Veg of Lund signs letter of intent for distribution and sales of DUG in China
Veg of Lund has signed a Letter of Intent (“LOI”) with Haofood Shanghai Food Technology Co., Ltd. The companies will cooperate with the common goal of selling, marketing and distributing Veg of Lund’s products under the DUG® brand in China and select other markets in the region during the first quarter 2024.
"The letter of intent is a continuation of implementing the strategy of partly distribution based business model to complement license and direct sales. Haofood is established in sales and marketing of plant-based products in the region and an excellent partner in bringing our propriety portfolio of products to market. We aim on concluding the partnership agreement and launch product to market early 2024”, says Fredrik Carling, CEO of Veg of Lund.
The Shanghai based company Haofood, established in 2020, is currently selling and distributing plant-based products in China across approximately 4000 stores. With a team of product developers, marketeers, and sales they have successfully launched their proprietary meat analogues based on nuts and are in process to expand their portfolio.
“We are very excited to collaborate with this innovative potato-based drink for consumers in China and see opportunities for an entirely new and unique product”, says Astrid Prajogo, Founder and CEO of Haofood.
For more information, please contact:
Veg of Lund AB
Fredrik Carling, CEO
Telephone: +46 703 121 942
E-mail: fredrik.carling@vegoflund.se
About Veg of Lund AB (publ)
Veg of Lund AB (publ) develops, markets and sells plant-based foods that meet consumer demands for taste and sustainability. Veg of Lund has its roots in research at Lund University and the company’s business concept is to use its knowledge, patented methods and innovative solutions to develop and sell tasty, climate-smart and locally produced products based on potatoes. Veg of Lund offers alternatives to dairy products (milk drinks) and snacks (smoothies) and also develops meat alternatives. The company’s products are sold under the DUG brand to consumers, restaurants and food companies in Sweden, Switzerland, Denmark, England and Ireland. The company has the ambition to expand mainly in Europe and Asia. The share is listed on Nasdaq First North and trades under the name VOLAB. Read more at ir.vegoflund.se. Mangold Fondkommission AB is the company’s Certified Adviser and can be contacted by phone: +46 8 5030 15 50 or e-mail: ca@mangold.se.