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  • Helene Nielsen

    CEO, Veg of Lund


    Scheelevägen 22 SE-233 63 Lund Sweden
    +46 732 22 76 35
    http://ir.vegoflund.se

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    We are pleased with the outcome and would like to thank our existing shareholders, as well as our new investors, for their trust. The proceeds from the issue give us the opportunity to continue our recently initiated commercial restart, and we will now intensify our sales and marketing efforts to embark on our growth journey.
    Helene Nielsen, CEO, DUG Foodtech
    We are pleased to note that the patent is also being approved in the Japanese and Australian markets for our unique plant-based milk alternatives.
    Professor Eva Tornberg, founder of DUG Foodtech
    We are very excited about the collaboration with Gewußt wie, which shares our vision of sustainability and quality. This partnership allows us to reach even more conscious consumers who are looking for plant-based and climate-smart alternatives. It also marks the beginning of DUG's establishment in the Austrian market, where we've received numerous inquiries following our launch with REWE.
    Helene Nielsen, CEO of DUG Foodtech
    The switch to Dug Foodtech is in line with our strategy to establish the company as an actor in the global market for innovative and sustainable plant-based food products based on our unique knowledge and technology to best explore the potential of the potato.
    Helene Nielsen, CEO at Dug Foodtech.
    DUG now being present nationally in Germany enables us to continue our expansion in Germany and other markets. CENFOOD GmbH has the right background and experience, as well as an innovative approach to engaging with the German food sector.
    Helene Nielsen, CEO of Veg of Lund
    Two companies, one vision. This dynamic collaboration between Veg of Lund and Worldwide Brands Hungary is set to transform Hungary's culinary scene, promising consumers an unmatched dining experience.
    Balázs Bernhardt, CEO of Worldwide Brands Hungary Kft
    This is more than just numbers on paper. This is evidence that groundbreaking research and development can create sustainable products for the future. Seeing our patent portfolio valued at over 50 million SEK is a testament to our hard work and passion for creating change,
    Professor Eva Tornberg, founder of Veg of Lund
    We believe in the potential of DUG, which is why we are thrilled to embark on this collaboration. Our primary goal is to present, and list DUG in all channels in the Baltics. A sustainable, plant-based drink derived from potatoes is both exciting and unique in the market. Moreover, the superior taste adds another layer of appeal.
    Kazimieras Šaveiko, Head of Commercial Department at Eugesta
    We are happy to have DUG in our portfolio, as it is a very innovative, gluten free, allergen-free product, we can say that it is a unique product on the market, a product that fulfill our business slogan ‘we bring the best for you’.
    Alina Silaghi, founder and CEO of Best Brands Agency
    We are delighted to have DUG in our portfolio. DUG is an innovative, lactose- and gluten-free, allergen-free product. Thus, DUG is a unique product and completely in line with our slogan, ‘we bring you the best’ and in collaboration with Dr Max, we will launch DUG in their e-commerce and, possibly also in physical stores, eleven of which are so-called hyper pharmacies with a wide range of health products. Sezamo is a leading e-commerce player for premium products and healthy food and delivers within three hours to customers in the Bucharest metro area.
    Alina Silaghi, founder and CEO of Best Brands Agency
    I have been with Veg of Lund since April this year and in my role as Director of International Sales I have had the privilege of meeting many of the industry’s players as well as consumers and opinion leaders. With my experience and my network of contacts, I have during this time set the conditions for launches in key markets and markets where I see great potential in all our segments. During this time, I have also established that there is enormous pressure and great demand for plant-based products with high quality.
    Helene Nielsen, CEO of Veg of Lund
    The collaboration with Green Heads is in line with our strategy to establish the DUG brand as a player with high quality and a wide range of next generation plant-based foods. The presence we are now establishing with distributors in the various markets we are entering must follow our criteria of being present in the Horeca channel (restaurants, hotels and catering), the Coffee channel (cafes and roasteries), Online (B2B and B2C) as well as the Health food channel and Retail. In Green Heads, we get a committed partner in two countries with a total of about 16 million inhabitants, and many of them want to eat healthy and have more genuine vegetarian options.
    Helene Nielsen, CEO of Veg of Lund
    We are pleased to note that a patent is also being approved for the American market for our unique vegetable milk alternatives.
    Professor emerita Eva Tornberg, founder and board member of Veg of Lund
    The fact that our potato drink is now available on Velivery in Germany makes it easier for us to reach both the HoReCa market and consumers. We are completely unique with our potato drink, and the fact that it is both allergy-friendly, gluten-free, and low in sugar sets us apart from many others.
    Helene Nielsen, Director of International Sales at Veg of Lund
    It is very gratifying that Rossmann chooses to launch DUG. The chain has a strong market position in Poland and the fact that our drink will be sold in their stores means that we have a great opportunity to reach many new consumers.
    Fredrik Carling, CEO of Veg of Lund
    This chain has a strong market position in Poland and the fact that our drink will be sold in 60 of their stores means that we have a great opportunity to reach many new consumers. Following other leading retailers in Europe such as Migros in Switzerland and Salling in Denmark it is great to see yet another chain include DUG in their assortment.
