AveragePenny
3 years ago
$BRFH Barfresh Well Positioned to Support California’s Rollout of Free School Meals for All K–12 Students
https://www.globenewswire.com/news-release/2021/07/08/2259925/35326/en/Barfresh-Well-Positioned-to-Support-California-s-Rollout-of-Free-School-Meals-for-All-K-12-Students.html
LOS ANGELES, July 08, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, is well positioned to support California’s important decision to be the first state in the nation to permanently adopt free breakfast and lunch school meals for all K–12 students after the Legislature and the Governor came to an agreement on a 2021–2022 operating budget that will reduce child hunger, support essential school nutrition workers, and bolster the state’s agricultural sector, according to a coalition of more than 200 organizations representing health, education, labor, agriculture, and food banks.
The School Nutrition Association has long advocated for universal free meals in U.S. schools and has asked Congress to make it a priority when it meets to discuss Child Nutrition Reauthorization, which could occur later this calendar year.
Riccardo Delle Coste, Chief Executive Officer of Barfresh commented, “The passing of a universal school meal program is a huge win for the students of California and we believe California is the first of many states in the nation to adopt free school meals for all students, regardless of their socioeconomic status. As an example, this past week Maine has also now joined California in offering free lunches for all students. Our Company is uniquely equipped to provide schools with a full suite of healthy, nutritious and delicious beverage offerings that are compliant with USDA Reimbursable Meal Programs. We have an established presence in the California education system and are very well positioned across the nation to help support school administrators in the upcoming 2021-2022 school year and beyond as they now work to ensure all children are provided a healthy breakfast and lunch each day.”
AskMuncher
3 years ago
$BRFH Barfresh Completes $6 million Financing to Accelerate Growth and Meet Uplisting Requirements for a National Exchange
Press Release | 06/03/2021
Company Expects Continued Sequential Revenue Growth as Schools, Military, Restaurants and Amusement Parks Slowly Return to Normal Service Throughout 2021
Company Expects Strong Improvement in both Revenue and Operating Cash Flow in the Back Half of 2021 Compared to the First Half of 2021
LOS ANGELES, June 03, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, today announced that it has completed a private placement of approximately $6 million of common stock at $0.36 per share with no warrant coverage. In addition, the Company has negotiated the conversion of approximately $0.7 million and the retirement of approximately $0.8 million of existing debt and interest. This eliminates all prior convertible debt and related interest. After these transactions, the company now has approximately $7 million of cash and no debt except for a $0.56 million Paycheck Protection Program loan that is expected to be forgiven.
The Company’s first Paycheck Protection Program “PPP” loan of $0.56 million has been forgiven. The Company was granted a second PPP loan in January 2021 for $0.56 million and also expects this loan to be forgiven in Q3 2021. The Company expects to be debt free when the second PPP loan is forgiven.
Riccardo Delle Coste, the Company’s CEO stated, “This financing dramatically improves our liquidity and will provide the appropriate capital for profitable expansion in our many and growing channels throughout 2021 and beyond as well as satisfying the shareholder equity criteria for uplisting to a national exchange. We are very well positioned to continue the penetration in the public schools throughout the United States and expect to enter the new school year in approximately double the number of locations the company is currently serving.”
Mr. Delle Coste continued, “Our new Twist & Go product combined with our bulk and single serve products has us well positioned to achieve much stronger top and bottom line improvement in the backhalf of 2021 compared to the first half. In addition, we have dramatically improved our expenses and expanded our customer base positioning us to capture a larger share of the market. I believe this is a strong vote of confidence from several of our significant long-term existing stockholders leading this offering.”
About Barfresh Food Group
Barfresh Food Group Inc. (OTCQB: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for restaurant chains and the foodservice industry. The company's proprietary, patented system uses portion-controlled pre-packaged beverage ingredients that deliver freshly made frozen beverages that are quick, cost efficient, better for you and without waste. Barfresh has an exclusive distribution partnership with the leading food distributor in North America. For more information, please visit www.barfresh.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company's commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as "grow", "expand", "anticipate", "intend", "estimate", "believe", "expect", "plan", "should", "hypothetical", "potential", "forecast" and "project", “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company's recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
AskMuncher
3 years ago
$BRFH Barfresh to Present at the LD Micro Virtual Invitational XI Conference
Press Release | 06/02/2021
LOS ANGELES, June 02, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, today announced that Riccardo Delle Coste, the Company’s Chief Executive Officer, will present at the LD Micro Virtual Invitational XI Conference on Thursday, June 10, 2021 at 12:00 p.m. ET.
