Innovative Food Holdings, Inc. Announces Progress Against Its Strategic Plan

BONITA SPRINGS, Fla., Dec. 18, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced five key elements of progress against its strategic plan, which was discussed at its Q3 earnings call, held on November 9, 2023. They are as follows:

• First, the Company has received and accepted an offer to purchase its building in Bonita Springs, FL. The sale is expected to close in approximately 60 days.
• Second, the Company has listed its e-commerce fulfillment center in Mountain Top, PA for sale or lease through CBRE, a national commercial broker.
• Third, the Company has entered into an agreement with Sampford Advisors Inc., a Technology M&A advisory firm, to run the process of exploring strategic alternatives for the Company’s e-commerce business.
• Fourth, the Company has signed a letter of intent to sell its Grow Brand Management consulting business to the current manager of that entity. The deal is expected to close in the next 30-60 days.
• Fifth, the Company has entered into an agreement to sell off its minority stake in a small ecommerce startup called Curdbox.com, and expected to close by the end of the year.
  

“I’m excited about these strategic moves and I am optimistic that they will each have a positive impact on the company’s financial performance and focus,” stated Bill Bennett, the Company’s Chief Executive Officer. “As we discussed in our Q3 conference call, we expect the sale of our Bonita Springs building to net approximately $1.9 million in cash, after fees and net of debt, and we expect the Mountain Top property to net us an additional $5-9 million in cash, net of debt and fees. We are selling Grow Brand Management for $225,000, inclusive of working capital, and we expect an annual revenue impact to the Company of approximately $1 million, with no material impact to profit. The sale of our interest in Curdbox.com is for an undisclosed amount, and we do not expect the sale to impact revenue or profit.”

Mr. Bennett continued, “As we progress through my first year with the company, it’s critical that we continue to make progress towards our ‘100/10 Plan’, by achieving our first $100 million in revenue and $10 million in adjusted EBITDA. We are highly focused on first stabilizing the company, then reallocating resources, capital, and focus to our core, profitable business. Between our Artisan Specialty Foods distribution business unit, and our Food Innovations drop ship business unit, I continue to be excited by the significant new customer and channel opportunities we are pursuing with the additional focus and resources we are unlocking for the team. We also continue to search for the right bolt-on acquisitions that can be immediately accretive, and unlock growth synergies with our existing business.”