The company appointed Bruce Jacobson as President of BioSteel, who, together with Co-Founders John Celenza and Michael Cammalleri, will be responsible for accelerating the growth of BioSteel into a top-4 sports hydration company.

Jacobson joins BioSteel with a wealth of experience from the beverage industry. Having served in several senior leadership roles, he is an experienced brand builder and business strategist who has led organizations to best-in-class growth and market dominance.

Most recently, Jacobson served on the advisory board and as Chief Operating Officer of an alcohol seltzer company, where he led a team in scaling the business to achieve profitable growth while balancing its entrepreneurial spirit and identity. Prior to that role, he spent 17 years at Constellation Brands, including four years in the role of Chief Commercial Officer, where he and his team achieved 36 consecutive quarters of industry-leading growth while delivering an aggregate of more than $5B in revenue and strong margins.

“Bruce will be an invaluable addition to the company’s leadership team as BioSteel continues to grow at a record pace by challenging the status quo in hydration,” said David Klein, CEO of Canopy Growth. “With deep experience building brands, driving profitability, developing distribution strategies, and leading cross-functional teams, we are confident that Bruce will complement and enhance the capabilities of the current leadership team and further advance BioSteel’s standing in the market.”

“It is an honour to join BioSteel and be a part of an innovative challenger brand that is already revolutionizing the sports hydration industry,” said Jacobson. “I’ve seen first-hand the passion that everyone at BioSteel brings to the table for our brand and products, and I am eager to partner with this exceptional team to build on the success to date and accelerate our growth into the future.”

Founded in 2009 by NHL veteran Michael Cammalleri and business partner John Celenza, BioSteel has achieved a reputation for being the hydration product of choice for athletes and consumers looking for a healthy alternative. The brand is committed to using premium ingredients, maintaining product transparency, and delivering essential nutrients needed to support physical activity. Each electrolyte-packed sports drink comes in an eco-friendly 16.7 fl oz Tetra Pak, in flavours ranging from Blue Raspberry, Mixed Berry, Peach Mango, Rainbow Twist and White Freeze to keep consumers hydrated throughout the day.

“Michael and I are excited to welcome Bruce to the BioSteel team,” said Celenza, Co-Founder of BioSteel. “We are deeply committed to the long-term success of BioSteel, and with Bruce’s track record of championing brands, we are confident that he will progress the achievement of our business objectives, including cementing BioSteel at the forefront of the sports hydration category. We look forward to working with him to bring to fruition the incredible opportunities that lie ahead for BioSteel.”

Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health dietary supplement products, announced financial results for the fourth quarter and fiscal year 2022, which ended March 31, 2022.

Commenting on the fiscal year results (changes shown vs. fiscal 2021), Cyanotech’s Chief Executive Officer Emeritus and Chief Scientific Officer, Gerald R. Cysewski, Ph.D., said:

“Net sales increased to $36.0 million in the fiscal year, 11.2% over the prior year, with an improved gross profit as a result of lower cost of spirulina due to higher production volumes and astaxanthin as a result of production efficiencies. We generated $2.4 million in cash from operations, deleveraged the Balance Sheet by $1.7 million and invested over $1.0 million in capital expenditures.”

“Two new solar power systems were installed in our facility continuing Cyanotech’s commitment to renewable energy. In addition to the 791 metric tons of carbon dioxide (CO2) emissions we currently offset annually with our existing solar power system, the two new systems further reduce CO2 emissions by 163 metric tons per year.”

“After 39 years with Cyanotech, I have stepped down from my position at Cyanotech as Chief Executive Officer and as a member of the Board of Directors (‘Board’) effective June 16, 2022, to have more personal time in my latter years. My time at Cyanotech has been both challenging and very rewarding. I will assume the position of CEO Emeritus and remain as Chief Scientific Officer. I will be available for consultation on business strategy on an as needed basis. I want to sincerely thank shareholders and employees for their support throughout the years.”

“Matt Custer has been appointed as President and Chief Executive Officer and as a member of the Board effective June 16, 2022. Matt has been the President of the Company since May 2021. He is a very talented and insightful leader, and I am confident the company is in good hands.”

“I am honoured and humbled to lead the organization and thank Gerry for creating a legacy for all of us to continue to uphold,” commented Matt Custer, President and Chief Executive Officer.

Fiscal Year 2022

Cyanotech reported net sales of $35,968,000 for fiscal 2022 compared to $32,345,000 in fiscal 2021, an increase of 11.2%. Gross profit was $13,566,000, with gross profit margin of 37.7%, compared to gross profit of $11,117,000 and gross profit margin of 34.4%. Operating income was $2,574,000 compared to operating income of $84,000.

Net income was $2,154,000 or $0.35 per diluted share, compared to net income of $920,000 or $0.15 per diluted share. Net income in fiscal 2021 includes $1,389,000, including accrued interest of $8,000 for the forgiveness of the loan under the Paycheck Protection Program.

