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.

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.