    Fredrik Carling, CEO Veg of Lund
    Japan is not only a sizeable market but also a market to which other Asian countries look for direction from. Look forward to working with Synergy Trading on making DUG Potato drink a commercial success and continue other Asian discussions with a stamp of approval from the Japanese market.
    Fredrik Carling, CEO Veg of Lund
    We are very enthusiastic and proud to collaborate with this innovative company, and we expect huge interest in DUG potato-based drink from Italian consumers. It’s an entirely new and unique product.
    Giulio Romagnoli, CEO of Romagnoli F.lli S.p.A
    With extensive experience from senior roles in companies such as Zeta Display, Prisjakt and Doro. Emil brings both competence and experience supporting Veg of Lund in our continuous journey. Looking forward welcoming him shortly. We thank Cecilia Strandberg who in an interim role have done a good job preparing for this transition.
    Fredrik Carling, CEO
    We are pleased that a patent is approved in Sweden. The fact it is based on such an everyday crop as potatoes, shows the uniqueness and strength of the patent.
    Professor Eva Tornberg, founder and chairman of the board at Veg of Lund
    With Salling Group, we are following our strategy of launching with leading, quality players who position Veg of Lund’s products as part of the next generation of plant-based foods. With a successful launch, there is an exciting opportunity for additional orders and further expansion.
    Fredrik Carling
    In this situation, I take on the role of chair and will lead the board’s work to strengthen the company’s business model, strategy and relationships
    Eva Tornberg, chairwoman of Veg of Lund
    The nomination committee has been informed that Håkan has requested to leave his position as chairman of the board with immediate effect
    Kaj Söderström, chairman of the nomination committee
    During the fourth quarter, my focus has been to create the conditions for a performance that drives growth and steers the company towards profitability in the long term. The company's strategy, established in 2022, provides a clear roadmap. Cost-efficient growth at a high pace is best achieved by complementing the current business model with two new and well-defined main strands: distributor sales and sale of licenses.
    Fredrik Carling, CEO
    The agreement with CCP AG marks the start of the updated business model where distributor and license partnerships will be cornerstones for the company growth moving forward. I look forward to having experienced and dedicated resources on the ground in Germany, supplied by our newly appointed German contractor.
    Fredrik Carling, CEO Veg of Lund.
    The agreement with CLF is the start of an exciting phase of growth and outreach for Veg of Lund. With CLF we get access to a whole range of likeminded, eco-conscious customers who drive a significant proportion of our consumer education.
    Fredrik Carling, CEO of Veg of Lund
    We have been given the opportunity to gather our operations at a reputable address in Lund, in an area where several innovative research and development companies are active. The new premises, with offices and a simpler test kitchen, provide a good opportunity for closer collaboration between our employees in research/development and those who work with marketing/sales
    Fredrik Carling, CEO of Veg of Lund
    We are pleased that a patent is also approved at European level. The fact it is based on such an everyday crop as potatoes, shows the uniqueness and strength of the patent
    Eva Tornberg, founder and board member of Veg of Lund
    It is very gratifying that Migros chooses to launch DUG. The chain has a strong market position in Switzerland and the fact that our drink will be sold in 486 of their stores means that we have a great opportunity to reach many new consumers. We assess that the three countries Germany, Austria and Switzerland, together DACH, will be a good complement to our established markets Sweden and United Kingdom
    Fredrik Carling, managing director at Veg of Lund
    We are looking forward to launching DUG in total of 486 of our stores in week 10/2023 and believe it is a good addition to the continuous expansion of plant-based milk offering at Migros
    Thomas Hirt, Head of Purchasing dairy products
    We have signed an agreement with an established manufacturer with long experience in plant-based food production in modern facilities in several locations in Europe. Veg of Lund’s strategy is to outsource production of our products to certified and competent partners in close geographical proximity to the markets where DUG is sold
    Fredrik Carling, CEO of Veg of Lund
    Now in November, we have also launched DUG Smoothie in Sweden. The already highly regarded My Foodie line has been integrated into the DUG brand and meets the demand for a plant-based, non-allergenic snack with the lowest fructose content on the market. This is a position in which we are looking forward to establish ourselves, beginning in Sweden and later, in 2023, at the international level
    Fredrik Carling, Chief Executive Officer
    We have drawn on our patents and experience with potato-based beverages to update DUG Smoothie. This makes the drink the perfect option for those who want a tasty and healthy snack
    Fredrik Carling, CEO of Veg of Lund
    FCB has recently started its cooperation with Veg of Lund and we see that there is a demand for healthy smoothies that are also good for people and the planet
    Martin Trnovsky, CEO of First Class Brands
    The letter of intent is a step in our strategy to license the production of our proprietary foods to established players with extensive experience in premium consumer products. We look forward to working with partners who have a strong position in countries with large populations, well-developed infrastructure and an interest in healthy and sustainable food. Vietnam and Thailand have around 155 million inhabitants and both countries are at the top of the list when it comes to consumption of plant-based beverages
    Fredrik Carling, CEO of Veg of Lund.
