Business
Odd Burger Signs Letter of Intent to Open 150 locations in India and Singapore and Provides Corporate Update
Odd Burger Signs Letter of Intent to Open 150 locations in India and Singapore and Provides Corpo...
About this update from Odd Burger Corporation
[{"type":"text","content":"\n \n \n \n Odd Burger Signs Letter of Intent to Open 150 locations in India and Singapore and Provides Corporate Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LONDON, ON\n \n \n ,\n \n \n May 10, 2023\n \n \n /CNW/ - Odd Burger Corporation (\"Odd Burger\" or the \"Company\") (TSXV: ODD) (OTCBQ: ODDAF) (FSE: IA9) is pleased to announce it has signed a non-binding letter of intent (\"LOI\") with 14728696 Canada Inc\n \n .\n \n o/a Earthlings Canada Inc. (the \"Developer\") to open 145 locations in\n \n India\n \n and 5 locations in\n \n Singapore\n \n over a period of 10 years.\n \n \n \n \n \n \n \n \n \n The Developer group is led by Utsang Desai, a director of the Company, and an experienced QSR developer and Odd Burger board member. In addition to its Canadian operations, the group has a local presence in the Indian/\n \n Singapore\n \n market, which is expected to accelerate Odd Burger's growth in those regions. The group plans on opening a corporate flagship location in\n \n Mumbai, India\n \n by the end of 2023, which will serve as a model store for the territory.\n \n \n \"The growth opportunity in the Indian market is significant,\" says\n \n James McInnes\n \n , CEO and Co-Founder of Odd Burger. \"It is estimated that there are 574 million people that follow a meat-free diet in\n \n India\n \n , with 126 million of those adhering to a vegan diet. The local connections and knowhow gained through our partnership with the Developer group will help us service this large and growing market.\"\n \n \n \"We expect there to be tremendous excitement when we launch Odd Burger in the Indian market,\" says Utsang Desai. \"The market is craving an industry-leading brand like Odd Burger to provide a vision for a sustainable future and to make plant-based eating more accessible.\"\n \n \n The terms of the agreement include a 50% split of all royalties and franchise fees collected in the territory with Odd Burger, as well as a 2.5% contribution to the Odd Burger advertising fund. The definitive agreement is expected to cl...