About Barfresh Food Group
Barfresh Food Group, Inc. (OTCQB: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for restaurant chains and the foodservice industry. The company's proprietary, patented system uses portion-controlled pre-packaged beverage ingredients that deliver freshly made frozen beverages that are quick, cost efficient, better for you and without waste. Barfresh has an exclusive distribution partnership with the leading food distributor in North America. For more information, please visit www.barfresh.com.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
AveragePenny
3 years ago
$BRFH Barfresh Completes $6 million Financing to Accelerate Growth and Meet Uplisting Requirements for a National Exchange
https://www.globenewswire.com/news-release/2021/06/03/2241284/35326/en/Barfresh-Completes-6-million-Financing-to-Accelerate-Growth-and-Meet-Uplisting-Requirements-for-a-National-Exchange.html
Company Expects Continued Sequential Revenue Growth as Schools, Military, Restaurants and Amusement Parks Slowly Return to Normal Service Throughout 2021
Company Expects Strong Improvement in both Revenue and Operating Cash Flow in the Back Half of 2021 Compared to the First Half of 2021
LOS ANGELES, June 03, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, today announced that it has completed a private placement of approximately $6 million of common stock at $0.36 per share with no warrant coverage. In addition, the Company has negotiated the conversion of approximately $0.7 million and the retirement of approximately $0.8 million of existing debt and interest. This eliminates all prior convertible debt and related interest. After these transactions, the company now has approximately $7 million of cash and no debt except for a $0.56 million Paycheck Protection Program loan that is expected to be forgiven.
The Company’s first Paycheck Protection Program “PPP” loan of $0.56 million has been forgiven. The Company was granted a second PPP loan in January 2021 for $0.56 million and also expects this loan to be forgiven in Q3 2021. The Company expects to be debt free when the second PPP loan is forgiven.
Riccardo Delle Coste, the Company’s CEO stated, “This financing dramatically improves our liquidity and will provide the appropriate capital for profitable expansion in our many and growing channels throughout 2021 and beyond as well as satisfying the shareholder equity criteria for uplisting to a national exchange. We are very well positioned to continue the penetration in the public schools throughout the United States and expect to enter the new school year in approximately double the number of locations the company is currently serving.”
Mr. Delle Coste continued, “Our new Twist & Go product combined with our bulk and single serve products has us well positioned to achieve much stronger top and bottom line improvement in the backhalf of 2021 compared to the first half. In addition, we have dramatically improved our expenses and expanded our customer base positioning us to capture a larger share of the market. I believe this is a strong vote of confidence from several of our significant long-term existing stockholders leading this offering.”
Televet
4 years ago
https://finance.yahoo.com/news/barfresh-provides-business-200500386.html
Barfresh Provides Business Update
Wed, April 14, 2021, 1:05 PM·9 min read
Expect to Achieve First Quarter 2021 Revenue of Over $1.0 Million; a 36% Improvement Over First Quarter of 2020
Company Very Well Positioned to Continue Strong Revenue Growth and Margin Improvement Once Schools Return to Normal Capacity
LOS ANGELES, April 14, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, is providing a business update in conjunction with the filing of its form 10-K for the full year ended December 31, 2020.
Management Comments
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We spent the past year positioning our Company to capture a much larger market share of school servings once schools begin to return to normal capacity post-covid. A small portion of our school clients began to open during the first quarter and we expect to achieve over $1.0 million in revenue during this period, an improvement not only over last year but also the first quarter of 2019. We expect more schools to slowly return to normal capacity over the course of the current school year and believe we will really get to see the full potential of our expanded school footprint in the Fall once schools have resumed normal operating conditions.”
Mr. Delle Coste continued, “Additionally, we are beginning to experience an increase in military related food service and believe US military bases and other foodservice accounts will begin re-engaging with us in a more meaningful way throughout this year. The strategic relationships we have built over the past few years, along with the cost reduction measures and efficiency improvements we have made position us nicely for revenue and margin expansion post-covid.”
Fiscal Year 2020 Accomplishments and Opportunities in 2021
Launched two new products primarily for school customers:
In April 2020, Barfresh introduced Twist & Go™, a ready-to-drink, bottled fruit and yogurt smoothie line with no sugar added, no preservatives, artificial flavors or colors. Twist & Go™ increases the Company’s growth opportunities in the school channel as it enables Barfresh to expand with entire school districts instead of school by school. The product serves as a complement to the Company’s Bulk Easy Pour product with no customer equipment required.
