• Chipotle for Japanese ramen
• Shake Shack for Japanese ramen

• Japanese Ramen: Specializing in bone broth ramen, this is Yoshiharu's signature and acclaimed main dish.
• Sushi Rolls: A variety of sushi options are offered to customers alongside ramen.
• Bento Menu: Customers can enjoy various bento box meals.
• Other Japanese Cuisine: The restaurants also provide a wide selection of other favorite Japanese dishes.
• Restaurant Franchising: (Expected by end of 2022) Offering franchise licenses to operate Yoshiharu restaurants domestically and internationally.

• General Public / Food Enthusiasts: Individuals seeking an authentic and modernized Japanese dining experience, including ramen, sushi, and other Japanese cuisine. The company aims to bring Japanese ramen and cuisine to the mainstream.
• Students: Yoshiharu offers specific discounts to students, indicating they are a targeted customer demographic.
• Seniors: Yoshiharu also provides discounts for seniors, identifying them as another specific customer segment.

Ji-Won Kim, Chief Executive Officer

Ji-Won Kim is a seasoned leader with over 20 years of hands-on experience in the food service industry. He is recognized as an expert in brand development and operations, having successfully launched and established multiple brands, including the Macho Galbi restaurant brand. Mr. Kim served as the Chief Executive Officer of Macho Galbi since April 2016, where he oversaw the implementation of franchise systems, menu, distribution management, and overall store operations. In 2025, he was also appointed Managing Director of BS1 Fund, an investment fund in Korea.

Jaeho Yoon, Chief Financial Officer

Jaeho Yoon is a veteran financial leader who most recently served as a senior manager in the corporate planning team at BGF EcoMaterials. In this role, he oversaw company-wide management reporting and managed subsidiaries across the U.S., China, and India. His previous experience includes a role as a manager in the new business development team at BGF Holdings, and consulting positions at Roland Berger Strategic Consultants and Deloitte Consulting Southeast Asia.

Andrew Yun, Chief Compliance Officer

Andrew Yun is a highly regarded attorney with extensive experience in corporate law, real estate, mergers and acquisitions, and corporate governance. He is the managing partner of Yun Law Group, where his practice focuses on business transactions, corporate governance, and mergers and acquisitions. Before founding his law firm, Mr. Yun worked as senior legal counsel for major energy and electronics conglomerates. He joined Vestand's Board of Directors in October 2025.

The primary key risk to Vestand (VSTD) is its ability to continue as a going concern. The company has experienced recurring losses from operations, negative cash flow, and a significant accumulated deficit, leading its independent registered public accounting firm to include a going concern uncertainty explanatory paragraph in their report.

Here are 3-5 expected drivers of future revenue growth for Vestand (VSTD) over the next 2-3 years:

1. Expansion of Corporate-Owned Restaurant Locations: Vestand plans to accelerate the pace of new corporate-owned restaurant openings, expecting to operate over 17 locations by year-end 2022, including stores currently under development and additional planned openings.
2. Launch and Growth of Franchise Program: The company is in the process of registering its franchise program, with plans to offer domestic and international franchisee opportunities, aiming for a potential of 20 new franchisee stores per year in the U.S. and exploring country-wide exclusivity globally.
3. Expansion into New Domestic and International Markets: Beyond increasing store count, Yoshiharu sees an opportunity to expand into new U.S. markets and internationally, leveraging the widespread consumer appetite for Asian cuisine.
4. Increase in Average Check Size: Vestand has demonstrated a positive trend in its average check size, which increased from $30.11 in 2020 to $33.70 in 2021, and further to $42.16 for the six months ended June 30, 2022, indicating a driver for increased revenue per customer.

Capital Expenditures

• A primary focus has been the acceleration of new "corporate-owned" restaurant openings.
• The company expected to operate over 17 corporate-owned locations by year-end 2022, including one new restaurant store under construction/development and an additional eight restaurant stores expected to open in 2022.
• New restaurants are designed with a flexible physical footprint, ranging from 1,500 to 2,500 square feet, allowing for in-line and end-cap formats in strip malls and shopping centers, facilitating market penetration in both suburban and urban areas.