As discussions progress toward launch of joint ventures, more detail can be provided to reflect developments. The following remarks expand on our Food Sector plans.
Our food sector pilot project received a boost today when our target supplier of the A/R (accounts receivable) financing structure reaffirmed their enthusiasm for this concept. We are awaiting final approval by them of the expansion of our cleaning sector A/R facility into this sector. The first target supermarket confirmed to our A/R grantor that the initial experiences have been positive and that they are willing to commit to invoices for trial deliveries. Also encouraging was the fact that the A/R grantor is exploring a reinsurance approach to mitigate their risk in elevating the facility limit to a level that is high enough to make the program capable of growing with the supermarket’s (hoped for) increasing demand as the project gains momentum after launch. It was important to address this in advance so that we would not be stuck in a successful program with insufficient A/R capacity.
The chart below can be clicked on to expand in size. It describes the premise of the intended program. There are many artisan food suppliers who by themselves are too small to deal with supermarkets. This is especially true for the multi-ethnic food suppliers outside North America, such as in the Caribbean. Our JV partner has deep roots in the sourcing and importation of suitable products from that region and elsewhere in Latin America, but has less experience and track record in dealing with large retailers in formal, structured, high volume marketing arrangements.
This partnership of effort allows two enterprising smaller entities to leverage the resources of larger parties and manage the process with skill sets that create a better outcome than either party would have by themselves.
The fact that pilot project deliveries have been made successfully, and that the first target supermarket group has requested expansion of service, sets the stage for a meaningful program, rather than something trivial. The population of Metropolitan Toronto, one of North America’s largest cities, is over 6 million, with a significant ethnic mix, and growing rapidly. This niche in the food sector, multi-ethnic, is more attractive for smaller aspirants than institutionalized mainstream supply dominated by food conglomerates. This niche is large enough (with millions of consumers) that even modest success could be impactful to WNBD cash flow, and improve the appeal of the company to financial service providers. THAT is really the point of the exercise. Winning Brands needs to demonstrate the ability to generate turnover, one way or another, to be a serious candidate for institutional financing. This JV, and the others we have under development, will make that point.
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We are already deep into the creation of our launch website for this program, but are keeping it under wraps until the A/R team gives us the final green light. Our company name was generic in nature from the outset because it was always our plan to embrace more than one product line or sector. Perhaps now is the time that the name Winning Brands will serve us particularly well, as we expand our scope.
Eric Lehner, CEO
Winning Brands
