, 2022.
"GFI is pleased to report a record quarter of revenues on top of our continued improvement in gross profit margin driven by our shift in focus to higher margin products," commented David Hanna, GFI's CEO. "This is affirmation of the hard work of everyone at GFI and we are starting to see the successes from our strategic focus to more downstream, value-added product categories, specifically with the pet food operation and now the commissioning of the pea splitting facility; which is still at the infancy stages of its potential."
Mr. Hanna added, "When we look at our underlying ingredients business (Plant-based Ingredients and Corporate Services segments), the Company is presenting a positive EBITDA for the nine months ended December 31, 2022 even after considering corporate segment costs, the additional costs associated with being a public entity and higher overhead costs as a result of the business growth. Overall, the path forward is exciting and we believe that we are positioned to start realizing on our investments in the future of the business. The pet food operation has proven to be a successful addition to the GFI ecosystem; we believe that our state-of-the art pea splitting facility can compete with any manufacturer in the industry in providing the highest quality outputs with the lowest carbon footprint; and our US distribution center will expand our geographical reach and in-house capabilities."
Mr. Hanna continued, "GFI is trending in the right direction as our business strategy continues to unfold which will allow us to respond to and capitalize on growth opportunities in the global plant-based food and ingredients markets."
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