Fourth Quarter Fiscal 2022

Cyanotech reported net sales of $8,126,000 for the fourth quarter of fiscal year 2022 compared to $9,438,000 in the fourth quarter of fiscal 2021, a decrease of 13.9%. Gross profit was $2,894,000 with gross profit margin of 35.6%, compared to gross profit of $2,771,000 and gross profit margin of 29.4% in the fourth quarter of fiscal 2021. Operating income was $364,000 compared to operating loss of $24,000 in the fourth quarter of fiscal 2021. Net income was $277,000, or $0.04 per diluted share, compared to net loss of $200,000, or ($0.03) per diluted share in the fourth quarter of fiscal 2021.

The Canadian multi-faceted food company operating a Consumer Packaged Goods (CPG) Division where new and innovative food and beverage brands are developed, acquired, grown and commercialized as well as a Retail Division that operates one of Canada’s leading natural and organic food retailers, Organic Garage.

The Company is pleased to announce its financial results for the quarter ended April 30, 2022 (“Q1”). The Company has a Fiscal Year End of January 31. All figures presented are in Canadian Dollars, the Company’s functional currency.

Q1 Financial Results (comparison to the quarter ended April 30, 2021);

Net loss of $650,278 compared to $907,013 for the quarter ended April 30, 2021;
Store wages and benefits decreased by 11.7% due to management of staffing and improved efficiencies.

Sales decreased from $7.0 million to $5.7 million and was significantly impacted by Organic Garage’s renovation to one of its older retail store locations as well as changes to Government COVID-19 lockdown policies compared to the previous comparative period;
Gross Profit of $1,604,718 compared to $2,029,495 for the quarter ended April 30, 2021;
Net loss: The Company had a net loss of $650,278 for the quarter ended April 30, 2022, compared to a net loss of $907,013 for the quarter ended April 30, 2021. Net loss was attributed to a decrease in sales due to the Company’s decision to complete significant renovations at one of the older Organic Garage retail locations, non-cash stock-based compensation of $91,044, and costs incurred during the renovation, offset by decreases in store wages and benefits, professional fees and costs savings related to the Company’s phase-out of warehouse operations.In February 2022, the Company announced the change of its name from Organic Garage Ltd. to Oragin Foods Inc. and the launch of a Consumer Packaged Goods (CPG) Division which currently has one portfolio company, the Future of Cheese, and separate operations through ORAGIN’s Retail Division (Organic Garage).

Matt Lurie, CEO of ORAGIN, commented, “We achieved several operational goals during the quarter, including a significant renovation to one of our locations. The impact of the renovations was felt through our reported results; however, we expect that the short-term negative impacts will be offset by the long-term expectations for the location, including enhanced customer experience and operational efficiencies. Consistent branding and unified offerings across all our locations is a focus for the Company with our existing locations as we plan for future store expansion. The Company now has the majority of its locations with consistent award-winning branding and services, and the decision to engage in the renovation during this time was part of our long-term planning.

“In relation to the Future of Cheese, during Q1 we were excited to announce the addition of industry executive Matt Merson and continue to focus on both domestic expansion and entrance into the U.S. market. The CPG Division continues to actively engage and evaluate select M&A opportunities to grow our portfolio and our bottom line.”

“Looking forward through the rest of the fiscal year, we are expecting fiscal improvements for the associated areas of our operations that faced non-recurring expenses last year. Management continues to focus on incremental operating expense reduction while at the same time maintaining and improving our product and service offering at each of our locations. We acknowledge the challenges facing the business in regard to in-store sales and are working diligently to ensure that we are navigating the macro economic environment that is weighing heavily on businesses across the retail spectrum with strategy and purpose. We are excited for the go forward path of ORAGIN and both of our divisions continue to show opportunity for growth.”

Kensing, LLC a leading manufacturer of Natural Vitamin E, Plant Sterols and high-purity surfactants, and a portfolio company of One Rock Capital Partners, LLC (“One Rock”), announced its acquisition of Vitae Naturals (“Vitae”), a leading producer of Plant Sterol Esters and Non-GMO Natural Vitamin E derivatives for the food, nutrition and skincare end-markets.

“We are pleased to bring Vitae Naturals into the Kensing family,” said Serge Rogasik, Chief Executive Officer of Kensing. “This acquisition is highly complementary, strengthens our footprint in Europe and enables further expansion in food ingredients. This is an exciting time for both companies and we look forward to partnering with the Vitae team to accelerate our growth objectives.”

Founded in 2000 in Talavera de la Reina, Spain, Vitae Naturals manufactures Plant Sterol Esters under the Vitasterol® brand and Natural Vitamin E derivatives under the Vitapherole® brand. Plant Sterol Esters have been clinically proven to naturally lower cholesterol and help fight heart disease when added to margarine spreads, yogurts, and supplements. Natural Vitamin E derivatives are primarily used in vitamin supplements and as natural antioxidants in food and cosmetic applications. Vitae Naturals serves a large set of global customers in more than 40 countries across five continents.

“Our businesses share similar values and we are delighted to become a part of the Kensing team,” said Rafael Cano Mariblanca, General Manager of Vitae Naturals. “Kensing provides a strong platform to build upon our position in our existing markets and expand further into the personal care market. Together, we have a truly diversified footprint with numerous opportunities for growth.”