Innovative Food Holdings Closes Deal for igourmet.com Business
![Innovative Food Holdings Closes Deal for igourmet.com Business](https://investorshangout.com/images/blog/ihnews-Innovative%20Food%20Holdings%20Closes%20Deal%20for%20igourmet.com%20Business.jpg)
Innovative Food Holdings Completes Sale of igourmet.com
Innovative Food Holdings, Inc. (OTCQB: IVFH), a prominent seller of gourmet specialty foods, has officially closed the sale of its consumer e-commerce platform, igourmet.com, for $700,000 in cash. This transaction represents a substantial development in the company's strategic plan to streamline operations and focus on more profitable areas of its business.
Details of the Transaction
The deal includes $700,000 in cash, with $175,000 due 30 days post-closing and the assumption of approximately $350,000 in gift card liabilities. Notably, the company’s Pennsylvania facility remains unaffected by this sale. Sampford Advisors, Inc. and Erben M&A Advisors served as the advisors for this transaction.
CEO's Vision for the Future
Strategic Direction
Bill Bennett, the Chief Executive Officer, shared insights on the sale, stating it aligns with their strategy to divest non-core assets. He emphasized the goal of investing the proceeds into their burgeoning retailer business, which is set to advance their capabilities in gourmet cheese production.
Investments in Automation
According to Bennett, the newly acquired capital will facilitate the installation of automated machinery to enhance operational efficiency in cheese production. This move is expected to significantly reduce costs compared to their previous manual processes, ultimately leading to higher profitability.
About Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc. (IVFH) is dedicated to making meals extraordinary. The company specializes in sourcing gourmet foods that tell a unique story or are at the forefront of culinary trends. By connecting artisan food producers with professional chefs across the nation, IVFH enhances dining experiences through its curated marketplace.
Investor Relations
Contact Information
For any inquiries, Gary Schubert, the Chief Financial Officer, is available for contact at Innovative Food Holdings, Inc. Reach out via email at investorrelations@ivfh.com.
Frequently Asked Questions
What is igourmet.com?
Igourmet.com is an e-commerce platform offering a wide range of gourmet foods.
What was the sale price for igourmet.com?
The igourmet.com business was sold for $700,000 in cash.
How will the proceeds from the sale be used?
The proceeds will be reinvested into Innovative Food Holdings' new retail business and for improvements in their gourmet cheese production.
Who was involved in the sale transaction?
Advisors for the transaction included Sampford Advisors, Inc. and Erben M&A Advisors.
What is the focus of Innovative Food Holdings moving forward?
The company aims to concentrate on its foodservice business, enhancing its operational efficiency and profitability.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Tenable Unveils Enhanced Nessus for Effective Risk Management
- Chart Industries Plans Capital Markets Day for Investors Soon
- Alpaca Real Estate Chooses Intapp DealCloud for Data Management
- Adial Pharmaceuticals Set for H.C. Wainwright Conference 2024
- Expert Insights Unveiled for RBQMLive 2024 Event Success
- Vaseline® Launches Pro Vitab3 Serum-Burst Lotion for Skin Care
- Survey Highlights Employee Relations as Business Complexity Factor
- Big Wave Systems Partners with CMS for Health Insurance Support
- NKF Launches Essential Online Education for Kidney Disease
- Whitney Economics Lowers Hemp Acreage Forecast Significantly
- Business Owners' Optimism Grows, Reflecting Economic Confidence
- Flexential's Innovative Growth Strategies Set for 2024 Success
- Vanguard Lowers Asset Minimums for Enhanced Digital Advice
- Saudi Arabia's Stock Market Overview: Tadawul Performance Insights
- Global Market Index Sees Declining Returns for Investors
- Catchlight Launches Beta for Innovative Lead Routing Model
- GOOD GOOD Launches Innovative No Added Sugar Vegan Lemon Curd
- Automated Liquid Handling Technologies Set for Major Growth
- Cinnamon-Based Solution: A Game Changer for Wound Care
- Cemat A/S Discloses Manager Transactions on 4 September 2024
- Innovative FlashBang System Launch by Deep Sentinel for Businesses
- Bad Ass Coffee of Hawaii Expands with New Jersey Franchise Deal
- Aurigo Software Enhances Right of Way Solutions for Agencies
- Plex Revolutionizes Movie Rentals for Canadian Streamers
- Summit Ridge Energy Partners with Siemens for Domestic Inverters
Recent Articles
- Edible Garden Expands Organic Herb Offerings in New Jersey
- PennantPark Investment Corporation Declares $0.08 Monthly Dividend
- L'Oréal Paris Celebrates 10 Women Changing the World
- Doré Copper Launches $4.62M Private Placement for Growth
- Fortress Biotech's Upcoming Presentation at Global Conference
- Banzai to Showcase Innovations at H.C. Wainwright Conference
- Mobile Dealer Data Introduces ServiceVision™ for Efficiency
- Bayh-Dole Coalition Unveils 2024 Innovation Award Recipients
- Milestone Pharmaceuticals Welcomes Joseph Papa to Board
- MoxiWorks Enhances Tools for Buyer-Agents in Real Estate
- Bob Evans and Thomas' Join Forces for Breakfast Month Promo
- What If Media Group Fosters Innovation at LeadsCon Summit
- America's Car-Mart Q1 FY2025 Earnings: Key Financial Insights
- Brennan Investment Group Unveils New Opportunity Fund
- Brain Aneurysm Foundation Unveils 2024 Research Grant Winners
- SAB BIO to Showcase Innovative Diabetes Treatment Approach
- Bitcoin's One-Month Low Affects Crypto-Linked Stocks' Prices
- Sight Machine Enhances Manufacturing Insight with Databricks
- Jad Lahoud Named Partner and Board Director at eMerge Americas
- Top AI Stocks to Invest in for Future Growth Potential
- Cultural Prosperity in Quanzhou City, a Historic Treasure
- Vista Energy's $1.1 Billion Investment in Argentina's Shale
- Disney and DirecTV's Showdown: The Battle of TV Bundling
- Blackstone's $16 Billion Acquisition of AirTrunk Explained
- Argus Launches New Prices for Heavy Canadian Crude Exports