Blue Apron (NYSE: APRN) announced today that Linda Findley, Blue Apron’s President and Chief Executive Officer, will participate in a fireside chat with Michael Lippold, FreshRealm’s Founder and Chief Executive Officer, at TD Cowen’s 7th Annual Future of the Consumer Conference on Wednesday, June 7, 2023 at 12:15pm ET in New York.
On May 16, 2023, Blue Apron announced plans for a long-term operations and logistics relationship with FreshRealm, a leading provider of fresh meals to top retailers nationwide, that would see Blue Apron’s business shift to an asset-light model. The plans for the asset-light model would allow Blue Apron to focus on further growing its strong brand and delivering the high-quality products its customers have come to expect. Upon closing, Blue Apron expects to continue to drive its core direct-to-consumer business.
As previously announced, Blue Apron and FreshRealm have signed a non-binding letter of intent for up to $50 million payable to Blue Apron for the transfer of its operational infrastructure, as well as when transition, efficiency and product milestones are met. The parties currently expect to sign definitive agreements and close the transaction on or about June 9, 2023.
At the fireside chat, Findley and Lippold plan to discuss the proposed transaction.
A webcast of the presentation will be available on Blue Apron’s Investor Relations website https://investors.blueapron.com/.
About Blue Apron
Blue Apron’s vision is Better Living Through Better Food™. Launched in 2012, Blue Apron offers fresh, chef-designed meals that empower home cooks to embrace their culinary curiosity, challenge their abilities in the kitchen and see what a difference cooking quality food can make in their lives. Blue Apron is focused on bringing incredible recipes to its customers, deepening its commitment to its employees, continuing to reduce food and packaging waste, and addressing its carbon impact. Visit blueapron.com to learn more.
This press release includes statements concerning Blue Apron and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," “will,” "should," “would,” "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Blue Apron has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the ability of Blue Apron to enter into definitive agreements with FreshRealm in connection with the transactions described in this press release on or about June 9, 2023, if at all; the sufficiency of the Blue Apron’s cash resources and its ability to continue to operate as a going concern in the event that, prior to the middle of June 2023, the FreshRealm transaction does not close; Blue Apron’s ability to successfully execute its business without its fulfillment and production assets; the ability of Blue Apron to successfully and efficiently transition its fulfillment and production assets to FreshRealm; the ability of FreshRealm to continue to fulfill Blue Apron’s meal-kit products in a manner consistent with the Blue Apron’s brand standard, if at all; Blue Apron’s ability to achieve the anticipated benefits of the FreshRealm transaction for Blue Apron’s stockholders; Blue Apron’s expectations regarding, and the stability of, its supply chain, including potential shortages, interruptions or continued increased costs in the supply or delivery of ingredients to Blue Apron, or following the FreshRealm transaction, to FreshRealm, and parcel and freight carrier interruptions or delays and/or higher freight or fuel costs, as a result of inflation or otherwise; any material challenges in employee recruiting and retention, any prolonged closures, or series of temporary closures, of one or both of the fulfillment centers it operates or to be operated by FreshRealm, supply chain or carrier interruptions or delays, and any resulting need to cancel or shift customer orders; Blue Apron’s ability, and following the FreshRealm transaction, Blue Apron’s reliance on FreshRealm, to maintain food safety and prevent food-borne illness incidents and its susceptibility to supplier-initiated recalls; and other risks more fully described in Blue Apron’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 16, 2023 and the Blue Apron’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the Securities and Exchange Commission on May 4, 2023 and in other filings that Blue Apron may make with the Securities and Exchange Commission in the future. Blue Apron assumes no obligation to update any forward-looking statements contained in this press release, whether as a result of any new information, future events, or otherwise.