Vancouver, B.C. – January 21, 2022: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (“Better Plant” or the “Company”), a wellness company that develops and sells plant-based products, is pleased to announce it has streamlined operations and plans to reduce expenses by discontinuing the brand Urban Juve and discontinuing the Jusu Bar juice business. Better Plant plans to focus its resources in the near term on the Jusu Wellness line of products. It also plans to look at potential acquisitions and other opportunities to build value for shareholders.
Urban Juve Provisions Inc. a wholly owned subsidiary of Better Plant, which has been selling the Urban Juve ayurvedic inspired line of 11 skincare products and two hand sanitizer products, will take all of its product offline, and the brand Urban Juve will be discontinued. Urban Juve formulas and other intellectual property will be transferred to Jusu Wellness Inc., another wholly owned subsidiary of Better Plant. Jusu Wellness currently makes and sells over 40 plant-based products, including cleaning products, skin care products and body products.
With the assets from Urban Juve, Jusu Wellness will have an expanded catalog of formulas and may be able to take advantage of some of Urban Juve’s key account and retailer relationships to grow its business. This past quarter Jusu Wellness added five new retailers including Yes Wellness, The Found House, Echo Wofford, Old Joy Gift Boxes and Fido’s World.
Jusu Bars is winding down it’s juice operations. Operations of Jusu Bar at Cadboro Bay in Victoria, British Columbia will cease in February 2022. Juice manufacturing of new products has ceased, and the online ordering platform will stop selling Jusu juices in January 2022.
Both Urban Juve and Jusu Bars have been money losing businesses and so it’s expected that discontinuing them will improve Better Plant’s financial position by reducing future losses, although there will be a reduction in revenues and some assets may be impaired.
Perry Chua has resigned as Chief Creative Officer, effective January 14, 2022, but will continue to work with Better Plant as a consultant. Better Plant continues to act as an incubator for new businesses by providing branding, marketing, and accounting services to emerging companies. In his role as consultant, Mr. Chua will continue to oversee Better Plant’s creative team in the provision of these services.
About Better Plant Sciences Inc.:
Better Plant has a catalog of hundreds of product formulas and develops, commercializes, markets, and sells over 50 products through the brands Jusu Wellness and NeonMind. Jusu Wellness products are sold direct to consumer goods through Jusu’s online eCommerce platform as well as through a network of online and brick-and-mortar retail stores. Better Plant has a talented team with expertise in digital design, branding, eCommerce, and digital marketing and offers marketing, branding, financial, and other services to companies with emerging businesses.
Penny White, President & CEO
Amber Allen, Head of Sales
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.