VANCOUVER, BC, Feb. 5, 2025 /CNW/ - UMYUM Food Inc, the creators of beautifully delicious food experiences that just happen to be plantbased, today announced the successful close of their capital raise.

The $6M investment will support the brand's pursuit as a leading innovator in the food space. It will also boost the company's expansion across multiple food categories through their proprietary clean-label plantbased food platform.

UMYUM has established itself in the retail market across Canada. In December 2024, select products were introduced into regions of the US market. A proven portfolio of artisanal rinded cheeses, soft cheeses, and gourmet butter sku's has set the foundation for growing innovation and valuable brand opportunities that will roll out in 2025.

The UMYUM Food team is renowned for their dedication to craft and food simplicity. They have mastered the creation of beautifully delicious and whole-food nutritious products of the highest tier while prioritising sustainability and ethical sourcing. Their innovative food platform has awarded them acclaim for their ability to deliver flavour-forward and texture-accurate experiences that can be applied to produce exciting products across categories within the food industry.

"The introduction of new plantbased products is usually established within a single food category and then remains in that particular category. We're taking an unconventional path," says Katherine Corden, Co-Founder & CEO of UMYUM Food Inc. "Our approach lets us tackle multiple food categories with clean, whole-food ingredients that deliver on taste, texture, and functionality. This investment helps us bring exceptional plantbased food choices and enjoyment to more people, whether that is in the sectors we are already in or emergent categories that we are yet to explore."

"This successful capital raise is as much a win for UMYUM as it is for the food sector in general. It brings more uncomplicated food options to people and innovative food solutions to develop the industry," added Baz Corden, Co-Founder of UMYUM Food Inc. "Whether your choices are plantbased or conventional, we are encouraged that there are more people inspired by the positive, enjoyable experience of celebrating good food."

UMYUM looks forward to:

Accelerated market entry across North America
Expansion of R&D capabilities
Further increasing production scale to meet growing retail and food service demand

VANCOUVER, British Columbia, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (the “Company”, “Rogers”, “RSI” or “our,” “we”, “us”) (TSX: RSI) today reported strong first quarter fiscal 2025 results, with consolidated adjusted EBITDA increasing by 29% to $39.6 million.

“We are pleased to have made a strong start to the year, delivering profitable growth in both our Sugar and Maple segments,” said Mike Walton, President and Chief Executive Officer of Rogers and its operating subsidiary, Lantic Inc., “By harnessing the strength of our markets and focusing on delivering excellent service to our customers, we have been able to drive growth in revenues, margins and free cash flow.”

(1)   See “Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.

• Consolidated adjusted EBITDA⁽¹⁾ for the first quarter of fiscal 2025 was $39.6 million, an increase of $8.9 million from the same quarter last year, mainly driven by a strong performance from both of our business segments, as we maintain our focus on delivering consistent, profitable and sustainable growth.
• Consolidated adjusted net earnings⁽¹⁾ for the current quarter were $19.5 million or $0.15 per share, as compared to $12.6 million or $0.12 per share for the same period last year, driven by the strong performance of our Sugar and Maple segments.
• Consolidated revenues for the first quarter of 2025 amounted to $323.2 million, an increase of 12% as compared to last year, due mainly to higher average pricing and increased sales volumes in our Sugar segment and higher sales volume in our Maple segment.
• Sales volumes in the Sugar segment at 196,100 metric tonnes for the current quarter were aligned with our expectation. The increase of 13,700 metric tonnes over the first quarter of last year was mainly related to the unfavourable impact of the labour disruption at our Vancouver facility, which reduced sales volume in the first two quarters of fiscal 2024.
• Sugar segment adjusted EBITDA⁽¹⁾ increased by $7.9 million over last year due to higher adjusted gross margin ⁽¹⁾ from increased sales volumes and improved business performance.
• Adjusted EBITDA⁽¹⁾ in the Maple segment was $5.7 million in the first quarter, an increase of $1.0 million from the same quarter last year, largely driven by higher sales volume and improved business performance.
• Free cash flow⁽¹⁾ for the trailing 12 months ended December 28, 2024, was $86.2 million, an increase of $41.9 million from the same period last year, largely driven by higher adjusted EBITDA⁽¹⁾.
• During the first quarter of 2025, $21.8 million was spent on additions to property plant and equipment, of which $19.7 million was in connection with the expansion of our Eastern sugar refining and logistic capacity in Montreal and Toronto (the “LEAP Project”).
• On December 31, 2024, the principal amount of the Sixth series convertible unsecured subordinated debentures ("Sixth series debentures") of $57.4 million matured and were repaid to the holders.
• In the first quarter of 2025, we distributed $0.09 per share to our shareholders for a total of $11.5 million.
• On February 5, 2025, the Board of Directors declared a quarterly dividend of $0.09 per share, payable on or before April 16, 2025.

