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Aug 9, 2017

Freshii CEO buys more shares, says company will be the McDonald's of healthy eats

Freshii CEO buys 20,000 shares as stock recovers from earnings drop

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Freshii’s CEO is using his company’s share price dip as an opportunity to increase his own position.

The company’s chief executive and founder, Matthew Corrin, told BNN on Wednesday that he scooped up an additional 20,000 Freshii shares on Tuesday and vowed to ‘continue to be opportunistic to acquire more ownership.’

“I obviously have the closest line of sight to the business and what we’re doing into the future, and I’ve never had as much conviction in this brand as I do at this very moment,” Corrin told BNN. “My goal is to own more of this company, not less. So when I think the stock is cheap – as it is now – I’m going to continue to be a buyer.”

Freshii’s (FRII.TO) stock price shed more than 20 per cent last Thursday after the company missed analyst expectations with its quarterly earnings. The stock – which traded as high as $14.90 on March 1 – closed Wednesday trading at an even $9.

But Corrin is unconcerned by the decline in his company’s share price. He believes his company will be able to top coming competition among healthy eating chains, even saying Freshii will be the McDonald’s of healthy eating.

Freshii CEO on what it takes to be a leader

Matthew Corrin, founder and CEO of Freshii joins BNN to talk about what it takes to be a leader and navigating the food and restaurant industry. Corrin was a Top 40 under 40 winner in 2010.

“"I do think there’s going to be [a] Burger King and Wendy’s [to compete with] the McDonald’s... We are going to be McDonald’s,” Corrin said. “We are going to be the biggest global healthy fast food chain in the world over the next several decades”

“Health and wellness is a growing and accelerating trend globally. We’re the first, we’re the biggest, we’re the fastest-growing, we’re the only publicly-traded [company].”

One way the chain is attempting to develop its brand is through enhanced openings or ‘e-openings’ that target customers with specific products and meal plans ahead of official store openings. Corrin hopes the strategy will help build Freshii familiarity with customers in an age where walk-up business is not the only lunchtime option.

“Increasingly, sales are coming from outside the restaurant where people are experiencing brands through UberEATS and Grubhub and the like without ever having to walk in... So, this is just an evolution of bringing the product to you as opposed to making you come to us.”