JustKitchen Adds a Ghost Kitchen Location in the Hotel Adjacent to Hsinchu Science Park

Just Kitchen Holdings Corp. ("JustKitchen" or the "Company"), an operator of ghost kitchens specializing in the development of delivery-only food brands, is pleased to announce that it has entered into a three-year agreement to lease (the "Lease") a commercial kitchen (the "Hotel Kitchen") from the owner of Hotel Indigo Hsinchu Science Park (the "Hotel") for use as one of its Spoke ghost kitchen locations, effective November 18, 2021. The Hotel is located in Hsinchu City, Taiwan, adjacent to the main freeway exit and a short drive from the Hsinchu Science Park. The Hotel Kitchen is 210 square meters in size, or 2,260 square feet, and the Lease also includes a fully furnished café, bar and all-day restaurant.

Without incurring any capital expenditures, the arrangement enables JustKitchen to increase its number of ghost kitchen locations and coverage in Hsinchu area, which is only currently served by one location in Zhubei. The Company's culinary team will handle dine-in, room service and other on-premise food service within the Hotel, while the Lease positions JustKitchen to offer catering services to Hsinchu Science Park and expand its reach for off-premise food deliveries. JustKitchen's team also plans to work with the management and owner of Hotel Indigo HSP to maximize food and beverage sales on the property by adding new menus, food brands and other amenities, with lower overhead costs being incurred by its owner, all while adhering to the hotel brand's high standard for its food and beverage offering.

"We are excited by this deal with Riant Capital to establish our next ghost kitchen location within a hotel, as it holds the direct potential for JustKitchen to enter into similar arrangements with numerous other hotel locations across Taiwan and beyond. JustKitchen is also currently looking to enter into arrangements with other hotels that are similar to this one," said Jason Chen, Co-Founder and Chief Executive Officer of JustKitchen. "We view arrangements such as this as mutually beneficial as they enable us to expand our ghost kitchen network while occupying underutilized hotel kitchens and other commercial commissaries in shopping malls and convention centers, for example," added Mr. Chen.

The Hotel is owned and managed by Riant Capital Limited ("Riant Capital"). Riant Capital is a private real estate investment manager that currently manages approximately US$ 1.5 billion of assets in North Asia. Since its inception in 2013, Riant Capital has invested in a number of mixed-use and flagship retail properties in the cities of Taipei, Hsinchu and Tokyo, and is currently developing The Sky Taipei tower in Taipei, Taiwan.