In August 2020, Barfresh introduced WHIRLZ 100% Juice Concentrates, a 5:1 juice concentrate with no added sugars and a good source of Vitamin C. The new 5:1 juice concentrates are stored and delivered ambient, opening up more opportunities for Barfresh to work on strategic distribution partnerships to help accelerate sales within the education channel. WHIRLZ complements the Company’s Bulk Easy Pour product and Twist & Go product.
Increased penetration of the education channel:
Barfresh’s new product Twist & Go allowed the Company during Covid-19 to expand its education program to new school locations throughout multiple states due to its low touch, ready-to-drink capability:
In April 2020, Barfresh announced it would be rolling out Twist & Go to the Pasco County School District in Florida.
In May 2020, the Company announced it would be rolling out Twist & Go to Brevard Public Schools, the 49th largest school district in the U.S. with over 73,000 students across 105 schools.
In August 2020, Barfresh announced it had expanded its education program to an additional 202 school locations spread out across ten school districts forming a collective student population of 127,000 students.
In September 2020, the Company announced it had expanded to five new school districts with 75 school locations, representing a student body of over 46,000 students.
In December 2020, Barfresh announced the Los Angeles Unified School District (“LAUSD”) had approved adding the Company’s Twist & Go product to their menu. LAUSD is the second largest school district in the country with over 600,000 students.
Re-engaging military and QSR channel:
These channels are slowly coming back online with several US military bases and attraction centers beginning to place orders. Prior to Covid the Company had been working with large restaurant chains and QSRs and had a robust pipeline in different stages of development and rollout. The Company is still engaging with these customers and expects to make progress with its national accounts.
Continued to improve costs:
The Company continued to significantly reduce core operating expenses and for the full year 2020 reduced general and administrative (G&A) expenses by 36% compared to the full year 2019.
Financial Results
Revenue for the full year 2020 was $2.6 million, compared to $4.3 million in 2019. The decline in revenue is the result of decreased sales in the Company’s single and bulk serve product due to Covid-19 caused by the temporary closure of businesses that serve the Company’s products. The decline was partially offset by initial and repeat orders for new product offerings in the school channel. Gross margin for the full year 2020 was 30%, compared to 54% for the full year 2019. The decline in gross margin was due to product mix and the startup expenses related to the two new products the Company launched in 2020, Twist & Go and WHIRLZ 100% Juice Concentrates, as well as some Covid related product write downs. Operating loss for the full year 2020 was $4.2 million, as compared to a loss of $5.2 million in 2019, an improvement of $978,000. The cost improvement initiatives the Company introduced in 2019 and continued throughout 2020 lowered G&A expenses for the full year 2020 by 36% compared to 2019, but were not enough to offset the decline in net sales due to Covid-19.
As of December 31, 2020, the Company had approximately $2.0 million of cash, and approximately $0.9 million of inventory on its balance sheet. As of March 31, 2021 the Company had approximately $2.2 million of cash on its balance sheet highlighting the improved expense management and the receipt of a $568,131 PPP loan during the first quarter of 2021.
The above information is presented in conformity with accounting principles generally accepted in the United States. In order to aid in the understanding of the Company’s business performance, the Company has also presented below certain non-GAAP measures, including EBITDA and Adjusted EBITDA, which are reconciled in the table below to comparable GAAP measures. Management believes that Adjusted EBITDA provides useful information to the investor because it is directly reflective of the cash flow of the Company. The primary factors in reconciling these items are non-cash costs, including stock compensation, stock issued for services, and gain or loss on derivatives. Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
Adjusted EBITDA decreased to a loss of $3.2 million for the full year 2020, compared to a loss of $4.0 million for the full year 2019. A reconciliation of Adjusted EBITDA to net (loss) is provided below.
Conference Call
The conference call to discuss these results is scheduled for today, Wednesday, April 14, 2021, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Listeners can dial (877) 407-4018 in North America, and international listeners can dial (201) 689-8471.
A telephonic playback will be available approximately two hours after the call concludes and will be available through Wednesday, April 28, 2021. Listeners in North America can dial (844) 512-2921, and international listeners can dial (412) 317-6671. Passcode is 13717705.
Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at www.barfresh.com in the Investors-Presentations section.
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