 (1)   See “Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.

Sugar

(1)   See “Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.

In the first quarter of fiscal 2025, revenues increased by $27.0 million compared to the same period last year. The favourable variance was largely driven by higher sales volume compared to the same period last year. The increase of 13,700 metric tonnes over the first quarter of last year was mainly related to the unfavourable impact of the labour disruption at our Vancouver facility, which reduced sales volumes in the first two quarter of fiscal 2024. The favourable variance in revenues was also driven by higher pricing for refining-related activities.

The variances in sales volumes by customer categories were as follows:

• Industrial volume increased by 3,500 metric tonnes as compared to the same quarter last year, mainly reflecting the unfavourable impact from the labour disruption at our Vancouver facility in 2024.
• Consumer volume decreased by 2,500 metric tonnes compared to the same period last year, mainly due to timing in demand from customers.
• Liquid volume decreased by 7,500 metric tonnes compared to the same quarter last year, mainly related to the loss of a large customer in Western Canada.
• Export volume increased by 20,200 metric tonnes in the first quarter of 2025, reflecting the unfavourable impact from the labour disruption at our Vancouver facility in 2024, and from higher sales to existing customers.

Gross margin was $42.8 million for the current quarter and included a loss of $1.3 million for the mark-to-market of derivative financial instruments. For the same period last year, gross margin was $36.5 million with a mark-to-market gain of $0.3 million.

Adjusted gross margin was $44.1 million for the first quarter of 2025 as compared to $36.2 million for the same period in 2024. Adjusted gross margin increased by $7.9 million for the first three months of 2025, due mainly to higher sales volumes and higher contribution on sugar refining-related activities. The favourable variance includes a $2.7 million gain recognized in the first quarter of 2025, in relation to the settlement of an insurance claim associated with the purchase, in prior periods, of sugar from Central America. In addition, in the first quarter of fiscal 2024, adjusted gross margin was negatively impacted by approximately $3.0 million due to the labour disruption in Vancouver.

On a per-unit basis, adjusted gross margin for the first quarter, at $225 per metric tonne, was $26 per metric tonne higher than the same quarter last year.

EBITDA for the first quarter of fiscal 2025 was $32.6 million compared to $26.3 million in the same period last year. These results include gains and losses from the mark-to-market of derivative financial instruments.

Adjusted EBITDA for the current quarter increased by $7.9 million compared to the same period last year, mainly due to higher adjusted gross margin, partially offset by higher administration and selling expenses. These variances include the impact of the labour disruption in Vancouver for the first quarter of last fiscal year, which is estimated at approximately $3.0 million.

Maple

(1)   See “Non-IFRS Measures” section of this press release for definition and reconciliation to IFRS measures.

Revenues for the first quarter of the current fiscal year were $7.5 million higher than the same period last year, driven mainly by higher sales volume from existing customers.

Gross margin was $3.9 million for the first three months of the current fiscal year, including a loss of $3.7 million from the mark-to-market of derivative financial instruments. For the same period last year, gross margin was $8.2 million with a mark-to-market gain of $2.1 million.

Adjusted gross margin percentage for the current quarter was 11.5% as compared to 10.3% for the same period last year, representing an increase in adjusted gross margin of $1.5 million. The higher gross margin was mainly related to higher sales volume and lower operating expenses.

EBITDA for the first quarter of fiscal 2025 amounted to $2.0 million compared to $6.7 million for the same period last year. These results include gains from the mark-to-market of derivative financial instruments.

