July 13, 2020
The Better Burger Concept’s Delivery Numbers Rise Amid Nation’s Pandemic –
New York, NY and Palm Beach, FL — July 13, 2020 —OPES Acquisition Corp. (NASDAQ: OPES, OPESW) recently announced plans to combine with BurgerFi International, one of the nation’s fastest-growing restaurant concepts, with nearly 125 locations spanning across 23 states and two countries internationally. The better burger concept has been on a strong growth trajectory, with plans to open 15 restaurants this year. BurgerFi’s resilience through the COVID-19 pandemic showcases the company’s strengths for off-premise dining through tech-driven delivery platforms.
Year-Over-Year Delivery Sales 2019 vs 2020
January +41% February +30% March +35% April +61% May +111% June +65%
Totals in 3rd Party Delivery YTD + In-House App
January 1, 2020 to June 30, 2020
In addition to partnerships with DoorDash, GrubHub, Postmates and UberEats, as a technology-enhanced brand, BurgerFi has developed its’ own app for third-party delivery. BurgerFi has been able to connect with customers in a meaningful way through the app’s bespoke loyalty program tailored to reward users with personalized offers based on their preferences and order history. The app’s delivery is fueled by Olo, whose on-demand delivery network has enabled BurgerFi to lower delivery fees for its customers and have greater control over transit time and delivery providers. By utilizing the integrated network of third-party delivery vendors, BurgerFi has allowed third-party delivery apps that do not feature BurgerFi to be included in the pool to bid for their business. This ensures customers have access to the best available delivery couriers for the quickest service.
“BurgerFi has continuously looked for ways to enhance the customer experience. Through our investment in technology we have been able to strategically anticipate and execute against the current industry-wide changes, said Charlie Guzzetta, President of BurgerFi. “This investment in technology, complemented by strong partnerships with third-party delivery services, has served BurgerFi well during the crisis and will help us continue on our path of redefining the way the world eats burgers ,” Guzzetta added.
From BurgerFi’s exclusive customized LevelUp ordering app to the in-restaurant Oracle digital ordering kiosks, BurgerFi uses over 20 different technology platforms to streamline its business. BurgerFi is favorably positioned to capitalize on omnichannels, by optimizing its takeout and delivery platforms for superior performance and profitability.
The 125-location burger concept appreciates this trend as it continues to reach new customers through technology. Serving a “better burger” made with 100% natural American Angus beef that has never been exposed to any growth hormones, steroids, antibiotics, chemicals or additives, BurgerFi is a consistently high-quality meal. The beef burgers coupled with the award-winning VegeFi® burgers, vegan Beyond Burgers (100% plant-based), and free-range all- natural Springer Mountain Farms chicken, Snake River Farms Wagyu beef hotdogs, fresh-cut Idaho potato fries,
double beer-battered colossal onion rings, and premium custards and shakes create a craveable real food menu full of premium all-natural ingredients that keep customers coming back for more.
“As BurgerFi evolves with the world’s climate, it has stayed committed to innovation and technology as core cultivating principals to drive its’ success in the booming ‘better-burger’ space. Given BurgerFi’s strong foundation as a company and dynamism as a brand, we believe that BurgerFi is positioned for rapid ascension and are looking forward to taking BurgerFi to the next level and beyond, said Ophir Sternberg, Chairman & CEO of OPES. “Our team is thrilled to support BurgerFi’s exciting growth initiatives. BurgerFi’s technology-driven business model and highly-scalable structure poise it for significant shareholder value creation.”
Last month BurgerFi opened its’ first delivery-only kitchen in Downtown Miami in partnership with REEF. At its’ debut, BurgerFi immediately broke sales records for a new concept in a REEF neighborhood kitchen and have several more Miami locations set to open this summer. With 15 REEF neighborhood kitchens planned, by the end of the year BurgerFi will enter a variety of new markets including Seattle, Houston, Nashville and Minneapolis. Additional markets are scheduled for 2021.
Given the fast growth of on-demand food delivery, REEF Technology has created delivery-only neighborhood kitchens, otherwise known as ghost kitchens, as a key component of their hubs. REEF Kitchens is a national network of 85+ neighborhood kitchens across 18 cities that allow food entrepreneurs, local restaurants, and national restaurant brands to open and quickly expand their delivery businesses. REEF Kitchens lowers the barriers, costs, and burdens for restaurants and is helping to bring fresh, healthy, responsible and chef-driven food to local neighborhoods.
OPES announced last week it reached a definitive deal to merge with BurgerFi and anticipates closing the transaction in the third quarter of 2020.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the identification of a target business and potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the annual report on Form 10-K filed by OPES on March 30, 2020. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the proposed transaction; the inability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, the amount of cash available following any redemptions by OPES stockholders; the ability to meet Nasdaq’s listing standards following the consummation of the proposed transaction; and costs related to the proposed transaction. Important factors that could cause the combined company’s actual results or outcomes to differ materially from those discussed in the forward-looking statements include: BurgerFi’s limited operating history; BurgerFi’s ability to manage growth; BurgerFi’s ability to execute its business plan; BurgerFi’s estimates of the size of the markets for its products; the rate and degree of market acceptance of BurgerFi’s products; BurgerFi’s ability to identify and integrate acquisitions; potential litigation involving OPES or BurgerFi or the validity or enforceability of BurgerFi’s intellectual property; general economic and market conditions impacting demand for BurgerFi’s products and services; and such other risks and uncertainties as are discussed in the OPES annual report on Form 10-K filed with the SEC on March 30, 2020 and the proxy statement to be filed relating to the business combination. Other factors include the possibility that the proposed business combination does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions.
OPES expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward- looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.