Freshlocal Receives $8.8 Million Secured Credit Facility from Export Development Canada
Summary
This new partnership with EDC demonstrates their strong support for the use of leading-edge Canadian technologies to address the needs of global markets," stated Simon Cairns, Chief Executive Officer of Freshlocal. Food-X Technologies Inc. ("FoodX") is Freshlocals scalable end-to-end SaaS-based eGrocery Management Solution (eGMS) which is designed to meet the needs of large and small grocery retailers while providing profitable unit economics. The FoodX eGMS is the culmination of over 20 years of experience in online grocery and the companys proven track record of delivering efficiently, sustainably and profitably. Freshlocal serves the main urban markets in Alberta and British Columbia through its brick-and-mortar store locations operating under the Blush Lane and Be Fresh banners and through SPUD.ca, the Companys award-winning online marketplace eGrocery platform. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the eGrocery industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of technology or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); changes in general economic conditions or conditions in the financial markets; changes in laws; risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions; the ability to obtain financing as required; and other risk factors as detailed from time to time.