LEAP PROJECT

On August 11, 2023, the Board of Directors of Lantic approved the LEAP Project. LEAP is expected to provide approximately 100,000 metric tonnes of incremental refined sugar capacity to the growing Canadian market and includes sugar refining assets, along with logistic assets to increase the delivery capacity to the Ontario market. The total cost for the LEAP Project is expected to range between $280 million and $300 million and we anticipate the LEAP Project to be in service by the end of 2026.

The planning and design phases associated with the LEAP Project are completed and the construction phase has begun. Site preparation and permitting processes are completed for the main construction site in Montréal. Detailed planning for the Toronto portion of the project is now completed. Orders for sugar refining equipment and other large production and logistic-related equipment have been placed with suppliers, with several pieces of equipment already on site.

We are funding the execution of the LEAP Project with a combination of debt, equity, existing operating cash flow and our revolving credit facility. In connection with the financing plan of the LEAP Project, we issued 22,769,000 common shares of RSI in fiscal 2024, for net proceeds of $112.5 million and we also increased the amount available under our revolving credit facility by $75 million, to $340 million. In fiscal 2023, also in connection with the financing of the LEAP Project, Lantic entered into two secured loan agreements with Investissement Québec (“IQ loans”) for up to $65 million. As at December 28, 2024, $7.4 million has been drawn under the IQ Loans.

As at December 28, 2024, $73.5 million, including $2.4 million in interest costs, has been capitalized as construction in progress on the balance sheet for the LEAP Project. Thus far, most of the costs incurred are related to the design and planning phases of the project, the site preparation in Montréal and sugar refining, production, and logistic equipment ordered and received from suppliers. For the first quarter of fiscal 2025, $19.7 million has been capitalized in connection with the LEAP Project, while $10.5 million was capitalized in the same period last year.

See “Forward-Looking Statements” and “Risks and Uncertainties”.

OUTLOOK

We continue to focus on delivering consistent, profitable and sustainable growth. Following a strong performance in both of our business segments in 2024, and in the first quarter of 2025, we expect, subject to the adverse impact of potential US tariffs in the near future, to deliver strong financial results in 2025. The strength in demand and pricing is expected to continue for our Sugar business segment going forward.

For our Maple segment, we expect the recovery of 2024 to set the pace for a strong year in 2025, as the global maple market is showing growth, also subject to the adverse impact of potential US tariffs in the near future.

In both of our segments, we have been reviewing strategies and steps to mitigate the potential adverse impact of such tariffs in the event that they are imposed. See “Forward-Looking Statements” and “Risks and Uncertainties” in our Management’s Discussion and Analysis for the three-month period ended December 28, 2024.

Sugar

We expect the Sugar segment to perform well in fiscal 2025. Underlying North American demand for sugar remains favourable. Gross margin for the sugar segment for 2025 is expected to align with previous year, reflecting market-based price increases for sugar and sugar-containing products, and should continue to have a positive impact on our financial results, allowing us to mitigate the expected increase in costs associated with our operations.

We are maintaining our sales volume outlook for fiscal year 2025 at approximately 800,000 metric tonnes, following a first quarter sales volume that was aligned with our expectation, subject to the adverse impact of the potential imposition of US tariffs. Overall, this would represent an increase of over 5% year-over-year from 2024, if we adjust for the unfavourable impact of the labour disruption in Vancouver, which reduced volume in the first two quarters of last fiscal year. We expect to continue to prioritize domestic sales and to take advantage of export sales opportunities in fiscal 2025, with the objective to consistently meet our commitments to our customers.

The harvest period for our sugar beet facility in Taber was completed in early November. We are currently in the processing stage of the 2024 sugar beet campaign, with expected completion by the end of February. Based on our early assessment, we anticipate the 2024 crop to deliver between 100,000 metric tonnes and 105,000 metric tonnes of beet sugar, which is slightly less than anticipated due to unfavourable weather conditions impacting the quality of the harvested beets, which is negatively impacting the slicing process.

