Veg of Lund signs letter of intent to sell its DUG potato based dairy alternatives in China

Veg of Lund has signed a Letter of Intent ("LOI") with Haofood Shanghai Food Technology Co., Ltd. The companies will cooperate with the common goal of selling, marketing and distributing Veg of Lund’s products under the DUG® brand in China and select other markets in the region during the first quarter 2024.

Fredrik Carling, CEO of Veg of Lund:
 

"The letter of intent is a continuation of implementing the strategy of partly distribution based business model to complement license and direct sales."

"Haofood is established in sales and marketing of plant-based products in the region and an excellent partner in bringing our propriety portfolio of products to market. We aim at concluding the partnership agreement and launch product to market early 2024."

The Shanghai based company Haofood, established in 2020, is currently selling and distributing plant-based products in China across approximately 4000 stores. With a team of product developers, marketeers, and sales they have successfully launched their proprietary meat analogues based on nuts and are in process to expand their portfolio.

Astrid Prajogo, Founder and CEO of Haofood:
 

"We are very excited to collaborate with this innovative potato-based drink for consumers in China and see opportunities for an entirely new and unique product."