Innovative Food Holdings Finalizes Sale of igourmet.com
Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading provider of gourmet specialty foods, has successfully completed the sale of its consumer e-commerce platform, igourmet.com, for $700,000 in cash. This sale marks a significant step in the company's strategic initiative to streamline its operations and concentrate on more profitable segments of its business.
Transaction Details
The agreement involves a total of $700,000 in cash, with $175,000 payable 30 days after closing, along with the assumption of around $350,000 in gift card liabilities. Importantly, the company's facility in Pennsylvania will not be impacted by this sale. Sampford Advisors, Inc. and Erben M&A Advisors acted as advisors during this transaction.
CEO's Vision for the Future
Strategic Focus
Bill Bennett, the Chief Executive Officer, provided insights regarding the sale, noting that it aligns with their strategy to divest non-core assets. He highlighted the intention to reinvest the proceeds into their growing retail business, which aims to enhance their capabilities in gourmet cheese production.
Investments in Automation
Bennett mentioned that the newly acquired funds will support the installation of automated machinery, which is expected to improve operational efficiency in cheese production. This upgrade is projected to significantly lower costs compared to previous manual methods, ultimately leading to increased profitability.
About Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc. (IVFH) is committed to transforming meals into extraordinary experiences. The company specializes in sourcing gourmet foods that tell unique stories or are at the forefront of culinary trends. By connecting artisan food producers with professional chefs nationwide, 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. You can reach out via email at investorrelations@ivfh.com.
Frequently Asked Questions
What is igourmet.com?
Igourmet.com is an e-commerce platform that offers a diverse selection 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 to enhance their gourmet cheese production.
Who was involved in the sale transaction?
The transaction was advised by Sampford Advisors, Inc. and Erben M&A Advisors.
What is the focus of Innovative Food Holdings moving forward?
The company plans to focus on its foodservice business, aiming to improve operational efficiency and profitability.