Production costs and maintenance programs for our three production facilities are expected to increase moderately in 2025, as such related expenditures continue to be impacted by market-based increases in costs and annual wage increases for employees. For 2025, we plan to continue to perform the necessary maintenance activities to ensure a smooth production process to meet the needs of our customers. We remain committed to managing our costs responsibly and to properly maintain our production assets and related facilities.

Distribution costs are expected to align with prior year. These expenditures reflect the current market dynamics and include the transfer of sugar produced between our refineries to meet demand from customers, pending the completion of our LEAP Project.

Administration and selling expenses are expected to slightly increase in 2025 compared to 2024, reflecting expected market-based increases for compensation-related expenses and external services.

We anticipate our financing costs to be stable in fiscal 2025, as excess cash related to the timing of the equity financing portion of the LEAP project is providing a temporary increase in our available cash, which is mitigating the impact of a higher net interest rate on our credit facility. We have been able to partially mitigate the impact of recent increases in interest rates and energy costs through our multi-year hedging strategy. We expect our hedging strategy will continue to mitigate such exposure in fiscal 2025.

Spending on regular business capital projects is expected to decrease slightly in fiscal 2025 as compared to 2024. We anticipate spending between $25.0 million to $30.0 million on various initiatives. This capital spending estimate excludes expenditures relating to our LEAP Project, which are currently estimated to be approximately $112 million for fiscal 2025.

Maple

We expect financial results in our Maple segment to be strong in 2025, following the recovery seen over the last year and the strong results of the first quarter. We currently anticipate sales volume to grow by 2.0 million lbs in 2025, representing a growth rate of approximately 5%, subject to the adverse impact of the potential imposition of US tariffs. The sales volume expectation reflects current market conditions, and the anticipated availability of maple syrup from the producers.

The 2024 maple syrup crop was significantly better than anticipated and should support the current market demand, while also allowing for the partial replenishment of the reserve held by the Producteurs et Productrices Acéricoles du Québec (”PPAQ”). The reserve of PPAQ had been depleted in recent years from below average crops.

We expect to spend between $1 million and $1.5 million annually on capital projects for the Maple business segment. The main driver for the selected projects is improvement in productivity and profitability through automation.

See “Forward-Looking Statements” and “Risks and Uncertainties” in our Management’s Discussion and Analysis for the three-month period ended December 28, 2024.

A full copy of Rogers first quarter 2025, including management’s discussion and analysis and unaudited condensed consolidated interim financial statements, can be found at  or on SEDAR+ at .

Fish is a high-quality source of protein, containing omega-3 fatty acids and many other beneficial nutrients. However, the accumulation of toxic mercury also makes fish consumption a concern, of which tuna is particularly susceptible. Researchers from Chalmers University of Technology in Sweden have come up with a novel approach to packaging canned tuna infused in the water-based solution of amino acid cysteine. It was shown to remove up to 35 percent of the accumulated mercury in canned tuna, significantly reducing human exposure to mercury via food.

Fish and other seafood, provide people with a broad variety of essential nutrients in their diet However, the consumption of some fish also exposes people to the most hazardous form of mercury, methylmercury. This accumulates in fish (especially those species higher up the food chain, such as tuna) as it binds to proteins in the tissues.

Packaging solution draws out the mercury  

According to the World Health Organisation (WHO), mercury is one of the ten most harmful chemicals for humans. Exposure can damage the central nervous system, with foetuses and young children being particularly sensitive to the effects. That is why dietary recommendations for pregnant women advise caution with tuna consumption.

“Our study shows that there are alternative approaches to addressing mercury contamination in tuna, rather than just limiting consumption. Our goal is to improve food safety and contribute to enhanced human health, as well as to better utilise food that is currently under certain restrictions,” says Mehdi Abdollahi, Associate Professor at the Department of Life Sciences at Chalmers and coordinator of a project called Detoxpak.

The concept of so-called active packaging is to develop materials, for example a liquid inside a can, that interact with food during storage − for instance, to increase the shelf life. However, this concept has never previously been used to improve food safety.

, the researchers investigated the possibility of coating packages with thiolated silica to capture mercury from canned fish. What they observed, was that the forces binding the mercury within the tuna tissue prevented it from being released.

