Sensible Meats Inc. (CBOE: HOTD), a pioneer in plant-based meat
alternatives, provides a corporate update on its cash position and
plans for securing a suitable target to facilitate a change of
business within the 90-day CBOE requirement to secure a binding
letter of intent.
**Cash and Asset Position:**
Sensible Meats is pleased to announce that it currently
maintains a strong cash position, positioning the company well to
pursue strategic opportunities for growth and expansion. As of May
9, 2024, the company has over $5,976,000 in cash reserves.
Additionally, the company has a real estate asset for sale,
consisting of an investment property with an amortized cost of
$691,000. During the year ended November 30, 2023, the company
recorded rental income from this investment property of
$26,842.
The company additionally earned $307,852 of interest income
related to its cashable GICs during the year ended November 30,
2023. Moreover, the company's cashable GIC was fully redeemed on
May 1, 2024, resulting in an additional $131,975 of net interest
income. The net interest income consists of $299,970 that was
deposited during the period of December 1, 2023, to May 1, 2024,
less $167,996 which represents accrued interest income at the year
ended November 30, 2023.
Based on the above-mentioned, Sensible’s board is confident that
Sensible Meats is well-capitalized to pursue rapid change and
explore new avenues for development, enhancing shareholder
returns.
**Future Plans:**
Sensible Meats is actively seeking a suitable target for a
change of business within the 90-day timeframe required by the
CBOE. The company is committed to finding a partner or acquisition
target that aligns with its mission and vision for the future.
Sensible Meats' management has diverse backgrounds crossing
multiple industries, aiming to leverage that experience, expertise,
and relationships to explore and commit to emerging trends in
sectors that will bring the most value for its shareholders.
"We are thrilled about the opportunities ahead for Sensible
Meats as we enter this new chapter, and we commend the hard work of
the Sensible team in managing costs and expenses to preserve our
cash assets," says Chris Jackson, CEO of Sensible Meats. "Our
robust cash position allows us the flexibility to pursue strategic
initiatives that will deliver long-term value for our shareholders
while adhering to the CBOE's timeline."
While the strategic review process is ongoing, the Company
intends to continue to pursue its core strategic objectives so as
to maintain and enhance the value of its current business and
operations. Other than as described in this press release, the
Company has not made any decisions related to strategic
alternatives at this time and there can be no assurance that the
evaluation of strategic alternatives will result in any transaction
proceeding or change in strategy. The Company does not intend to
comment further unless and until further disclosure is appropriate
or necessary.
About Sensible Hot Dogs (CBOE CA: HOTD) (FSE:
OX4)
Sensible Meats Inc., dba Sensible Hot Dogs, is an innovative hot
dog company focused on changing the playing field around America’s
street food. The company’s goal is to transform the consumer
experience of plant-based eating and to prove that tasty foods can
also come from less processed, natural ingredients. Sensible is
going above and beyond the impossible to deliver the world’s
tastiest, healthiest, and smartest hot dog.
On Behalf of Board,
Chris Jackson Interim Chief Executive Officer
Forward Looking Statements
This press release contains statements which constitute
"forward–looking information" within the meaning of applicable
securities laws. Forward-looking information is often identified by
the words "may," "would," "could," "should," "will," "intend,"
"plan," "anticipate," "believe," "estimate," "expect" or similar
expressions. Readers are cautioned that forward–looking information
is not based on historical facts but instead reflects the Company's
management's expectations, estimates or projections concerning the
business of the Company's future results or events based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Although the
Company believes that the expectations reflected in such
forward–looking information are reasonable, such information
involves risks and uncertainties, and undue reliance should not be
placed on such information, as unknown or unpredictable factors
could have material adverse effects on future results, performance,
or achievements. Among the key factors that could cause actual
results to differ materially from those projected in the
forward–looking information are the following: changes in general
economic, business and political conditions, including changes in
the financial markets; decreases in the prevailing prices for
products in the markets that the Company operates in; adverse
changes in applicable laws or adverse changes in the application or
enforcement of current laws; regulations and enforcement priorities
of governmental authorities; compliance with government regulation
and related costs; and other risks described in the Company's
prospectus. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward–looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated, or expected. Although the Company has
attempted to identify important risks, uncertainties and factors
which could cause actual results to differ materially, there may be
others that cause results not to be as anticipated, estimated, or
intended. The Company does not intend, and does not assume any
obligation, to update this forward–looking information except as
otherwise required by applicable law.
The Company's securities have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or
sold in the United States, or to or for the account or benefit of
any person in the United States, absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities in the United States, or in any
other jurisdiction in which such offer, solicitation or sale would
be unlawful.
Neither the NEO Exchange nor any securities regulatory
authority has approved or disapproved the contents of this press
release.
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Email: hello@sensiblehotdogs.com Web: sensiblehotdogs.com