CALGARY, AB, August 09, 2022 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE: ERTH; OTCQB: VVIVF; Frankfurt:WIMN) (“EarthRenew” or the “Company”), along with its wholly owned subsidiary, Replenish Nutrients Ltd. (“Replenish”), is pleased to provide an updated outlook on the Fall 2022 season, including growth in our blended product network and our granulated facility expansion plans.
To prepare for an expected banner fall season, the Company is expanding the number of blending sites from two to seven and situating those sites closer to its customers. This will help support gross margins by reducing transportation and handling costs while smoothing distribution by relying on drop points in high-demand regions and reducing delivery time for distributors.
The increased number of blending sites will also increase the volume of fertilizer the Company can deliver to the market. This will allow the company to fulfill the higher-than-expected demand for fertilizers this season as it advances toward the target of 200 per cent year-over-year sales growth.
Wade Egeland, Replenish Nutrients’ Manager of Operations & Logistics, explained, “where we once housed most of our inventory at one central location, now we are increasing the number of hubs. We believe this will improve our efficiency in delivering to our partners and customers while enabling us to move a larger volume of product.”
In addition, Replenish Nutrients continues to advance operations at the Beiseker facility with key orders in place for the fall season. As the company prepares to initiate construction at DeBolt in September 2022, key learnings and operational improvements at the Beiseker demonstration site support our commitment to continually improving our facility design and operations. In particular, we focus on value-add coatings that will improve product handling and customer value.
While the Company has two significant development projects in the near term (the Northern Alberta site in DeBolt, AB, and the Saskatchewan site near Bethune, SK), Replenish Nutrients looks to expand its business outside Western Canada. As such, the Company has secured a grant from the Alberta Export Expansion Program, allowing it to advance business development efforts by meeting with prospective site, distribution, and sales partners. This includes events such as the recent Healthy Soil Summit in Sacramento, California and the upcoming Fertilizer AgriTech Forum in Dallas, Texas.
Replenish Nutrients is 100% wholly owned by EarthRenew Inc.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, such as the expected use of the net proceeds of the First Tranche. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy and fertilizer industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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