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ANDA - Andina Acquisition III News Story

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Last Trade - 13/04/21

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Market Cap £181.3m
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Stryve Foods Becomes the Dominant Leader in Air Dried Meat by Integrating Kalahari Snacks

Wed 17th February, 2021 12:00pm
For best results when printing this announcement, please click on link below:
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Following a year of significant growth, the healthy snacking company now holds
an 85% market share in the U.S.

PLANO, Texas, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Stryve Foods
(https://www.globenewswire.com/Tracker?data=568JJpCF_JKLZ2gkRoQceOSfEF0JVjtrsJpc_c_NPw-glYyP-rJtnxBX3MDPCpfMs8_jghDoNF-eoWP-uOiMWQ==),
LLC (“Stryve” or “the Company”), an emerging healthy snacking platform
disrupting traditional snacking categories and the leading air dried meat
snack company in the U.S., has integrated the #2 biltong brand in the U.S.,
Kalahari Snacks, which it purchased in mid-December 2020.

Inclusive of the Kalahari Snacks acquisition and following a year of
significant growth for Stryve, the Company is now the largest supplier of
air-dried meat in the United States with 85% market share according to SPINS
for the 52-week period ending January 24, 2021.

This news follows the late January announcement that Stryve and Andina
Acquisition Corp. III, (NASDAQ: “ANDA”) (“Andina”), a publicly traded
special purpose acquisition company, reached a definitive agreement for a
business combination that would result in Stryve becoming a public company.
Upon closing of the transaction, which is expected in the second quarter of
2021, the combined company will be renamed Stryve Foods, Inc. and would remain
listed on the NASDAQ under the ticker SNAX. More detailed information
regarding the proposed transaction may be obtained by listening to the webcast
and viewing the investor presentation at www.stryve.com under “Investors”
or at www.andinaacquisition.com under “Investor Relations”.

“We’re thrilled to have the Kalahari team join the Stryve family of
brands,” said Alex Hawkins, COO of Stryve Foods. “As we’ve built our
air-dried meat vertical, the opportunity to acquire one of the fastest growing
brands in the biltong space was too important to pass up. We’ve each
disrupted the meat-snack category on our own and now together, the sky’s the
limit.”

Kalahari is now benefiting from Stryve Foods’ existing infrastructure,
bringing direct access to research and development, a simplified supply chain,
faster speed to market and synergies in functions across the companies. Stryve
Foods’ revenue grew almost 50% last year to firmly establish the company as
the leading air-dried meat snack company, and the acquisition and investment
will bolster that growth in 2021.

“We are thrilled to join forces with Stryve, especially at such a
high-growth time for the Company,” said
Tyler Noyes and Brett Johnston, Co-Founders of Kalahari Snacks. "From day one,
we have shared a dream and a vision of bringing traditional South African
biltong to the American market. We look forward to working with Stryve to
make biltong a household staple snack in America.”

About Stryve Foods LLC
Stryve Foods is an emerging healthy snacking platform with a mission to help
Americans snack better and live happier, better lives. The Company is focused
on manufacturing and marketing highly differentiated healthy snacks that
disrupt traditional snacking categories.

Stryve is currently building a tribe of early adopters consisting of healthy
snack seekers, many of whom are new to the meat snack category. Stryve Beef
Biltong is a delicious, good-for-you snack made from 100% American beef –
high in protein with zero sugar and made from nothing artificial. Founded by
fitness and nutrition enthusiasts, Stryve Biltong is on a mission to help
America snack better. Biltong is a process for air-drying meat that originated
centuries ago in South Africa and actually boasts more protein in every bite
than traditional jerky. It is made simply – with beef, vinegar and spices
– and served in slices, sticks or slabs. Stryve Beef Biltong comes in a
variety of delicious flavors, including Original, Cajun, Hickory, Mesquite
BBQ, Teriyaki, Zesty Garlic, Hatch Green Chile, and Spicy Peri. Stryve is
available on https://stryve.com/, Amazon and over 17,000 retail stores across
the U.S. and Canada.

For more information about Stryve, visit www.stryve.com or follow on social at
@StryveBiltong.

About Kalahari Snacks
After racing 175 miles in an Ironman and Ultramarathon in South Africa within
a week, Tyler Noyes and Brett Johnston were inspired to bring South African
biltong to the United States. Kalahari Snacks
(https://www.globenewswire.com/Tracker?data=7JuZ6MB-ZsYReJ0z6GqqYsxygKrrebsIxLjgQNkhfsP284H9yttxqzwxKwFnfXSvZIhB3VItetI8PBzvistOVA==)
produces authentic biltong in a centuries-old South African tradition of
naturally air-dried meat with simple ingredients and no sugar, resulting in
delicious, thin, tender slices of beef that greatly surpass the texture and
nutritional value of beef jerky. To learn more about Kalahari, please visit
www.eatbiltong.com.

