Sadot LLC Achieves $9.9 Million
Net Income Threshold, Triggers Nomination of Final Three Board
Sadot LLC Contributed Total of
$418 Million in Revenue
Fort Worth, Texas, June 8, 2023 --
InvestorsHub NewsWire -- Muscle Maker, Inc. (MMI), the
"Company" (Nasdaq: GRIL), today announced its Sadot LLC subsidiary
has crossed the key net income milestone of $9.9 Million allowing
the nomination of the final three new board of director
disclosed in an 8K filing on November 18, 2022, MMI and its
wholly-owned subsidiary, Sadot LLC, entered into a service
agreement whereby Sadot engaged Aggia LLC FZ to perform services
related to the purchase of and sale of physical food
commodities. Upon Sadot generating certain net income
targets, Aggia has the right to nominate up to eight directors and
would be issued shares of common stock. Based on successfully
meeting previous income targets, Aggia has already appointed five
Directors to the MMI board. By crossing the $9.9
million threshold, Aggia has the right to nominate three final
candidates to the MMI board of directors. Once the three
nominations are approved, Aggia will have appointed all eight board
members as per the service agreement, bringing the current size of
the MMI board of directors to 15. The complete Aggia
agreements can be viewed in our 8K filing
posted on November 18, 2022.
CEO, Michael Roper, said "We are in the final stages of approving
the three new nominees and look forward to announcing their joining
the MMI board of directors shortly. Investors should keep in
mind that the addition of these new Board members is a reflection
of Sadot's growing profitability. We are excited to be adding
new Board members who can bring a wealth of knowledge and
experience to support our new global food supply chain strategy,
Sadot LLC and MMI overall."
recently announced Sadot LLC May revenue of over $58.9 million and
a cumulative revenue number of over $418 million since Sadot LLC's
inception in November 2022. The Company continues its
transformation from a consumer-focused restaurant company into a
global food supply chain organization.
preliminary, unaudited financial results included in this press
release are based on information available as of May 31, 2023, and
management's initial review of operations and financial results as
of such date. They remain subject to change based on the completion
of the Company's customary quarterly financial closing and review
procedures and are forward-looking statements. The Company assumes
no obligation to update these statements, except as may be required
by law. The actual results may be materially different and are
affected by the risk factors and uncertainties identified in this
press release and in the Company's annual and quarterly filings
with the Securities and Exchange Commission. Further, the Company's
independent auditor has not reviewed or performed any procedures on
the preliminary, unaudited financial results.
About Muscle Maker,
2022, MMI began its evolution from a consumer-focused, U.S.
restaurant business into a global, food-focused organization with
two distinct business units:
largest operating unit is its newly-created subsidiary, Sadot LLC.
Sadot is an international agri-foods company engaged in trading and
shipping food (and feed) commodities such as soybean meal, wheat
and corn. Sadot was formed in partnership with Aggia LLC FZ, a
Dubai based, international consulting firm that provides services
to companies operating in the global food supply chain.
MMI Restaurant Group
legacy business is our limited collection of 50+ restaurants,
including Pokémoto Hawaiian Poké & Boba Tea and Muscle Maker
Grill, and our subscription, fresh-prep meal service, Superfit
Foods, with 30+ points of distribution plus in-home and national
delivery. All three concepts compete in the growing
healthier-for-you segment. National franchise development of the
Pokémoto concept is the key growth driver with more than 50
franchise units already in the 2023 pipeline.
continues to grow in size, diversity of operations, as well as in
human and financial capital, but the principles that guided the
Company remain the same – sourcing and providing healthier foods.
For more information please visit www.musclemakerinc.com
press release may include "forward-looking statements" pursuant to
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. To the extent that the information
presented in this press release discusses financial projections,
information, or expectations about our business plans, results of
operations, products, or markets, or otherwise makes statements
about future events, such statements are forward-looking. Such
forward-looking statements can be identified by the use of words
such as "should", "may," "intends," "anticipates," "believes,"
"estimates," "projects," "forecasts," "expects," "plans," and
"proposes." Although we believe that the expectations reflected in
these forward-looking statements are based on reasonable
assumptions, there are a number of risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements. You are urged to carefully review and
consider any cautionary statements and other disclosures, including
the statements made under the heading "Risk Factors" and elsewhere
in documents that we file from time to time with the SEC.
Forward-looking statements speak only as of the date of the
document in which they are contained, and Muscle Maker, Inc., does
not undertake any duty to update any forward-looking statements
except as may be required by law.