TORONTO - Global Food and Ingredients Ltd. (TSXV: PEAS) ("GFI" or the "Company"), is pleased to announce the year-end audited results for its wholly-owned subsidiary, Global Food and Ingredients Inc. for the three and twelve-month periods ended March 31, 2022.
"GFI is pleased to report its year end results showing continued strong growth", commented David Hanna, GFI's CEO. "I want to thank all of our customers, farmer suppliers, shareholders and our incredibly dedicated employees for their continued support and hard work. We navigated through a number of challenges over the course of fiscal 2022 including supply chain disruptions and rapid cost increases from the pandemic and floods in British Columbia, as well as a historically poor Canadian grain harvest. Despite these challenges, GFI was able to deliver revenue growth of over 100%, complete 2 business acquisitions, purchase a plant-based pet food processing facility, raise equity financing and become a publicly traded entity. We also diversified our business by vertically integrating into new value-added product categories, including pet food ingredients, branded consumer packaged goods and subsequent to year end, the production of split peas and pea fibre. We are excited about the future of the business and believe that GFI is ideally situated to respond to current global challenges with its strengthened balance sheet, its locally sourced network of over 500+ farmers in Western Canada and four wholly-owned processing facilities that together create a zero-waste system and allows GFI to maximize value creation from each input that goes into our process".
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