BONITA SPRINGS, Fla.,
March 9, 2015 /PRNewswire/
-- Innovative Food Holdings, Inc. (OTC-QB: IVFH) (the
"Company"), a leading nationwide provider of specialty foods,
healthcare foods, gluten free foods, and direct from source
artisanal foods, to the professional foodservice market, and the
leading, direct-to-consumer, freshly prepared, meal company in
the United States, announced today
that an investor group led by Yorkmont Capital Partners LP has
acquired approximately 3.2 million restricted shares of the
Company's common stock in connection with the Company's share
block purchase option agreement with a former dissident shareholder
of The Fresh Diet®.
In addition, the Company has completed a non-brokered private
placement of 943,829 restricted shares at $1.30 per share, raising approximately
$1.2 million from accredited
investors and institutions. There were no warrants or investment
banking fees associated with the transaction. Use of proceeds are
targeted towards growth of The Fresh Diet® and specific expansion
opportunities in the Direct-to-Chef business segments.
Sam Klepfish, CEO of Innovative
Food Holdings noted, "Over a period of several months the Company
was able to negotiate and structure a block purchase transaction,
enabling the replacement of a dissident shareholder with
sophisticated and value-added long-term institutional shareholders.
We view this transaction as an important step to further broadening
the company's institutional shareholder base and key to building
long term value for Innovative Food Holdings shareholders."
Mr. Klepfish continued, "The simultaneous closing of a
$1.2 million private placement
provides the Company with additional capital to fuel growth in both
The Fresh Diet® and our Direct-to-Chef business. Even though it's
been only six weeks since Bryan
Janeczko was appointed CEO of The Fresh Diet®, we are very
excited about Bryan's plans to transition Fresh Diet® to growth
later this year. The meal delivery space is one of the biggest
Foodtech trends in the market today, and The Fresh Diet® is the
nationwide leader in freshly prepared gourmet meals. As a result,
we are confident that The Fresh Diet® is uniquely positioned to
capitalize on various emerging consumer Foodtech trends. In
addition, our Direct-to-Chef distribution platform is performing
well and we continue to see robust demand in multiple markets for
the Company's Direct-to-Chef products. I want to thank our
shareholders for their continued support, and we look forward to
updating shareholders on our progress through our public filings
and at our year-end conference call."
About Innovative Food Holdings
Innovative Food Holdings' subsidiaries distribute the highest
quality, specialty foods to foodservice businesses nationwide and
offer freshly prepared meals and ingredients to consumers across
the country through a proprietary specialty food platform.
In the direct to consumer channel, The Fresh Diet®, Inc.
(www.thefreshdiet.com) is the nationwide leader in the freshly
prepared gourmet meal sector, using the finest specialty
ingredients. The meals are delivered directly, from kitchen to
doorstep to consumers in 12 states, 44 metropolitan areas and over
570 cities and towns across the country using The Fresh Diet®
platform. The Fresh Diet® is a wholly owned subsidiary of
Innovative Food Holdings.
In the foodservice space, the Company's industry leading
specialty food foodservice direct to chef distribution programs
offer over 7,000 specialty food, direct from source, organic,
artisanal and gluten free products, which are used on a daily basis
by thousands of leading professional chefs across the entire
United States.
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," "anticipate," "believe," "intend,"
"plan," "might," "potentially" or "expect." The Company does not
intend to update these forward-looking statements. Information
about third parties was supplied to the Company by third parties
and we accept no responsibility for its accuracy.
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Contact:
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Management
Contact
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Investor Relations
Contact
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Ronit
Wallerstein
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James
Carbonara
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Investor Relations
Analyst
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Regional Vice
President, Hayden IR
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(718)
645-1755
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(646)
755-7412
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rwallerstein@ivfh.com
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james@haydenir.com
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SOURCE Innovative Food Holdings, Inc.