About Andina Acquisition Corp. III
Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) is a blank check
company for the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or similar
business combination with one or more businesses or entities. For information
about Andina, please visit http://www.andinaacquisition.com/

Forward Looking Statements
Certain statements made in this press release are “forward-looking
statements” within the meaning of the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
may be identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and
other similar expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward-looking
statements reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution must be
exercised in relying on forward-looking statements. Due to known and unknown
risks, actual results may differ materially from Andina’s or Stryve’s
expectations or projections. The following factors, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the definitive
agreement for the business combination between Andina and Stryve (the
“Business Combination Agreement”); (ii) the ability of the combined
company to meet Nasdaq listing standards following the transaction and in
connection with the consummation thereof; (iii) the inability to complete the
transactions contemplated by the Business Combination Agreement due to the
failure to obtain approval of the stockholders of Andina or other reasons;
(iv) the failure to meet the minimum cash requirements of the Business
Combination Agreement due to Andina stockholder redemptions and one or more
defaults by the investors in the private placement, and failing to obtain
replacement financing; (v) costs related to the proposed transaction; (vi)
changes in applicable laws or regulations; (viii) the ability of the combined
company to meet its financial and strategic goals, due to, among other things,
competition, the ability of the combined company to pursue a growth strategy
and manage growth profitability; (vii) the possibility that the combined
company may be adversely affected by other economic, business, and/or
competitive factors; (viii) the effect of the COVID-19 pandemic on Andina and
Stryve and their ability to consummate the transaction; and (ix) other risks
and uncertainties described herein, as well as those risks and uncertainties
discussed from time to time in other reports and other public filings with the
Securities and Exchange Commission (the “SEC”) by Andina.

Additional information concerning these and other factors that may impact
Andina’s expectations and projections can be found in Andina’s periodic
filings with the SEC, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2019, the definitive proxy statement filed by Andina
with the SEC on January 4, 2021 wherein Andina sought and obtained stockholder
approval to extend the date by which Andina has to consummate its initial
business combination to April 30, 2021 (which has since been extended to July
31, 2021 as a result of Andina signing the Business Combination Agreement)
(the “Extension Proxy”), and in the preliminary and definitive proxy
statements to be filed by Andina with the SEC regarding the transaction when
available. Andina’s SEC filings are available publicly on the SEC's website
at www.sec.gov.

The foregoing list of factors is not exclusive. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which speak only as
of the date made. Neither Andina nor Stryve undertakes or accepts any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its expectations or any
change in events, conditions or circumstances on which any such statement is
based, subject to applicable law.

No Offer or Solicitation
This press release is for informational purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy any securities
pursuant to the proposed transactions or otherwise, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities shall be made
except by means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.

No Assurances
There can be no assurance that the transactions described herein will be
completed, nor can there be any assurance, if such transactions are completed,
that the potential benefits of combining the companies will be realized. The
description of the transactions contained herein is only a summary and is
qualified in its entirety by reference to the definitive agreements relating
to the transactions, copies of which will be filed by Andina with the SEC as
an exhibit to a Current Report on Form 8-K.

Important Information about the Transactions and Where to Find It

In connection with the transactions described herein, Andina will file
relevant materials with the SEC, including a Form S-4 registration statement
that will include a proxy statement of Andina that constitutes a prospectus
for Andina and a definitive proxy statement for Andina’s shareholders.
Promptly after filing the registration statement with the SEC, Andina will
mail the registration statement and a proxy card to each shareholder entitled
to vote at the special meeting relating to the business combination and
related matters. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE
MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTIONS THAT ANDINA WILL FILE
WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT ANDINA, STRYVE AND THE BUSINESS COMBINATION. The preliminary
registration/proxy statement, the definitive registration/proxy statement and
other relevant materials in connection with the transactions (when they become
available), and any other documents filed by Andina with the SEC, may be
obtained free of charge at the SEC’s website (www.sec.gov).

Participants in Solicitation
Andina and Stryve and their respective directors, executive officers and other
members of their management and employees, under SEC rules, may be deemed to
be participants in the solicitation of proxies of Andina’s stockholders in
connection with the proposed transaction. Investors and security holders may
obtain more detailed information regarding the names, affiliations and
interests in Andina of directors and officers of Andina in Andina’s Annual
Report on Form 10-K for the year ended December 31, 2019 which was filed with
the SEC on March 27, 2020, and in Andina’s Extension Proxy, which was filed
with the SEC on January 4, 2021. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of proxies to
Andina’s security holders in connection with the proposed transaction will
be set forth in the registration statement/proxy statement for the proposed
transaction when available. Other information regarding the interests of the
participants in the proxy solicitation will be included in the proxy
statement/prospectus pertaining to the proposed transactions when it becomes
available. These documents can be obtained free of charge from the sources
indicated above.

Media Contact
Power Digital Marketing
stryve@powerdigital.com

Investor Relations Contact
Raphael Gross, ICR
(203) 682-8253
raphael.gross@icrinc.com

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e39b1f23-6a2d-4f9a-82cf-bad7c020e04f


Kalahari 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/e39b1f23-6a2d-4f9a-82cf-bad7c020e04f/en)
Kalahari Snacks


GlobeNewswire, Inc. 2021
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