    There is incredible growth throughout our region and in a short time DenEast has become a leading producer and distributor in Vietnam and surrounding countries. We have access to a great ecosystem that includes the specialist skills and local knowledge needed to quickly establish new products and reach profitability. Among other things, DenEast will be working with a marketing specialist in a company run by experienced Swedes who have previously worked with international brands such as IKEA, Kellogg's, Nestlé and Unilever
    Johan Bodén, CEO of DenEast.
    Emma has had a dual role for some time, as acting CEO in parallel with her CFO role. She has been an important person during a transitional period and we on the Board appreciate her commitment and knowledgeable approach to managing the company and its operations. We wish her every success in her new role
    Håkan K Pålsson, Chairman of the Board of Veg of Lund
    I joined the Veg of Lund board to contribute knowledge about fast-moving consumer goods, FMCG. Now that the company has an updated strategy, a good organisation in place in the UK and an agreement with First Class Brands of Sweden AB for sales processing in the Swedish market, I no longer feel that I contribute enough to the board work or to the organisation to stay on. Therefore, I have decided to leave the Board
    Magnus Nordin
    Veg of Lund is in a very interesting stage of company development and international expansion based on strong patents for plant-based foods. These are areas that I find very exciting and that fit my experience, my areas of expertise and my personal interests
    Anders Gustafsson
    The UK and Irish markets have undergone positive developments, and there is considerable interest from consumers as well as major food companies that include DUG® in their vegetarian meals.
    Emma Källqvist, acting Chief Executive Officer and CFO
    Fredrik Carling’s international background and experience as CEO of Hövding will contribute strongly to Veg of Lund’s continued development with a focus on sales and business development – I look forward to working together with Fredrik
    Håkan K Pålsson, Chairman Veg of Lund
    I look forward to joining Veg of Lund and building on the start-up and fantastic product innovation that already exists in the company. Establishing existing and new products globally together with a driven and competent organisation and board will be an exciting task
    Fredrik Carling, incoming CEO of Veg of Lund
    The current market conditions affect the operations of the companies I am assigned to and unfortunately, I am forced to prioritise my time in a different way than I could have foreseen when I accepted the assignment in Veg of Lund. Veg of Lund has an experienced and competent board and I have complete confidence in the company’s board and management and that they can implement the new strategy as planned
    Fred Holmberg
    With an updated strategy, we aim to achieve a more business-driven approach based on the conditions in each market. The Board believes that the hybrid model, i.e. an own organisation in a few key markets in combination with licensees and/or dealers in other countries, will shorten the time to achieve profitability in the business compared to the previous model
    Håkan K Pålsson, Chairman of the Board of Veg of Lund
    Veg of Lund is at this stage a growth company and in connection with expansions the company is in need of external financing. The company’s objective is to finance its operations from current revenues from the sale of its products. Veg of Lund will more quickly establish and strengthen its position as a leading and innovative food company. With clearer goals, we will accelerate and build on the solid work that our organisation has carried out. Focus and various collaborations give us the right conditions to create value for our customers, consumers as well as employees, shareholders and society at large
    Emma Källqvist, acting CEO and CFO
    More clearly defined sales strategy aims to strengthen profitability and consolidate DUG®’s position as a leading brand among plant-based foods
    Emma Källqvist, acting CEO and CFO
    This is another step in our strategy to expand our patent portfolio and opt for new innovative products based on our unique knowledge of potatoes
    Emma Källqvist, acting CEO and CFO of Veg of Lund
    The agreement with FCB and Humble Group ensures that we will establish a significantly stronger presence and distribution of DUG throughout Sweden compared to what we have today. Through the agreement, we will now work closely with Sweden’s top sales forces who have extensive experience in establishing new brands in grocery stores in categories that focus on health and sustainability. We thus see good opportunities to establish DUG’s position as a well-known brand and through the cooperation we are one step closer to our vision of becoming the leader in the category of plant-based, healthy and sustainable beverages
    Emma Källqvist, acting CEO and CFO of Veg of Lund
    We look forward to helping DUG establish more products in the Swedish grocery market by leveraging Humble Group’s and FCB’s ecosystem of high quality FMCG (Fast Moving Consumer Goods) services. By partnering with the first external brand in FCB’s portfolio and DUG’s exciting position in the foodtech vertical, we believe it is an attractive opportunity to open the door for more consumers to consume food that is better for people and the planet. We currently have no similar brand in our portfolio, so it is natural to establish a close working relationship with Veg of Lund AB and accelerate their growth while leveraging our captain position in retail as a player for the future of FMCG
    Martin Trnovsky, CEO of First Class Brands of Sweden
    Potato dairy alts are the next innovation in a rapidly growing category and Wholefoods Wholesale are proud to be partnering with DUG to develop their brand in Ireland
    David Morrin, Commercial Manager at Wholefoods Wholesale
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