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News: BoxScore Brands Announces the Sale of Certain Ice Cream Vending Assets in Los Angeles and Las Vegas Markets
Las Vegas, NV, April 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BoxScore Brands, Inc., (BOXS), announces the sale of certain assets in its ice cream vending operation in Southern California and Las Vegas, NV to a strategic buyer.
Michael Flanagan, newly appointed CEO and Board Member of BoxScore Brands, stated, “While we continue to sell MLB Ice cream under an existing license, the company has elected to focus on wholesale distribution over machine collections. We feel this is a smart move for the company operationally in view of the geographic dispersion of certain vending machines and related costs to operate with today’s oil and gas prices.”
The sale, which was approved by a majority of common shareholders, netted the company $350,000 in cash. Proceeds will be used for the retirement of certain equipment leases and general operating purposes.
Founded in 2007, BoxScore Brands served 300+ points of sale in California and Nevada through automated frozen vending machines and reach in freezers. Post-sale the company will have vending machines and reach in freezers which will be utilized to trial new product concepts in several markets to monitor sell through performance.
In 2018, BoxScore Brands launched an ice cream under a national sports license into five major US markets including Boston, New York, Houston, Dallas, and California.
ABOUT BOXSCORE™ BRANDS, INC.
BoxScore ™ Brands, Inc, headquartered in Las Vegas, NV, with offices in Orange, CA and Las Vegas, NV, is a consumer products and technology company that develops, distributes, and retails specialty foods across North America. For more information visit www.boxscore.com or call (855) 558-8363 or e-mail ir@boxscore.com.
Forward Looking Statements: This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Las Vegas, NV, April 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BoxScore Brands, Inc., (BOXS), announces the sale of certain assets in its ice cream vending operation in Southern California and Las Vegas, NV to a strategic buyer.
Michael Flanagan, newly appointed CEO and Board Member of BoxScore Brands, stated, “While we continue to sell MLB Ice cream under an existing license, the company has elected to focus on wholesale distribution over machine collections. We feel this is a smart move for the company operationally in view of the geographic dispersion of certain vending machines and related costs to operate with today’s oil and gas prices.”
The sale, which was approved by a majority of common shareholders, netted the company $350,000 in cash. Proceeds will be used for the retirement of certain equipment leases and general operating purposes.
Founded in 2007, BoxScore Brands served 300+ points of sale in California and Nevada through automated frozen vending machines and reach in freezers. Post-sale the company will have vending machines and reach in freezers which will be utilized to trial new product concepts in several markets to monitor sell through performance.
In 2018, BoxScore Brands launched an ice cream under a national sports license into five major US markets including Boston, New York, Houston, Dallas, and California.
ABOUT BOXSCORE™ BRANDS, INC.
BoxScore ™ Brands, Inc, headquartered in Las Vegas, NV, with offices in Orange, CA and Las Vegas, NV, is a consumer products and technology company that develops, distributes, and retails specialty foods across North America. For more information visit www.boxscore.com or call (855) 558-8363 or e-mail ir@boxscore.com.
Forward Looking Statements: This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
