Innovative Food Holdings, Inc. Announces Sale of igourmet.com Business
Rhea-AI Summary
Innovative Food Holdings, Inc. (OTCQB: IVFH) has announced the sale of its consumer e-commerce business igourmet.com for $700,000. The transaction is expected to close within 30 days, excluding the company's Pennsylvania facility. This move aligns with IVFH's strategic stabilization plan, first discussed in November 2023, to divest unproductive assets and focus on its profitable foodservice business.
CEO Bill Bennett stated that the proceeds from the sale will support the company's anticipated M&A strategy and investment in new growth initiatives for their foodservice operations. The company aims to further develop its core, profitable Professional Chef business. Sampford Advisors, Inc. and Erben M&A Advisors acted as sell-side advisors for the transaction.
Positive
- Sale of igourmet.com for $700,000, providing additional cash for the company
- Alignment with strategic plan to focus on profitable foodservice business
- Potential for M&A activities and new growth initiatives in core business
Negative
- Divestment of a business unit, potentially reducing overall revenue streams
BONITA SPRINGS, Fla., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, announced today the signing of an agreement to sell its consumer e-commerce business igourmet.com for
Chief Executive Officer (“CEO”) Bill Bennett stated, “With today’s announcement, we mark continued progress against our strategic stabilization plan of selling off unproductive assets and redirecting resources and focus to our profitable foodservice business, as first discussed in our November 2023 earnings call. The cash for this sale will be used to support our anticipated M&A strategy, as well as investment into new growth initiatives in our foodservice business. We look forward to continuing to further develop our core, profitable Professional Chef business.”
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world’s best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to international crises, environmental and economic issues and other risk factors described in our public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.
Investor and Media contact:
Gary Schubert
Chief Financial Officer
Innovative Food Holdings, inc.
investorrelations@ivfh.com
FAQ
What is the value of the igourmet.com sale by Innovative Food Holdings (IVFH)?
When is the igourmet.com sale by IVFH expected to close?
How will IVFH use the proceeds from the igourmet.com sale?
What is IVFH's strategic focus following the igourmet.com sale?
