LOS ANGELES, CA / March 7, 2023 / Pacific Ventures Group, Inc. (OTC PINK
ACV) (“Pacific Ventures” or the “Company”), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, today issued a letter to shareholders from its President and CEO, Shannon Masjedi.
Dear Fellow Shareholders,
2022 was a year of continued progress for Pacific Ventures, during which we focused on positioning our company for long-term growth. Consumer demand for quality food products remains strong, which has allowed us to capitalize on our expansion strategy while furthering our relationships with existing customers.
The food and beverage industry has undergone a significant amount of change over the last several years, and while the industry has generally recovered to pre-pandemic levels, lingering economic impacts have presented some challenges. Food production costs have risen dramatically over the last two years, due to the short supply of key commodities like wheat and geopolitical conflict. In addition, labor shortages have created pressure on businesses and supply chains.
Despite this, we have driven momentum across our portfolio of businesses by maintaining mutually beneficial relationships with our partners and customers. This is reflected by our ability to generate over $39 million in revenues in 2022. We anticipate this stability will continue through 2023 as we execute our growth strategy.
Importantly, we have taken several important steps to prepare our company for this next phase of growth. Improving our balance sheet has been a primary focus, and we continue to make progress with reducing our debt. Operationally, we continue to uncover new opportunities for margin expansion by creating operational efficiencies, reducing overtime hours.
Today, we provide more than 2,000 fresh, frozen, and dry food SKUs, as well as non-food items, to approximately 400 customer locations in the Southwest U.S. We serve a highly diversified and expanding customer base that includes independently owned restaurants and regional restaurant chains, hospitals, nursing homes, hotels, government and military organizations, and educational institutions.
As one of America’s leading meat processing foodservice distribution companies, our mission is to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of supplying the Best Foods at Best Prices, while also providing our customers with the operational support that they require for managing their businesses profitably. The “Best Foods” portion of this strategy is showcased by over 500 featured products that are sustainably sourced or contribute to waste reduction. The “Best Prices” portion is aimed at providing operators flexibility in our service model, but also reliability – meaning on-time and complete orders. We believe our focus on differentiation in product assortment, customer experience and innovation are ultimately the core driver of scale.
Looking ahead, we are focused on several key initiatives that we believe will be significant growth catalysts for our business. Among these are the launch of our direct-to-consumer platform, WWW.SEAPORTSTEAK.COM, which we expect to occur in early in the second quarter 2023. We also will improve communication with our investors and we have a strategy to update stakeholders of our progress in a more timely fashion.
The Company is also still in negotiations and due diligence on the acquisition previously announced. Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We are working towards a definitive agreement and looking forward to closing in the near future. In addition to their existing business, we believe there are great synergies to expand Seaport Meat Company’s and San Diego Farmers Outlet’s reach toward the middle of the country given their customers and distribution capabilities. This would be a transformational acquisition and, if consummated, will catapult us to near $80 million annual revenue and enable us to be positioned to start the process of an up list to a major national U.S. exchange.”
To our customers, employees, and shareholders, thank you for your unwavering dedication to our mission. We look forward to sharing our accomplishments in the coming year as we strive to build sustainable value.
Sincerely,
Shannon Masjedi
President & CEO
ACV) (“Pacific Ventures” or the “Company”), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, today issued a letter to shareholders from its President and CEO, Shannon Masjedi. Dear Fellow Shareholders,
2022 was a year of continued progress for Pacific Ventures, during which we focused on positioning our company for long-term growth. Consumer demand for quality food products remains strong, which has allowed us to capitalize on our expansion strategy while furthering our relationships with existing customers.
The food and beverage industry has undergone a significant amount of change over the last several years, and while the industry has generally recovered to pre-pandemic levels, lingering economic impacts have presented some challenges. Food production costs have risen dramatically over the last two years, due to the short supply of key commodities like wheat and geopolitical conflict. In addition, labor shortages have created pressure on businesses and supply chains.
Despite this, we have driven momentum across our portfolio of businesses by maintaining mutually beneficial relationships with our partners and customers. This is reflected by our ability to generate over $39 million in revenues in 2022. We anticipate this stability will continue through 2023 as we execute our growth strategy.
Importantly, we have taken several important steps to prepare our company for this next phase of growth. Improving our balance sheet has been a primary focus, and we continue to make progress with reducing our debt. Operationally, we continue to uncover new opportunities for margin expansion by creating operational efficiencies, reducing overtime hours.
Today, we provide more than 2,000 fresh, frozen, and dry food SKUs, as well as non-food items, to approximately 400 customer locations in the Southwest U.S. We serve a highly diversified and expanding customer base that includes independently owned restaurants and regional restaurant chains, hospitals, nursing homes, hotels, government and military organizations, and educational institutions.
As one of America’s leading meat processing foodservice distribution companies, our mission is to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of supplying the Best Foods at Best Prices, while also providing our customers with the operational support that they require for managing their businesses profitably. The “Best Foods” portion of this strategy is showcased by over 500 featured products that are sustainably sourced or contribute to waste reduction. The “Best Prices” portion is aimed at providing operators flexibility in our service model, but also reliability – meaning on-time and complete orders. We believe our focus on differentiation in product assortment, customer experience and innovation are ultimately the core driver of scale.
Looking ahead, we are focused on several key initiatives that we believe will be significant growth catalysts for our business. Among these are the launch of our direct-to-consumer platform, WWW.SEAPORTSTEAK.COM, which we expect to occur in early in the second quarter 2023. We also will improve communication with our investors and we have a strategy to update stakeholders of our progress in a more timely fashion.
The Company is also still in negotiations and due diligence on the acquisition previously announced. Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We are working towards a definitive agreement and looking forward to closing in the near future. In addition to their existing business, we believe there are great synergies to expand Seaport Meat Company’s and San Diego Farmers Outlet’s reach toward the middle of the country given their customers and distribution capabilities. This would be a transformational acquisition and, if consummated, will catapult us to near $80 million annual revenue and enable us to be positioned to start the process of an up list to a major national U.S. exchange.”
To our customers, employees, and shareholders, thank you for your unwavering dedication to our mission. We look forward to sharing our accomplishments in the coming year as we strive to build sustainable value.
Sincerely,
Shannon Masjedi
President & CEO