Proteins in tuna tissues, particularly sulfur-containing amino acids, strongly bind and accumulate mercury due to the strong interactions involving thiol groups from these amino acids. "By knowing that, we decided to add one of them, cysteine, to a water solution in which fish meat can be immersed. We believed this would allow some of the mercury to be drawn out and instead bind to the solution and be discarded. Further research is needed to take care of the removed mercury,” says Przemysław Strachowski, first author, and at the time of study, a postdoc at the Department of Life Sciences at Chalmers.

Up to 35 percent of mercury removed

In the study, the researchers discovered that the greater the surface area of fish flesh in contact with the cysteine solution, the higher the mercury uptake. The highest value of mercury reduction, 35 percent, was reached when testing canned minced tuna, from regular grocery stores. They also discovered a maximum threshold of two weeks, after which no further changes occurred.

In the current study, however, the researchers did not observe any noticeable changes in appearance or smell of the tested fish samples. Cell-based assays have also proven the safety of the developed technology.

“The beauty of this type of packaging is that it is active while the product is on the shelf. No additional production steps would be needed if a method like this were used industrially. The application of our results could increase the safety margin for fish consumption,” says Przemysław Strachowski.

Regina, Saskatchewan - February 4, 2025 — The (CCAW) is proud to announce the launch of the (NFWN) Crisis Line, 1-866-FARMS01 (1-866-327-6701), a transformative initiative designed to address the unique mental health challenges faced by Canada’s farmers, farm families, and agricultural workers. This program, made possible through an investment of $1.5 million over three years from (FCC), provides tailored mental health support delivered by licensed professionals trained in the Canadian Agricultural Literacy Program (CALP).

Farming is one of the most demanding and high-stress occupations. The financial pressures, isolation, and emotional demands of caring for livestock and crops can take a toll on mental health. The National Farmer Wellness Network Crisis Line bridges the gap by offering accessible, culturally informed, and confidential crisis services, ensuring farmers receive care tailored to their needs in moments of crisis.

Quotes

Quote from Dr. Briana Hagen, Chief Executive Officer and Lead Scientist, Canadian Centre for Agricultural Wellbeing

“The National Farmer Wellness Network ensures farmers have access to vital, farm-tailored mental health support. With FCC’s backing, it tackles industry-specific stressors and strengthens resilience in Canada’s agricultural communities.

Since 2022, CCAW has worked to bridge mental health service gaps for farmers. The National Farmer Wellness Network Crisis Line fills a critical need, providing urgent support and ensuring continuity of care nationwide.”

Quote from Deborah Vanberkel, Chief Programming Officer, National Farmer Wellness Network

“The National Farmer Wellness Network is more than a program; it’s a commitment to Canada’s agricultural families. We’re here to provide support that understands and respects the unique realities of farming life. Together with FCC, we’re creating a network that farmers can trust to navigate their challenges and prioritize their wellbeing.”

Quote from Justine Hendricks, President and Chief Executive Officer, FCC

“Farm life comes with so many joys and celebrations. And yet, the challenges of farm life are often faced alone and without the needed supports. This partnership with CCAW is our commitment to Canadian farm families; to help provide access to critical mental health resources that reflect the realities of their daily lives. FCC is proud to stand alongside CCAW in making sure those who take care of Canadians, by feeding and sustaining our country, can receive support when they need it most.”

Quick Facts

• Farmers can access immediate, no-cost mental health and crisis support specific to the agricultural community by calling the National Farmer Crisis Line at 1-866-FARMS01. This helpline ensures secure, confidential assistance for farmers and those in the agricultural industry.
• The National Farmer Wellness Network (NFWN) connects farmers, farm families, and agricultural workers with licensed mental health professionals who understand the realities of farming.
• All mental health professionals are trained in the Canadian Agricultural Literacy Program (CALP) to provide specialized support tailored to the agricultural sector.
• The program addresses barriers to mental health support such as geographic isolation, stigma, and lack of tailored resources.
• The network collaborates with provincial organizations to provide a resource list, ensuring access to highly skilled and culturally literate professionals for ongoing mental health support across every province.